Ask MetaFilter questions tagged with bankruptcy and money

Unsure as to how I should proceed.

Anonymous — Thu, 21 May 2009 14:14:31 -0800

The place I work may be going under. What should I do? I work as an attorney and the managing partner had all of us attorneys in a meeting yesterday. He told us that the firm is basically out of money and that he's worried about making payroll next week. We have 10 attorneys and 2 partners here, so it's a small firm.

I like the work environment here, and the partners are generous (to a fault, it seems). The main partner is a bit oafish and I think he may be putting his head in the sand as to how bad things really are. The other partner is bad about collecting his accounts receivable, which is probably the main reason the firm is in this mess.

I'm already looking for another job, but what do I do if this place does actually go under? There is work to be done and clients whose problems won't go away.

Do I stay on in the hopes I may get paid down the line, or do I just jump ship and leave all the work for others to do?

What happens if a company you have an outstanding order with goes bankrupt?

csimpkins — Fri, 12 Dec 2008 10:21:57 -0800

A company we ordered flooring from filed for bankruptcy while we were waiting for our stuff to come in. What now? We ordered $140 worth of flooring from iFloor on 11/22. Thirteen days later they filed for bankruptcy. They never contacted us to let us know. So today, I called to find out if our stuff arrived and am greeted with a notice that the store is closed - permanently - and I should leave my info after the prompt to be contacted regarding the issue.

I'm pretty livid. But even more so, I'm unsure of what happens now. Do we get our money back? Do we get our stuff? Are we screwed? How long does a resolution, if there is one, for these things generally take?

How can I get money I am owed from a UK based employer going bust?

semidivine — Sun, 16 Mar 2008 18:52:24 -0800

The UK based company I have been working for is going under (I am in the US... I was hired as their Los Angeles based Art Director last November.) They never got the US corporation together so I was always payed as a contractor, month to month, for which I had to invoice them, always with the promise that as soon as they got the US corporation established I would get my pay as a salary with benefits like health insurance. The only binding agreement I had with them was a signed offer letter which set my yearly salary, bonus terms and equity. Without any warning last week they told all their employees (and contract workers like me) that they were out of funding, after they had assured us that the company was fine financially until the end of March, so no one has been paid for February or any of March. So they owe me a lot of money for work I've already done. There is talk now of restructuring the company with an "insolvency practitioner" and doing a CVA (Company Voluntary Arrangement,) all British terms that I am unfamiliar with. I know it is something like bankruptcy. Does anybody know anything about this? Is there any way I can stake my claim so that if this does happen, I am at least in line to get some or all of what is owed to me? Is there something I should be filing, and if so with whom? I am still officially working for them (even though I haven't been doing any work since this whole debacle began about a week ago... there is nothing to do) because I haven't quit and I haven't been officially let go. Can anybody help?

Lifestyles of the rich and stupid?

jdroth — Wed, 10 Jan 2007 14:29:39 -0800

What are some of the stupid things rich and famous people have spent their money on? I know about Michael Jackson and his ten AIBOs, for example. What are some other examples? Actors, politicians, athletes, past and present — tell me about their excesses. [This is lazyweb research for a future article.]

Can this happen in bankruptcy?

swiffa — Sun, 07 Jan 2007 22:24:28 -0800

If 2nd Mortgage gets discharged in bankruptcy, can payment still be made to keep home? Asking for brother in law, and I know very little about these things. Can one can keep a home under these circumstances? I accept all legal disclaimers on the answers and of course they will consult a lawyer if this moves forward, just needed a general idea of this particular possibility.

How to explain away a bankruptcy in my distant past?

AdInfinitum — Mon, 24 Apr 2006 05:25:12 -0800

I need help generating an 'explanation' for my bankruptcy 6 and 1/2 years ago that will not make me look financially incapable to a potential investor. Are there any 'good' explanations for filing bankruptcy that I could use in order to not have this fact work against me? I need potential circumstances that would warrant a bankruptcy and sound reasonable to a potential business partner. More inside... I filed bankruptcy 6 and 1/2 years ago as a financial move to alleviate large accumulated credit card bills that were too much of a burden to handle. It was a LONG time ago, and since I've been very financially capable and have saved over $50,000 while working for the company I've propelled into success. I'm not at all the same person I was when this occurred, but my credit is still marred from that era.

Anyway, I have a complex situation approaching where a 'venture capitalist" friend of mine (who's actually my landlord) may be considering investing in a new company that I would run. Part of the arrangement would include a 'creative' financial deal in order to allow me to purchase the house I'm currently renting from him (the 'venture capital' guy). This would definitely prompt my prior bankruptcy to come to the surface.

Does anyone have any 'good' potentail explanations/excuses for my filing of bankruptcy that would sound better then 'I wasted alot of money, ended up cornered and bankruptcy was the best option'? I need to remain impressive on all levels, and don't want this horrid mark on my credit to hamper my negotiations. I need possible 'reasons' for bankruptcy that sound reasonable and not incriminating. Any suggestions?

How do I get my money back from my ex-roommate?

thefinned1 — Thu, 01 Dec 2005 19:17:22 -0800

How do I get my money back from my ex-roommate? I just finished a one year lease with a roommate who never paid any of his share of the utilities. I asked for them every month but never got any of money out of him. Since I could afford it I paid both my share and his. The last month he didn't pay his share of the rent, and in the interest of keeping my rental history clean I had to pay it. Over the course of the year he ended up owing me $1,300.

I always wanted my money but now that I am out of the apartment I really want my money.

I have sent 2 or 3 letters to him, outlining what he owes me and when I want the money. The deadline for him to pay me was just the other day and surprise, surprise I didn't get my dough.

Initially I had planned on taking him to small claims court but though a mutual friend I found out that he (my ex-roomie) filed for bankruptcy on the last day before the law was changed.

So what are my choices?

Can I still take him to small claims court despite his bankruptcy?

Can I take him to bankruptcy court?

Should I hire a lawyer?

Cut my losses?

Are there other options?