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The second is the business model, is it workable for you in that area or another area. In other words can you buy the expertise and set to work to build a comparable?

V


Freedom is just another word for nothing left to loose.
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WhyUs

If any of the debt is WWs you can secure it against her business interest.

Yes you are responsible for repayment, but if you do go under then the debt is secured against the business interest. Assets would have to be sold, or redeeemed. This will mean whilst you can pay, the debt is collected leaving you with a voluntary arrangement for the rest. After a short while would clear up your record. It's unlikely WW would want to deal with a liquidator or bankruptcy clerk to court. That would involve enforcement, she will have to pay.

Secure against the debtors book or interest as a registered charge.

I did that, in effect this means what WH owes me is deducted from his settlement. Yes, I do have to pay the banks etc but I have a capital source. You should be able to add interest. Have your S include this in your D agre. Your WW is going to go under very fast unless she stabilises and earns quickly.

If any of the expenditure is business of course it can be deducted as an expense and you hav a valid recovery from the business by any of direct repayment. You may also have garnish rights over dividends. Additionally consider a corporate bond instrument convertible to equity. That's how I got back the 50% WH owned. WW will have to buy out your equity rights if you do this.


V

Last edited by Vanilla; 09/25/15 03:12 PM.

Freedom is just another word for nothing left to loose.
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V,

I like these ideas. The business does not have many assets except for about $20,000 in cash. We just bought a building for $500,000 but it does not have much equity since we have only had it for 10 months.

I would have to secure it against her distributions.

I thought of another idea today. The building has a sub lessee that pays a good amount. I am going to suggest that I take over that lease and step from all business related stuff. I will also say that I want to receive 10% royalties on all business revenue.

I will request that she pay half of the marital debt. If she does this I will not need to file bankruptcy and I will be able to pay off all debt with in 2 years. If she can not pay it I will secure it against her future distributions as you have suggested.

While I may not be getting as much money as I could if I had her buy me out it does offer some benefits.

1) She does not have the money to buy me out and will not be able to get the financing. She would have to pay me over many years. So there is the risk that the business will fail and she will not be able to pay.

2) My income will not be dependent on her ability to make the business run except for the royalties, which I consider gravy and do not think she will agree too.

3) I will have equity in the building which will be paid for by lessees and the business.

I do agree with what you said earlier. I need to get a business valuation to understand what my leverage is. If the value comes back very high I would imagine they would jump at my offer in order to prevent having to pay me a lot of money.

Last edited by WhyUs; 09/29/15 03:45 PM.

Me: 30's W: 30's M: 12yrs
EA: Started 3/2015
MC Started: 4/2015
She moved out and served 6/2015
PA: Confirmed 10/5/2015
2 young kids

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OK now you have some ideas.

If you want feedback please revert. If you want to ask Cadet to transfer ownership of thread to V, or another sudo it's ok.

V

Last edited by Vanilla; 09/30/15 01:47 AM.

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Thanks V,

I always love feedback. It let's me know people care:) I have messaged Cadet to transfer the thread to you.


Me: 30's W: 30's M: 12yrs
EA: Started 3/2015
MC Started: 4/2015
She moved out and served 6/2015
PA: Confirmed 10/5/2015
2 young kids

"If you do not stand for something you will fall for anything."
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Originally Posted By: WhyUs
Thanks V,

I always love feedback. It let's me know people care:) I have messaged Cadet to transfer the thread to you.


I don't think that is in my capabilities on this board, sorry.

The only thing V could do is start the thread again and copy and paste the posts you want in the thread.

Originally Posted By: Vanilla
Cadet

How long did it take you to turn your business around?

Was your Mrs Cadet involved in it and did you buy her out?

V


V

to answer your question, a little late.

My business turn around is still a work in progress.

Part of my divorce agreement was ownership of the business
in exchange of my acquisition of all the debt that was business and marital related.

So far I have paid off 2/3 of the debt, so soon enough I might start making money again.


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No worries Cadet

I do not have a problem with it being in my name. I just figured more people would get involved in V took it over.

Cadet, do you mind telling me what industry your business is in? I do not want to pry, I'm just interested. If not, I understand.


Me: 30's W: 30's M: 12yrs
EA: Started 3/2015
MC Started: 4/2015
She moved out and served 6/2015
PA: Confirmed 10/5/2015
2 young kids

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I am in a retail service and supply business.

Part of my business was also wholesale supply however that has really fallen off in recent years.

It also took lots of capital for a small profit margin.


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Cadet,

A redesign capital usage could be helpful. I presume you restructured?

I am struggling, mine is a very labour intensive business. WH has done a great deal of fin damage. I am only just surviving and paying debts.

It's very hard to work this hard, if you understand my meaning.

Very tiring because of the long hours.

WhyUs I wanted to protect you, that's why I suggested the change. My strategy is in place WH is aware of it, so for me, if WH finds this thread, so be it. If he wants to post let him, it is his right to do so. I have no secrets and I call my sitch as I believe it.

I feel so sad for those who are so destructive to themselves and others. Fin being one of the most energy sapping.

V

Last edited by Vanilla; 09/30/15 11:41 PM.

Freedom is just another word for nothing left to loose.
V 64, WAW


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V, I just assumed you were in the financial business. Do you mean physical labor?


Me: 30's W: 30's M: 12yrs
EA: Started 3/2015
MC Started: 4/2015
She moved out and served 6/2015
PA: Confirmed 10/5/2015
2 young kids

"If you do not stand for something you will fall for anything."
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