luv retirement

06/10/16 Re attempting to purchase a car using your business credit, please consider your ultimate goal and what you want your balance sheet to look like. You realize that any car purchase will have to be depreciated gradually and the loan balance shown as a liability. Being a C corporation, I assume you got professional advice before making this tricky decision not to go with an S-corp. Do you have other stockholders and are they in the financial loop? Business facts would help you get more comments i.e. Sales, cost of sales,Assets and Liabilities, number of stockholders and dilution. If you sold all salable assets, could you cover the cost of a new car? Are you actually doing business? It seems as if so far, you are really just piling up potential liabilities in the form of credit cards, accounts, etc. Potential lenders are going to look at hard assets much more than available credit, if that is your intent. Have you considered a car lease. The accounting is much easier.

05/10/16 To OP: I was reading your post and from what I gather, the purpose of your being in business is to purchase property. I might be totally off base. I am also assuming you are not going too far afield to make this purchase. My suggestion is to do as much as you can locally i.e. buy office supplies, any general supplies from companies local to where you want to purchase property; stop by and chitchat once and awhile. Let them know who you are. Pay regularly and on time. The same with banking. Use a local bank that makes commercial loans. Get to know a commercial loan officer. Offer lunch or coffee and a doughnut to feel them out about what type of loans they make, what collateral you need, and just general possibilities. This will pay out in spades. Get a local CPA who can help you with business in general and with this project; they may be able to suggest a bank that meets the criteria you will need. Due to tax ramifications, you might want to own this property/building (you weren't clear, or I missed it) personally and lease it to your business. All the reporting in the world can't replace the personal touch good relationships can bring to "deals." I am making observations as a retired person who did this beginning with literally no dollars. I bought the land, built the building, did business for 31 years, sold both the building and business and retired at 54. Point being, things might have changed but people in general haven't. Take away: Buy local if you can. Make your own references and credit history. Forget about all the long shot stuff. It takes too long (unless you're 20, and that is still iffy) and you will still have to PG. People are key, and you never know whose path you will cross that might change your life. Be nice to everybody and speak highly of local businesses. They just might be willing to go to bat for you and provide a critical positive reference. You never know. I just remember D&B and other data-gatherers as useless to the big picture. Hope this helps.

A business without financials? Dream on. At the very least, banks are going to want a pro-forma, as accurate as possible, along with a PG lease and loan agreement. Most, at least in my area, require you to have the personal financial ability to repay just in case your business idea doesn't make it. Don't try to play tricks with lenders; word gets around pretty fast and computers make data retention difficult to erase. Plus, don't forget, in your scenario, you will have two sets of tax returns to file. Good luck getting a decent CPA to endorse such a scheme.

In case you're keeping this info for a future attempt, after the debt is paid, don't you mean, in paragraph 2, ..the missed payment was due to my own period of (un)employment? Otherwise, it doesn't make sense why you are asking for an adjustment. Leave out the adverb immediately (edited version) unless that is absolutely true. Also, since you have already addressed the letter to the CEO, who probably will never see it, instead of using his full name again, address as a regular business letter; i.e. Dear Mr. Luby. You don't have to thank customer service people for their time; that's their job. My two cents only.

Also, get and read all franchise agreements. Understand what you can do and what you can't. Are you bound to certain suppliers? How? I assume you have asked all these questions prior to your purchase, if already done. If not you still have time to understand everything. I know nothing about the other things but you will have a hard time getting a cc without PG for awhile, so keep your head down, pay your bills on time, develop good payroll tax systems, and corporate tax systems, and records systems, and hire the best people you can find. Do you homework first; know all the nuts and bolts of the business, and since it is an older business, where the bodies are buried. What problems can you expect and how to you propose to fix them. Owning a business is hard work; been there, done that for a long time. It had a very happy ending, so good luck. Several years ago, I looked at purchasing an existing franchise but the owner was evasive about certain things or either didn't know the answers, so I passed. It has since closed. Kaput! So be careful; there are snakes in the grass.

Joseph, thanks for the wardrobe review. Understated isn't your thing, I guess, especially with bright blue number with the stringed instruments. The black number with the palm fronds isn't too bad. With all seriousness, certainly by age 32 (?) you have gotten away from taking money from your mother. Please tell us this is so. I personally couldn't imagine doing this, but we are all different.

