If your business goes bankrupt, you must file for personal bankruptcy protection to avoid the business debts.General Partnership.

I have an action plan that makes sense in my head, but do lack the "know-how" and connections to make it happen in the proper fashion - without going bankrupt and living on the street with my two sons.I want to live by your credo!  

its gotten ridiculous running from home depot and occasionally lowes multiple times a day with my little sedan, especially when i need loads of drywall and pallets upon pallets of heavy ceramic tile.having spent virtually all my capital on the house and now the rest in materials, would be lucky to scratch up a few thousand to finally invest in the much needed pickup i've decided i really need to complete this job, before i go bankrupt. credit/auto loan aint an option cuz i recently maxed out my cards and have been settling them for less than full once they go to collections. i could not bring my truck with me from nyc months ago when i moved to the west coast and left it with my parents for them to use or sell. they sold it.what are some recommendations for a good used pickup truck suitable for a DIY flipper as well as a landscaper in socal. i've also turned down enuf landscape jobs already cuz i dont have a truck these days.help!

In finance the rule 72 is a method for estimating investments doubling time. 72 is divided by the interest rate to get the appropriate number of years to double.Two examples: 6% and 12%6 into the 72 will get you 12 years to double.12 into the 72 will get you 6 years to double.So what that means is if you have $10,000, to make it 20,000, you need 12% and then wait 6 years for consistent compounding, versus if you have $10,000 to make it $20,000, you need 6% and then wait 12 years for consistent compoundingSo let's compare 3 different investments, CDs at a low rate, mutual funds from a full price brokerage like Merrill Lynch, and being a private lender.CDs are low low low, like .5% to 1.5%, depending along you leave it in the bank.Mutual funds, their success is totally dependent on its management of the stock company, if they go bankrupt, (think WorldCom, Enron), usually the officers of a corporation that gives stock, even blue chips, will take care of their own before they take care of their stockholders.What about nontraditional investments?

Here are the pros I found..Taxes Paid by BuilderHOA Fees Paid by BuilderNo Property Management FeesMaintenance Paid by BuilderRepairs and Upkeep Paid by BuilderImmediate Long Term TenantReliable Rent PaymentsFully Loaded Home at Today's PricesHomes are Meticulously Cared for at No Cost to the buyerExcellent Cash on Cash ReturnsEasy ResaleThe cons would be that the builder goes bankrupt or just doesn't finish up the community.

Anyhow, I was an idiot and bought a bunch of overpriced rentals, just about went bankrupt, then I learned about flipping contracts.It has been over 15 years now, and I am not gonna say it has been easy, but it is the best decision I ever made to leave a full benefit union job to chase something bigger.Keep focused, I know it its tough, especially with ADD. ( personal experience, LOL)I would begin by just bird dogging or locking up contracts then selling them.

Originally posted by Joe A: in the company prospectus .... if they go bankrupt, I could lose my money.

I have seen the same thing in reverse , I and other contractors I know have been burned by builders , investors , or homeowners who dont pay , go bankrupt , or want to change the rules after the job starts .

The credit cards, you can always keep moving that balance to low rate cards until you get in a position to get rid of them, and if disaster strikes, go bankrupt.

There were unpaidpayments, late charges as well as tax and insurance cost totalling$13,114.73 at the time I filled bankrupt.