Originally Posted by Alstann From what I understand in California, a bankruptcy filing discharges debts that are previously owed, unless the debt in question was fraudlent (which I believe this
|
|
LinkBack | Thread Tools | Display Modes |
09-23-2014, 02:30 PM | #421 (permalink) | |
Track Member
Join Date: Jun 2009
Location: San Diego
Posts: 661
Drives: 2015 GT-R
Rep Power: 17 |
Quote:
The only creditors that will get any satisfaction out of this is they ones that leased him equipment. They will get their equipment back. They still will need to eat the lost lease payments, transportation, and reconditioning.
__________________
2014 F150 Raptor, 2014 Mazda 3, 2015 Nissan GT-R |
|
09-23-2014, 02:37 PM | #422 (permalink) | |
A True Z Fanatic
Join Date: Nov 2011
Location: Houston
Posts: 12,265
Drives: 2011 370ztt
Rep Power: 29539 |
Quote:
Unless there are hard assets you can repo, I'm afraid you may be left holding a judgement in your favor and a pocketful of nothing. There's no doubt in my mind that there are no assets to go after. Man, I hope I'm wrong and you get made whole, but I'm afraid you're about to find out how broke Sam is.
__________________
2011 MB Touring-Sport-6sp-Nav/GTM TT/FI TT TDX/JTran/Kosmic/Eibach/Hotchkis/SPC/CSF/RPS/SoThatsWhereAllMyMoneyWent |
|
09-23-2014, 02:39 PM | #423 (permalink) | |
A True Z Fanatic
Join Date: Feb 2011
Location: Maryland
Posts: 5,930
Drives: AWD TT 370z
Rep Power: 26 |
Quote:
Once you get a judgment against him, it doesn't just magically go away. If he tries to found a new business and start over again, you can wait and go back after him for the amount of the original judgment plus interest
__________________
|
|
09-23-2014, 02:45 PM | #424 (permalink) | |
A True Z Fanatic
Join Date: Nov 2011
Location: Houston
Posts: 12,265
Drives: 2011 370ztt
Rep Power: 29539 |
Quote:
__________________
2011 MB Touring-Sport-6sp-Nav/GTM TT/FI TT TDX/JTran/Kosmic/Eibach/Hotchkis/SPC/CSF/RPS/SoThatsWhereAllMyMoneyWent |
|
09-23-2014, 03:05 PM | #425 (permalink) |
A True Z Fanatic
Join Date: Aug 2009
Location: In the D
Posts: 3,732
Drives: v8 74 260z ;)
Rep Power: 7251 |
I love forum legal advice, ery'one be talkin out they a55, it's filled under 11 not 7 or 13, so most of what everyone has so far said does not apply, it is not straight liquidation it is for a company to work through a court to satisfy their creditors over the course of a few years to be able to maintain an operable business, if it gets rolled into a 7 then it would be liquidated but usually they would just make the payments to repay a certain decided upon percentage of debt and then would be released from the remainder and could continue operating. Don't take my word for it though or the word of any of the other amateur financial and legal counselors on here go get real advise if you need it.
__________________
ANSWER PRICE LIST Answers - - - - - - - - - - - - - - - - $0.75 Answers (requiring thought) - - - - $1.25 Answers (correct) - - - - - - - - - - $12.50 |
09-23-2014, 07:38 PM | #427 (permalink) |
Premium Member Bitches
Join Date: Jan 2012
Location: SoCal
Posts: 14,824
Drives: a lot
Rep Power: 17151 |
Bankrupt, sure. Out of business, no.
Bankrupt does not mean out of business.
__________________
Do YOU want to know what/where I got my username from?