Joseph, since this seems to bypass credit information totally in this post, I would like to know where you'll be when you you're eating your shirt (I've heard of losing it.) That will be something to see, and will be a memorable birthday,especially the surgery to repair your innards. (Maybe you meant wear?) Is it customary to have a holiday on your birthday if you're scheduled to work? Is that the issue? Not the custom here; just curious. Most people are just happy to be working.

Sorry, I didn't mean to offend you or anyone. I owned a successful business for 31 years before selling it and I saw some bad stuff relating to PG with family members both to a close friend and a business acquaintance mostly due lack of knowledge so I can't get these experiences out of my mind. One of the instances tore a family apart to this day.

Plus be certain that the "family member with excellent credit" knows the legal definition of PG and how it might bite them in the butt. It is a huge responsibility to put onto someone. If I were asking for this (I wouldn't personally), I would sweeten the deal with cash up front as a gift, then be careful to a fault not to let them find out what PG means by paying your bills on time and not exceeding your credit limits.

Because I'm an English usage nut-zo, here are some suggestions on this BDK letter, from the beginning. The salutation should be Dear Sir/Madam; the first sentence lacks a verb and should be tied into sentence 2 (i.e. no period after 2013, just a comma;) the "dispute" sentence should say "I dispute your entire claim" instead of "in it's entirety," which is wordy and "it's" is misused; it should be its if you feel you need the extra words. These are small syntax suggestions only and have nothing to do with the actual dispute.

Last post, promise, but I hate to see you waste your time. Unless there has been some substantial change in the application process, you cannot start your application for SS disability over; you can only appeal the decision already made. They will know, I assure you, unless your father has two SS#s and they probably know that too. Disability intake clerks are very good at their jobs.

If I understand what you are saying, you are working fulltime, your sister is working fulltime, your mother is overworked and will pay for it with her health eventually and she is carrying both adult children on her health policy and therefore she cannot afford to insure your father because of your inability or unwillingness to buy your own insurance, as well as your sister. Give the poor woman a break. Pay for your own insurance and give your sister a time limit to pay for her own insurance also. This is freeloading at a time your parents cannot afford it. If you can't buy insurance on your own for whatever reason, at least give her enough money to pay the premium each month plus a some extra for carrying you along. Insurance is a huge deal now and somehow you left out this important detail until now. Grow up and pay the piper. Just handling paperwork and making a plan for them isn't going to cut it. They are in serious trouble and unless you plan to actually bail them out, real dollars from you to pay your insurance premium or buying your own insurance policy to free up their dollars will help them tremendously to either insure your father or use however they feel is appropriate. Plus it's just the right thing to do.

After thinking about the many facets of your father's situation, with all due respect, do you have a geographically closer sibling who can jump in a get the paperwork together that will undoubtedly be needed, or since your mother works in an office, couldn't she get things together and into a filing system. A debtor's exam is serious business and will have to be backed up by deeds, bank statements, sources of income, copies of outstanding debts, etc. so there is a lot of paperwork involved. Then, since you seem to imply you are in a temp job, can you take a leave of absence, pay a visit and accomplish many tasks that you feel only you can do. Your mother seems capable and perhaps she could take some time off and do what needs to be done. Is there a reason that you are being brought into this huge mess now after 1. an aborted bankruptcy 2. out of control spending on credit cards 3. lien on family home 4. denial of social security disability 5. loss of father's job. Doctors may suggest that a patient get into another line of work due to physical issues but rarely would tell a patient to quit a job. Can you imagine the liability this could cause? I feel for you. I didn't see that you said your father is bedridden. Is that actually the case?

There is a time limit to appeal a denial of SS disability so, depending on the date of first denial, you might need to move this along for study before the debtor exam. Assuming he wants your help, (have you directly asked him this question?) you might need to have a Power of Attorney allowing you to stand in his place in dealing with an attorney. Have him show you the paperwork that came with the denial as the date is very important and the attorney will need to know it. If he hasn't had a recent doctor's office visit, one will be set up by the Disability clerks. If the lawyer is successful in the appeal, he will be eligible for Medicare (a federal program) in 24 months, I believe, unless that has recently changed. The system has been clogged by so many people applying so don't go into this thinking this is something that's going to happen next month. The attorney, especially if they specialize in SSD, can give you an idea of a time line. Medicaid is a state program; it depends on the state when/if he qualifies. Hope this is in some way helpful.