Bankruptcy debt 3001 rule

Manpasand was an accounting fraud with beverages on the side

2024.05.17 10:17 tareekpetareek Manpasand was an accounting fraud with beverages on the side

Manpasand was an accounting fraud with beverages on the side
Original Source: https://boringmoney.in/p/manpasand-an-accounting-fraud (my newsletter Boring Money. Do visit the original link and subscribe if you'd like to receive similar posts directly in your inbox)

Let’s say you’re a company that wants to commit an elaborate fraud. What is the most egregious fraud that you can think of?
Maybe let’s not start with egregious. Let’s start with something simple! Here’s something that’s reasonably common:
  1. Pay people to buy your product (or like give them huge discounts or whatever). Inflate your revenue. Lie about your actual customers.
  2. Hype your company up. Do an IPO, take your company public. Sell some of your own stock.
  3. Slowly try fixing your numbers. If you happen to succeed, that’s great! You win. If you don’t succeed, you still win? You’ve done your IPO and sold some stock. That’s a lot of money.
This is the simple kind of fraud, which also makes it difficult to identify. You might have to talk to the company’s customers, read the fine print in its disclosures, do sanity checks of its financials, that sort of stuff. It’s tough to catch the simple kind of fraud, which is also why so much of it exists in the form of whispers and rumours without ever getting proven.
Now let’s go egregious:
  1. Why pay people to buy your product? Hell, why even have a product? Just manifest in your imagination that there are hundreds of thousands of people buying whatever you’re selling and write it down.
  2. Hype your company up! Do an IPO, sell some stock. This part remains the same.
  3. Don’t bother fixing your numbers. Instead, keep publishing imaginary revenue figures. Keep selling stock to public investors. Publish your financials every quarter with whatever numbers you like.
If you do this, there’s only so far you can go. Eventually, your hype will attract attention and someone might figure out that both your customers and product were creative imagination.
Here’s a SEBI order from late in April about Manpasand Beverages. Manpasand used to be a beverages company based in Gujarat. In 2019 the company shut down because it got caught in a bunch of frauds. It’s only now that SEBI published the details of what was happening. Probably best summarised by fund manager Amit Mantri: [1]
https://preview.redd.it/o85shr8p3y0d1.jpg?width=603&format=pjpg&auto=webp&s=26ace208d28eae2bb2401449f9b1dcc6bd1eefd0

Fake it till you make it (or don’t)

Manpasand faked its revenue (of course). It also faked its expenses, customers, vendors, tax liabilities, etc. How did it get away with doing this stuff? I don’t know, someone’s gotta ask Deloitte. They were Manpasand’s auditor for eight years, resigning only in 2018. The company’s fraud came out officially in 2019—Deloitte, whose job was to make sure the books were right and also had access to all the inside information, figured that something was off only a year earlier!
Anyway, SEBI appointed its own auditor to figure out what was wrong with Manpasand’s accounts and the auditor came back with a bunch of stuff. [2]
Here’s the bit about Manpasand inflating its revenue. From SEBI’s order:
… CGST vide letter dated July 07, 2019, inter alia, informed that Manpasand had shown inflated sales figure in its balance sheet by way of receipt/ supply of fake invoices without actual receipt/ supply of goods. It was further informed in the said letter that Manpasand had floated 38 bogus/paper firms to inflate its turnover and that inward and outward transactions made with such bogus firms amount to Rs.188.48 Crore and Rs. 691.30 Crore, respectively.
Manpasand created 38 different companies and it both “sold” its products to those companies as well as “bought” stuff from some of them. Basically, Manpasand created real companies to play the role of its customers and vendors.
… it was observed that the parties with whom transactions amounting to Rs.29.84 Crore were entered into, were not registered for dealing in the said goods/products being manufactured by the Company. Further, there was non-receipt of sale considerations and debtors balance were adjusted by passing journal entries
Manpasand was a beverages company that was selling stuff to its customers. Traditionally a company like Manpasand might have distributors as customers but Manpasand’s customers were registered as something else entirely (I do wonder what, the order doesn’t mention it). These are fake customers that Manpasand created out of thin air. Establishing companies is quite a bit of effort! Why half-ass the part where you select the “business type”? I sort of understand though. I’ve done it too. Put so much effort into something that you’re bored by the end that you muck it up.
I’m kidding! The real reason is probably that Manpasand wouldn’t have actually created these fake companies itself. There would be a middleman who would have them made in advance, all ready to go whenever needed to do fraud.
Manpasand propped up its sales as well as its expenses by pretty much just funnelling money around from one entity to the other. In some instances, it wouldn’t even move real money around. It would just note down that it had to pay one company, and had to also collect payments from another company, and then cancel each other out. Manpasand was running its accounts on Splitwise.
In general, there is nothing wrong with a company having such set-off arrangements. If you know your creditor owes money to your debtor, sure, cancel those transactions out. But how likely is it that a company’s suppliers and distributors know each other? And transact with each other?
This post is public so feel free to share it.

