| bardicverse said: LOL MoonGoddess, that's only PART of the total. I'd say my high point was about 30,000 in credit cards and car payments. I got it down to about 18,000. With the new offer and my current cards, its about 12,000 left How? Starting a business and buying stuff for it, moving across the globe twice, and building a recording studio for the most part =) |
Yeah, then you rake it up quite fast. But why would you chose to be personally liable if you know you are going to make costs?
I don't know how it's done in America but here, any share-holding firm ensures that the person responsible for the organization can not be liable in a personal way. So lets say you rake up 30K in debt, but your firm only has a total capitals worth of 20K then those 20K are used to sell off 2/3d of the debt, and the other 10K, well... those creditors are basicly screwed as they can not swoop in to make you sell your personal car, house, etc. Your business may be bankrupt and in debt, you as a person are not.
Setting up a share-holding firm only costs €18K so I advice any entrepreneur to consider the amount of costs they will make when they run their business and if it is worth to leverage the risk.
On a sidenote, my teammate at school apparantly has over 10K in debt from loans...
The Doctor will see you now
Promoting Lesbianism --> 
