Recent content by ddutke

Des, It's crystal clear now. Thanks for your detailed explanation. Now I have to figure out what to do with what's soon to be the worse credit report in history. Here's hoping the sale happens soon... Thanks again. Have a great weekend!

Or if the company bought it for 5K or whatever then just gave it back to me??? perfect! Thanks! You don’t do Chapter 7s do you?

Is it possible the Trustees would levy the 8% and wait for company to sell? Can they do that? Or do they have to get the company to pay the infamous 5K? Bottom line... if I trust the owners of the company not to pay the 5K am I safe?

I understand what you’re saying. So according to the attorney I spoke with, the 8% would be sold to the company for a flat 5K. Sure all that would go to the trustees and not the creditors. 5K seems so arbitrary but the attorney insisted. You’ve been more than helpful! Thanks!

Regarding the 5K again... The attorney had no idea what 8% would mean in dollars. He said it was the same for 100K or 100 mil.

The attorney was a bit pompous. I asked him about 5K and he said it’s just the accepted standard that most companies are willing to scrape up. And to your other point... If the owners of the company did aquire my assets and know nothing of my creditors then what’s the point? The attorney said my...

What is the name of your state? NH Hi, I attempted to file chapter 7 a few weeks ago but was advised against it because... I have a contractor agreement with a medical startup company who I designed and wrote software for. I am not a co-owner, only a contractor. A clause in my contract...