1. Home
  2. Beading Crafts
  3. Question / Help

Question / Help

Afternoon all, I need a bit more brain power with making up my mind, And with this group I know I'll get some good answers.

First, I make beads,cut cabs wire wrap and fuze glass. I have recently transfered to Arlington Tx. before had a house and am now in an apt. In Tx fire marshell says no flames, grills,propane......soooooo playing with my torch is out of the question.

We have a place called Traders Village, and i can rent booth space real cheap wach weekend, or rent an indoor area which is secured for $275 a month. this would give me a working studio and also a place to set up a small store front.

Here is the rub, my " great move" turned out to just be gold plated, couldn't sell the house in NY and while paying on all that and my other bills AND a place in Tx I really screwed a few things up. So now i have to claim bankruptcy. Shoud I wait till the bankruptcy clears first or just get my Tx dba and go for it. I don't know if the bankruptcy will effect what i want to do or could it cost me all the equipment, stock and other goodies I have gotten together over the last several years.

I fugure one ot you creative people out there would have a much clearer idea what whould be best.

Jim Redden J.Redden Design snipped-for-privacy@comcast.net

Beadgasms for all!

Reply to
jim redden
Loading thread data ...

I'm not a lawyer but you might want to wait. I know the rules about bankruptcy have changed recently in Virginia and have become much stricter. They may wonder how you have money to start a business. There are probably a few people here that have more legal insight in this area. Good luck with your new start-up

Reply to
C Ryman

I'm not a lawyer either, but here in Hawaii all you need to do to 'start a business' is file for an excise tax license (which is free), and there you go.

I would share Jim's concern that if you're not a business all that equipment he has might be considered hobby equipment and required to sell off - not that I have any experience with bankruptcy, but I could imagine that you may have to. One thing to consider about bankruptcy: secured debts are not 'forgiven', so if your house that you aren't able to sell has negative equity the best thing you may be able to do is have the bank foreclose on the mortgage (not the same as bankruptcy). It gets rid of your payments for the house, but it takes the house with it (obviously). If the debt/payments you're having problems with is all real estate, bankruptcy may not help you at all.

Aloha,

Maren Palms, Etc.: Tr> I'm not a lawyer but you might want to wait. I know the rules about

Reply to
m.purves

InspirePoint website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.