All except death and taxes

If you’re planning to do some accounting fraud, here’s something to keep in mind. I mean, I’m not not recommending that you do fraud, but if you do have your mind made up I might as well pass this along. Fake your sales, that’s fine. Fake your expenses, that’s fine too. But don’t fake your taxes, those guys will come after you.
In 2019 right before Manpasand shut down, GST officials raided its offices and arrested the CEO, CFO and a director. If you think about it, one of the reasons Manpasand got away with its fraud for as long as it did was that its accounts looked reasonably realistic. Deloitte made sure of that! Manpasand didn’t just arbitrarily put in fake numbers, oh no. It showed transactions to back them up with actual companies.
But any sales or purchases bring with it a cute goods and services tax, and the GST folks don’t care all that much about the fact that your sales are real. They’d like their share anyway. And not the GST you owe them, but because of how GST works, they would also want the GST your vendors (and your vendors’ vendors) might owe them.
GST has this magical thing called “input tax credit” which is basically the GST council giving you magic points every time you pay GST as a customer. Say, you buy some glass to make some marbles. You pay GST when you buy that glass, and you get some magic points. When you sell your freshly manufactured marbles, you collect GST from your customers and can redeem those magic points which you got earlier to reduce the GST you actually pay. (This isn’t tax advice so don’t come after me if you mess up your taxes because of anything you read here.)
These points are nice because they help save tax. But a basic requirement to use these points is that the company you bought your glass from has to have paid their fair share of GST in the first place! You only get the points if they’ve paid their tax! In Manpasand’s case the vendors it was dealing with existed solely for the purpose of enabling accounting fraud. Of course they weren’t going to be paying any tax. And yet Manpasand was claiming the magic points and reducing the GST it paid. These fake magic points is how the GST people figured out that there was something very wrong happening.
If the GST raid hadn’t happened, would Manpasand have survived as a company? Absolutely not. But would it have survived longer than it did? Probably.

