Hello-
I obviously want to be my own boss and was planning on taking on debt for B-School. So, I came up with the greatest idea ever. Purchase a business and take on student loans at the same time. If the business goes south, I file for Ch.7 bankruptcy.
Now, the question is. What kind of business can a talent less experience less chimp like me own?
I can learn a trade and buy an contracting company, or I can try for a developing company.
Seriously though, what are some businesses that can provide a steady stream of cash without me fucking shit up.
I can think of barbershop where hairdressers already have their clientele. Laundromats are good, but will be iffy. I do some research on my institutions tools tomorrow. What else?
FYI Bankruptcy is not limited to businesses... consumers can also file for bankruptcy. The whole purposes of this post was discussing the declaring personal bankruptcy after, presumably, declaring bankruptcy for the business.
Why would I want to declare personal bankruptcy after a business bankruptcy? The majority of business loans, secured or unsecured, require personal guarantees.
So why would I want to ruin my credit for no reason? I wouldn't... I'd have a purpose. You should know that bankruptcies fall of your credit report after 7 years and there are plenty of successful business owners who pull this, and then have no problem getting to access to financing later on. Easyname doesn't have any asset outside of some cash in the bank has a fairly new vehicle and won't be able to afford a mortgage any time soon, so we can leave that out of the question. Basically, Easyname has nothing to lose except for some cash that may yet be utilized effectively, savers are not rewarded in.
As stated, student loans and healthcare are nondischargeable via BK. You literally own that until it's paid off, in a casket or not. Thank your attorney friends for ruining that for everyone else.
It would be less effort to rob a bank and study for your MBA remotely behind bars.
There are no top MBA programs in prison, sorry.
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