( Click to show/hide )
|
09-23-2014, 07:45 PM | #428 (permalink) |
A True Z Fanatic
Join Date: Aug 2009
Location: In the D
Posts: 3,732
Drives: v8 74 260z ;)
Rep Power: 7251 |
bankruptcy has turned into something some businesses will do to shuffle some paperwork around and bring the profit margin back up, usually the ones who get hurt the most under a chapter 11 are suppliers and companies who have leased equipment because they can no longer take that equipment back until an agreement is reached and in which case they may end up not taking it back and cutting there losses for semi repayment, but again I can't tell you for sure I don't make a living dealing with it, like the people you should pay to talk to about it if it concerns you. Always seek legal and financial advise before making any serious decisions that are not cut and dry.
__________________
ANSWER PRICE LIST Answers - - - - - - - - - - - - - - - - $0.75 Answers (requiring thought) - - - - $1.25 Answers (correct) - - - - - - - - - - $12.50 |
09-23-2014, 07:58 PM | #429 (permalink) | |
Premium Member Bitches
Join Date: Jan 2012
Location: SoCal
Posts: 14,824
Drives: a lot
Rep Power: 17151 |
Quote:
__________________
Do YOU want to know what/where I got my username from?
( Click to show/hide )
|
|
09-23-2014, 09:29 PM | #430 (permalink) |
A True Z Fanatic
Join Date: Mar 2011
Location: Austin, TX
Age: 43
Posts: 36,450
Drives: 11 Z34, 98 E36 M3
Rep Power: 2684440 |
Hi. I am not a lawyer nor did I stay at a Holiday Inn Express last night. But I do have a keyboard connected to the internet
__________________
2011 370Z 6MT Sport Gun Metallic | ARC | CJM | Ecutek | FI | Fujimura | R2C | SPL | Stillen | TWM | Z1 | ZSpeed | |
09-23-2014, 09:51 PM | #431 (permalink) |
Track Member
Join Date: Oct 2011
Location: South Florida
Posts: 882
Drives: 12 PW 370z 6MT Sport
Rep Power: 15 |
I am currently in contact with a lawyer, and I'm gonna post when I get definitive information on everything. But regardless, my court date is set for November, so I will definitely be attending that.
The California court also sent a certified mail court-summons, which requires Sam to attend this hearing by law. Failure to attend, I'd imagine, would not be good. I made sure I went through the right methods as well before I made this a legal issue. *Off topic, but a few people asked me about my custom master cylinder, and how it's holding up. It's rock solid as the day I installed it.
__________________
2012 Pearl White 370Z GReddy Twin Turbo
|
09-23-2014, 10:56 PM | #432 (permalink) | |
A True Z Fanatic
Join Date: Jul 2009
Location: 2amr.net
Posts: 1,756
Drives: a car I know about..
Rep Power: 19 |
He doesn't have to appear, nor do I think he will! Court dates are great and all! He can have a representative or reschedule or as for a extension thingy forgot what's it called!
Sadly all a joke! I think I mentioned it back a while but what's stopping him from getting a few loan from happy buyers overseas! I'm sure a few princes that have some spare change
__________________
07 Silver Alloy Nissan 350Z Nismo #0191 "Lin'da" 2amR--------------------> VQ I.N.C. - Like us! Quote:
|
|
09-24-2014, 07:29 AM | #433 (permalink) |
A True Z Fanatic
Join Date: Mar 2011
Location: Austin, TX
Age: 43
Posts: 36,450
Drives: 11 Z34, 98 E36 M3
Rep Power: 2684440 |
Let me know when you are producing them en masse
__________________
2011 370Z 6MT Sport Gun Metallic | ARC | CJM | Ecutek | FI | Fujimura | R2C | SPL | Stillen | TWM | Z1 | ZSpeed | |
Bookmarks |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Reflections on the windshield grrr... | winnre | Exterior & Interior | 20 | 01-05-2014 03:53 AM |
1st car in 7 years | acidwarped | New Nismo 370Z Owner | 12 | 11-14-2013 10:42 PM |
3 Years Later...... | FLA-SVT | New Forum Member | 8 | 06-06-2012 12:46 AM |
Netflix: An Explanation and Some Reflections | theDreamer | The Lounge (Off Topic) | 36 | 10-11-2011 03:10 PM |