well lets ask this why BM love WW

They work so hard to emasculate/feminize us its not funny.

 

I know a sister that wants her bi-racial son to marry a BW....but she wishes that her bi-racial daughter marry a WM.


NOW THAT'S WHAT I CALL HATE FOR BM.

 

The crack she was smoking! They want their daughters to be educated, but keep their sons ignorant. I'll bet she wants him to marry the most tore up looking BW.

 

unsolicited advice: don't make any deals with your creditors to pay just a portion of the total owed...the rest will show up as a 1099 during tax time...you would be better off if you filed for bankruptcy...either way your credit will be damaged...a bankruptcy will allow you to rebuild more quickly...if you own a home and you file it is up to you if you want to stay in the house...the mortgage company does not want your house...infact, at this point i would venture to say they regret all the foreclosures...had they been able to forecast better they could have modified loans and kept people in their homes

 

:smt043 :smt043 :smt043 :smt043

I confess I have not noticed that, but then I honestly don't know a lot of BW. This whole BW hate WW who date BM thing was news to me. I've never really had a bad experience, which apparently leads me to be very naive. I didn't even know sites like hater site and racist site existed until I joined WWBM.

 

Hatin' Brothers is her crack.

 

Enter the Sistabots!

 

These sistas share a lot in common with those on racist site. No joke.

 

WW and BW are not counterparts.

Sisters have a world view more similar to WM.

 

I wouldn't consider anyone my counterpart based solely upon gender, so that's not a belief I hold. As I said I really know only a handful of BW, and I really don't know most of them well so I have no issues with any of them, thus I really cannot form an opinion on their world view. You clearly have far more experience upon which to form an opinion, and there are several members who voice similar beliefs frequently. Obviously your experience has been far less pleasant than mine.

 

:smt043

 

ARE YOU SERIOUS ???? The hell !!!! So with a 1099, the part I didn't pay would show up as earned income?? I'd have to pay taxes on it??

Since I've been in business, I've always had a lawyer on retainer. I paid her a monthly fee and could get any legal advice at any time. I was able to write her fees off on my taxes at the end of the year.

I was going to get my paperwork together first before I consulted her. Thank you for bringing that up. I will DEFINITELY use that when deciding which way I will go. I've been dealing with the banks and creditors mostly and is starting to notice they only look out for their OWN self intrest.They don't necessarily tell you the RIGHT thing to do, they stear you in the direction that bests suits them.

As I look over some of my paperwork, I'm starting to notice that maybe I should have done this some time ago. My brother is a chef who specializes in french food. Many of his dishes requires different types of fish. Fresh octopus or shark can be hard to get sometimes.

When we first opened the resturant, there were many different fish vendors in the area. Towards the end, there was only one. Because he was the only game in town, he started raising his prices on the fish, knowing we had no where else to go. Their prices started getting outrageous. We had to add the increase in cost to the prices of our menu. It got rediculous towards the end especially when our regular customers stopped coming end when the economy tanked.

My construction company just came to a complete stop. There were a lot of subdivisions going up in the area. We were contractors that would wire the homes for telephones, cable, electricity, etc. Once the wooden frames of the houses would go up, thats when we went in. Many of the real estate developers just STOPPED construction on their subdivisions. Usually when they ran out of money, they could get someone else to buy them out and finish the project. Not in this economy.

So as you can see, it looks like it was time for me to get out and start fresh. Learn from my mistakes from this and move on. Once again, thanks for the 1099 warning.

 

Aww, hell. that's all I can say on that shit. SMH.

 

Kimbo, I'm not sure what the debt was incurred on, but if it was associated with a sole proprietor business, generally, it would be subject to income tax and the self-employment tax. If the debt was on you personally, generally, it would only be subject to income tax.

There are four exceptions to the rule though. I don't know if any will apply to you, but I thought that I would post them anyway.

1. Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.
2. Insolvency: If the taxpayer is insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to them. They are insolvent when their total debts are more than the fair market value of their total assets. Insolvency can be fairly complex to determine. For more information on insolvency, see IRS Publication 908.
3. Certain farm debts: If the taxpayer incurred the debt directly in operation of a farm, more than half their income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, their cancelled debt is generally not considered taxable income.
4. Non-recourse loans: A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue the taxpayer personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences.

I'm sure that your lawyer and accountant could tell you more because they know your personal circumstances. Good luck to you, Kimbo. I know that you will be back on your feet in no time. :smt056

 

gg...thanks for explaining this further...this is really good information:smt038

 

kimbo...if the banks can get a bailout then you should also get a bailout...the bailout for small business owners is basically bankruptcy...it will wipe out all of your existing debt...within a month of being charged off you will be surprised how easy it will be to get credit again...at that point you can start over again with a new business venture or just get out there and seek employment without all of that past debt hanging over your head...i would call a bankruptcy attorney and lay all your cards on the table...he will tell you what your creditors won't in that they would rather see you struggle and spin your wheels for the next 5 years then get out from under a business that failed...the thing you have to remember is that you are not alone...small business got hit hard when the recession hit...there is no shame here...keep you head up!

 

GG and Lippy, you ladies are just full of information.

Here in the midwest, when I first filed a business name, it was a sole proprietorship. Since that time, I had to refile under a LIMITED LIABILITY CORPORATION or LLC. That refiling has saved me from personal ruin.

In a sole proprietorship, the owner is connected to the business. Any debt that the business has can also be attached to the owner's personal finances. Under an LLC, the owner and the business are two different entities. You can sue the business WITHOUT going after the owner's personal assets.

You file the business names the same way, go to the county building and tell them the name you want for your business. For 10 or 15 dollars, they check to make sure there are no other businesses in the area with the same name. They give you a document that you sign and they stamp the counties name on it making it an official document of your business name. Then you go to the IRS website, www.irs.gov, and you register your business name and they give you a company ID number. Its like a social security number but only for businesses. Then you can take that document and the ID number and open up a business bank account.

As you can see, its very simple. However, the one thing that has made all the difference are the three letters, LLC. Because I filed the business name as an LLC, the creditors and vendors can only go after the money in my business account, they can't touch my personal account. Only if I owe money to the IRS, they can touch my personal account, but them only.

When I got that information, I damn near passed the hell out. :smt101 I was under the impression that I could lose everything but that doesn't seem like its the case. Under the old sole proprietorship filing, I could have but with the new LLC. filing, they can only go after the businesses.

I may have to end up selling all my business assets but I won't be HOMELESS :smt107

 

That´s my BOY- never personal responsibility in business!

 

I forgot to mention- there is always a room for you- in Switzerland :smt058:smt043

 

this is the only site where you can hook up and get schoolled at the same time