Roll over, it’s a takeover

Things have already been a bit bizarre but what follows next is absolutely basket case. Here’s a section of Manpasand’s response to SEBI. From SEBI’s order:
The Company is a victim of a pre-planned, fraudulent scheme and conspiracy perpetrated by Finquest Financial Solutions Pvt Ltd (FINQUEST) wherein under the garb of promise to provide working capital worth Rs.100 Crores, six documents were executed by and between MBL & FINQUEST. Within a span of two and a half months, it was clear that this entire so called transaction of providing working capital loan was nothing but a mere play to gain the entire control of MBL which is having asset base of around Rs.625 Crores…
Finquest is an NBFC that lent money to Manpasand right after the GST raid happened and its officials were all in jail. Manpasand is claiming that Finquest’s goal wasn’t to just lend to the company and earn an interest income out of it, but to take over the company itself. Manpasand claims that Finquest defrauded it and even calls whatever they did a “hostile takeover”.
Let’s humour this idea for a bit. If you’re a listed company worried about a hostile takeover, you’d look at who’s buying your stock. That’s the normal way for hostile takeovers to work. You wake up one day to realise that Elon owns 9% of your and immediately fall into a state of panic. If you don’t own enough of your company, Elon just might.
Another hostile takeover could be by a distressed debt investor. You may have taken a loan from some banks or whoever some time back. The banks would’ve sold your loans to outside investors. But then because you’re in tough times, the investors would want to rid themselves of your loans at a discount. This distressed debt is then caught by investors trained in the art of recovering dollars from pennies. If you can’t repay your loans to these guys, they would be more than happy to squeeze it out of you.
This is what happened with Byju’s US unit. But really, hostile takeovers aren’t common with distressed debt investors. They don’t want to run your company! They want their money back with some (a lot) of interest. [3]
Finquest lent to Manpasand, it didn’t buy its stock. So maybe this was the second kind of hostile takeover, the distressed debt kind? Well, here’s Abhishek Singh, then director of Manpasand in an interview with Business Today back in 2019:
Business Today: Dhirendra Singh [the CEO] has accused Finquest of a hostile takeover bid, while Finquest claims that it was always mentioned in the term-sheet that the company will be managed by a professional team until its money was parked with you. It will be nice to get your side of the story.
Singh: Whatever amount has been transferred by the Finquest in the bank account of MBL was done in the new account opened by FFSPL's representatives in the name of MBL. The control of this new bank account lies with FFSPL's representatives. FFSPL was allowed operational access to business of MBL and not financial access, as per the term sheet dated July 3, 2019.
…As per the term sheet dated July 3, 2019, FFSPL had right to nominate two directors on the Board of Directors of MBL, which shall constitute minimum one-third strength of the Board. Pursuant to this clause, FFSPL appointed three directors instead of two. The total strength of the board became six directors, one-third of this comes to two. Thus, one more director being a nominee of FFSPL was appointed.
… What? Manpasand borrowed money from Finquest but the bank account where the money came in was controlled by Finquest? And Finquest got “operational access” (whatever that means) as well as a third of Manpasand’s board seats? This isn’t a hostile takeover! It’s a lamblike takeover.
Honestly, I get it. Manpasand’s CEO and others were in jail. The company needed money. The only lender willing to lend to a shady company whose executives are in jail would be a shady lender. And that shady lender was Finquest—which, by the way, had done something similar before—but Manpasand took what it got.
If there’s a second “don’t do this if you’re doing fraud” lesson in this, it’s this. Don’t borrow from a loan shark!
Footnotes
[1] A nice factoid is that Amit Mantri was the first to point out that Manpasand was manipulating its numbers all the way back in 2016. They did some really good on-ground research!
[2] The auditor that SEBI assigned to do this, Chokshi & Chokshi, came back with 12 findings from Manpasand’s accounts. But I think I found a couple of mistakes? It wouldn’t in any way affect SEBI’s conclusion on Manpasand, but I find it funny that a story which is essentially about an auditor’s massive failure to do its job also has an auditor that probably wasn’t too careful themselves? I’ll probably write about this in a future post.
[3] A distressed debt investor would prefer to take over a company to be able to put it into bankruptcy so that it can sell the company’s assets and recover its money. That’s very different from what the kind of takeover that Elon did of Twitter.
Original Source: https://boringmoney.in/p/manpasand-an-accounting-fraud
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2024.05.17 10:10 TheCurry_Master Do you have a high-paying job or are you working for next to nothing? Do you find yourself stuck in financial difficulties no matter what your income is? IMO, schemas play a massive part in this.

I find that many people with ADHD have dreams, but often fail to live up to them. So they work for minimum (or near minimum) wage in a job they hate. This could be for a number of reasons, but I think that an important one is this seemingly common belief among ADHDers that we're not good enough - that we'll just fail or that nothing good could happen to us. Other people yes, but not us.
On the other hand, I have seen many people with high-paying jobs. These guys are driven and can br work-a-holics. That sounds good until you realise that a lack of impulse control and problems with executive functioning can render such a person as financially poor as the former, oftentimes leading them into mountains of debt they can't escape from. I believe that negative core beliefs are at play here as well.
I think medication is awesome. It doesn't work for everyone, but if it does, it can make a real difference. I do, however, believe that ADHDers need more. They need psychological assistance to overcome the schemas that hold them back. Schemas are sort of like core beliefs we hold about ourselves. They rule our lives and, unless confronted, can keep us stuck in an endless cycle of failure and/or poverty.
You can check out "The 18 Schemas" online. There should be abundant material for you to browse. But the psychiatrist who introduced me to them and their relation to ADHD was the psychiatrist, Dr. Tracey Marks. She has a good video on YouTube entitled, "3 Ways ADHD Makes You Think about Yourself". It explains the issue quite well.
Let me know your story and thoughts.
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2024.05.17 08:10 BeththeSamwiches My Dream and Journey of HomeOwnership. May it Inspire you!

