Quote:
Originally Posted by MrBottomTooth
To slapass's defence, what he said was basically the truth. You never went bankrupt solely because of some crooked cop. From your previous posts it sounded like it was because of some very bad business deals / mismanagement of a bar, (one of the most difficult businesses to succeed in), along with extreme overuse of credit. He probably should have kept it out of that post, but it's not like he was blatantly lying or trolling.
|
there was a lot of issues, but first and for most was the robbery, and then the insurance company problem, leading from the robbery, over extended credit, leading from the robbery. the robbery was the route problem. It cost me over $100K all said n done. I was $30K short in finishing the offices..... yes there was a lot of problems all together, but without the robbery there was enough cash and cash flow all around. the robbery bankrupted me
i had to do financials with my trustee on why it happened, and then again with the head of superintendent of bankruptcy for Mb on what happened due to the amounts, and their conclusions in both cases was the robbery was the route problem. yes there were a lot of other problems, but they stemmed from the robbery. No robbery, most likely no problem
the insurance issue was my adjuster told me they would pay, but if I claimed my premium would go from $3000 a year to over $30,000 a year for 3-5 years. they were the only company that covered bars in that area, and insurance was required by my first mortgage. So I didn't claim. Then a few months later they sent me a bill, they jaked the rate to $30,000 anyway. I was fucked and too late to claim then. I lost $50,000 of stuff in the robbery, had to replace it for another $50,000 and then an additional $30,000 a year in insurance premiums, when my net was under $40k at the time. They wiped out my salary. I could have hung on without that and been fine in a couple of years. Yes I had equity, but you can't live on that. and after the stock market crash, refinance was impossible. Everyone wants to think i did everything wrong, but honestly if you were robbed and in that position, would you use your credit cards to try and hang on to keep $3million, basically your life savings and everything you own tied up in the business, or write it all off and be broke and not bankrupt. I took a chance, it didn't work.