Results 1 to 17 of 17
Hybrid View
-
11-19-2015, 03:43 PM #1
Open Bankruptcy
I had a deal submitted today, where the client is in the middle of an open bankruptcy, and has a position from Capital Stack in there. How does that make sense? Or am I missing something here.
-
11-19-2015, 06:26 PM #2
- Join Date
- Aug 2015
- Location
- New York
- Posts
- 15
That was my deal lol.
He actually got a few offers elsewhere. I guess lenders will take a chance since its personal bankruptcy filed in 2011 and banks look pretty solid.Last edited by HonestPerson; 11-19-2015 at 06:29 PM.
-
11-19-2015, 06:35 PM #3
Until the court administrator finds out and comes to you guys demanding payment
-
11-19-2015, 11:55 PM #4
-
02-01-2016, 05:04 PM #5
-
11-20-2015, 07:26 AM #6
- Join Date
- Oct 2014
- Posts
- 257
Open Bankruptcy
I think it's illegal to lend to a bankruptcy unless the judge approves it?? I'm not a lawyer but I think I heard that somewhere.
-
11-20-2015, 09:33 AM #7
- Join Date
- Jun 2014
- Posts
- 541
The distinction may be that the merchant is personally still completing a 5 year Ch 13 plan, but his business entity is not part of the bankruptcy proceedings. But if the business is subject to the bankruptcy it would be debtor in possession financing the Court would need to approve-
-
11-20-2015, 10:43 AM #8
- Join Date
- Oct 2013
- Location
- New York, NY
- Posts
- 1,203
Actually to my knowledge you might be right. I have a few files that have personal CH 13s and we are moving forward with funding.
-
11-20-2015, 11:45 AM #9
- Join Date
- Nov 2015
- Posts
- 9
There are differences in the BK's but we can do it even if its CH 7, 11, 13 w.e lol gotta have good banks though
-
11-20-2015, 01:58 PM #10
- Join Date
- Jan 2014
- Posts
- 1,380
i was under the impression if the bankruptcy is still open merchant can roll in the advance into the bankruptcy and not have to pay it back. still fairly new to all this I could be wrong.
-
11-20-2015, 05:03 PM #11
- Join Date
- Jun 2015
- Location
- New York
- Posts
- 68
With unsecured and unperfected contracts you are taking a huge risk funding someone with an open BK; you are last in line to get paid if you even get paid at all.
-
11-24-2015, 12:58 PM #12
-
02-01-2016, 04:53 PM #13
- Join Date
- Jan 2014
- Posts
- 283
I am wondering about this myself; I got a file last week where the Merchant owes just over $100,000 between 3 advances and with his monthly deposits/average balance/etc. he is at the point where I could usually get it consolidated. The problem is he had filed a Personal Bankruptcy in 2015.
My initial reply was how could he have been funded 3 TIMES, it makes no sense-the answer was it was filed in 2015 but not approved until the last couple of weeks. It was due to some kind of "mess up"(not his fault of course) with his Federal Taxes. I've always been under the impression that these were impossible to fund (except maybe a garbage 4th position 1.49 40 day term or similar trash). Who, if anyone will make an exception? I am not sure if it is Ch. 7 or Ch. 13 (I'd guess it was a Chapter 7 but am waiting on confirmation).
-
02-01-2016, 04:57 PM #14
- Join Date
- Oct 2014
- Posts
- 260
What companies are funding personal bankruptcies?
Second place? Set of steak knives.
-
02-01-2016, 05:30 PM #15
- Join Date
- Dec 2013
- Posts
- 4,713
Always try Cresthill...We have over a dozen salaried in the UW department looking to make offers....we are running on a 3 hour reply on submissions today....
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
-
02-01-2016, 05:51 PM #16
-
02-01-2016, 06:18 PM #17
Similar Threads
-
Open Bankruptcy
By bruce@bdfunding.com in forum Merchant Cash AdvanceReplies: 13Last Post: 04-16-2018, 03:38 PM -
Any funders for recent bankruptcy + tax lien?
By HonestPerson in forum Deal BinReplies: 23Last Post: 11-17-2015, 06:37 PM -
Can we apply for student loan during bankruptcy?
By Danil in forum Financial ServicesReplies: 2Last Post: 05-05-2015, 07:35 AM -
chapter 12 bankruptcy
By mca123 in forum Deal BinReplies: 1Last Post: 12-18-2014, 03:17 PM -
starter programs for open Bankruptcy?
By Andy in forum Merchant Cash AdvanceReplies: 8Last Post: 04-04-2013, 11:27 AM