I wanted to post this because I see many going through a similar, tough buying time. I hope my story gives you a boost and helps you keep going. There is my sad backstory that you can skip to "Dec, 2020" that starts the home journey. This post is extremely long but emotional for me. Please be kind.
The only house i ever lived in was my uncles, for 2 years (age 3-5) before he removed us.
My mother suffers from many tribulations, and it was reflected in life. We apartment hopped for all of my childhood. I'll never forget how hurt I was, leaving behind my valuables everytime we downsized, (dressers, my desk, doll houses etc) being cramped, no pets allowed (i love animals), neighbors banging on their ceilings when I played, hearing families fight as if they next to me, smoke coming in the windows, constant new neighbors, roaches and other infestations due to neighbors, etc.
My mom would drive around and say, “this is going to be our new house!” And get my hopes up, but it never happened. My sister (she's 5 years older) said she would buy a house for us all, and that lasted a few months before we were evicted again, moving to another apartment.
I asked constantly when we could get a house like my uncle or sister. My father had one (my parents divorced when I was an infant), and when I visited, I wished I had my own backyard, pets. I was jealous of my friends who lived in houses. I would pretend vacant homes were mine, walk to the new homes being built, and watch their progress. Imagine my future in it where my kids would know stability.
After Bullying in school (from 4th - 12th grade), SA from my father, (i was 15) neglect, abuse, depression, self harm, apartment hopping, I was desperate to move out and away once I turned 16 (emancipation). I moved from NJ when i was 18 to FL and started my own downhill spiral of DV, homelessness, repossessions, and other mentally and physically draining circumstances that pushed my limits, money, and everything
In 2017, I picked up my pieces and gathered them, alone, to AZ into the best apartment and neighborhood i ever had. I told myself that after a year, I was going to buy a home there. In 2018, I reached out to realtors and was told all I needed to do was pay off 2k of credit card debt to qualify for 250-300k. The dumbest decision I ever made was saying spending 2k was stupid. I wish I had the recourses, support, anything, or anyone to tell me to do it. had I done it, I could have bought my dream home then for 200-275k
In Dec 2020, I had been with my now husband for 3 years, went through hell in the apartments he wanted us to move to for more space, away from that neighborhood I loved. Someone stole our bikes, smoked weed next to our window, and then our new car was stolen and required 3k in repairs. I was miserable. I wanted to end the cycle of apartments and putting away my wants and needs, so we decided to begin paying things off to get pre qualified. Then came the new battlefield.
As you all know, 2021 until today, it hasn't been a buyers market. I had no idea what any of that meant until I was told I was approved to start putting in offers in January 2022. We were pre approved for a max of FHA 350k from a lender that I was sure had our backs after getting tons of denials and pisspoor brokers who couldn't care less about my childhood dream. I pulled up the MLS and saved about 30 homes a week, if not more, that were 375k and below, all the way down to 150k trailer homes, condos, townhomes, and houses.
Half of those listings were sold (pending) within 5 days. the other half we were bidding upwards against. I couldn't believe it. I was told the market is hot, lots of people selling their homes in bordering states and putting higher end offers on the homes in our price range because they were selling their homes for 500k and using the differences to buy the cheap homes. The others were investors.
After doing all of the work for my husband and roommate and then some to qualify, I was now battling 15+ people on one home multiple times. I was told to try going further out. The market I was in was too desirable. I was like, REALLY? PEOPLE GET SHOT HERE ONCE A WEEK, HOW IS THIS NEIGHBORHOOD, "HOT"??? I was told to shop beneath my budget, shop outside the location I wanted, everything you are all being told today to, "land a home, stay in it for five years, then sell it and get what I want." But I heard none of it, I wanted my DREAM home on my first buy, which wasn't a lot.
All I wanted was a 1300-2000sqft home with a front and backyard for my dog and kids, a house that didn't need a crap ton of repairs, and a neighborhood I felt comfortable in so that I wouldnt have to deal with all the things I did since I was little. I didn't care if it was upgraded, carpeted, or tile, old or new, I just wanted space, safety, a yard.
It didn't matter. Even if I sacrificed a yard, square footage, whatever, I was getting outbid. Every home I could afford was being bought in cash, waiving inspections, having a 14 day close, and/or being bought 25k to upwards of almost 200k over asking even if it was a fixer upper!! I could not compete.
In April, I FINALLY had an offer accepted in a town that was 30 minutes from work, building up, and beautiful. I was willing to sacrifice commute time and everything for this beautiful house that checked all the boxes. It was 2,060 sqft, upstairs and downstairs, a 5k lot, in a beautiful neighborhood. We were able to get a third cosigner (lomg time friend) to up our income and get to 375k. But then I found out my preapproval wasn't so pre approved.
Having a 3rd co signer meant nothing. We needed to reserve money that we weren't informed about, DPA wanted us to pay off more debt, and we needed more income than the THREE of us had. I was livid, why didnt they tell us any of this? Why did they say our income was enough, and the DPA would cover everything?! I knew nothing, I tell you, nothing, and I should have researched more. But I was desperate.
My grandma stepped in. First, she needed a credit score. She opened up an unsecured credit card for 300. Bought gum, paid it off. We did a rapid rescore, and it shot her up to 7 freggin 735, SEVEN THIRTY FIVE LMFAO, and then we needed her social security letters. Which took two weeks too long, pushing back a close the seller REALLY WANTED TO CLOSE ON, which my realtor convinced them to hold off. Well, guess what? My grandma doesn't have a government id. She hadn't updated her id since 2005. No biggie, we'll get her to the DMV, which we had to reschedule online to 3 different locations. Well, guess what? Her mail, old id, her social security card, AND BIRTH CERTIFICATE all had DIFFERENT VARIATIONS of her name, and DMV couldn't verify her identity.
It would take two months to correct those issues. I threw my phone, scratched my arms to oblivion, fell on my knees, and cried. The lender said there was no way the loan was to be approved without Grandma. My sweet Grandma of 4 different names. I feel the tears, even now. I lost it. I fought for a home all my life and lost it because of being uninformed, way too broke ( I know I know), and then some. I felt like the universe was against me.
So May comes around, and my realtor says, "Listen, let's try this. Let's do rent to own. They pay for everything, and then you save, fix your credit, and buy the house back at the value of the contract paying the difference in appraisal if need be."
I was so broken that I did it. Back to the MLS, we still couldn't get a home in our price range in the neighborhoods I wanted. Rental price was going to be 3,100, so... we stuck to the 30-minute away neighborhood, and oh god, was that a new mistake. The first house we put an offer in on was accepted immediately. It was the smoothest process I'd ever seen in comparison to the hell I'd just gone through. I checked the MLS every day, watched homes I saved while I rented go pending or under contract in a week, or sell for over asking.
My heart sunk when all the homes I wanted and lost out to were back on the market as a rental property, or were slightly updated prices 50k-100k higher than before. Homes were being sold by opendoor, or rental from the very people I used to buy to rent from. I couldn't believe to this day how many homes I lost out to, sitting vacant for MONTHS prices dropping and dropping as the feds raised the interest rates. I went to open houses, asked what people wanted for offers (so I could be informed when I was ready), and knew my chances were getting slimmer and slimmer.
All the while, my commute was the devil. Traffic galore, accidents making my drive time go from 30-2 hours to and from. It was far from family, the mileage on my car grew so fast, my tires were wearing faster. The home was way too big for us (2765 sqft) and difficult to maintain. Beautiful home and town, but not for me.
The rent was also too high. It said it would be 2500, but wound up being 3100 after all of the damn fees they didn't disclose until AFTER WE WERE UNDER CONTRACT sflkghskg The electric bill was 6x the amount (bad company. People in that town are begnning to organize), water bill company demands 100 dollars no matter the usage (we only use about 60$), and the gas prices increased so high I was putting 60 dollars every 3 days in my car.
Then, my precious cat that followed me from NJ to AZ that had been with me through all of the DV, mental breaks, homelessness, had suffered from strokes. She was a stick, walking in circles, giving nothing but love. I tried everything I could, paid thousands to save her, but in the end, all I did was prolong her and my suffering. She passed in my arms. I love you and miss you, Emma.
Other life things happened, and by December, I had 200 dollars in the bank. When my income tax came, I applied for loans and said Im going to try the DPA and stuff again, It was either that, or rent a smaller house or apartment but seeing the market repeat my 2021 experience, I had to try with what I had. My goal was to get back to the neighborhood I wanted. NO EXCEPTIONS.
So I switched realtors based on a recommendation from FB. Random person said this lady would fight for me like no one else would. This realtor recommended me a lender, she said it could make miracles happen. I almost didn't do it because I had been let down by 2 other lenders before this one in 2023, but screw it. I followed his advice to the T of what to pay down, what to keep, and what to negotiate with. We gave him our 401ks info, our paystubs, had 3 of us on the loan, and explained we had no downpayment, just money for closing costs.
The market, at this point, slowed down due to the interest rates but was beginning to pick up. A lot of the homes we put offers on didn't like our asks. Which was disappointing, but I understood. What seller would want to pay closing costs for us so our payment assistance would go strictly to the home when they could accept the few cash, investor, or better conventional loan offers? The homes were going below listing, which was cool, but not quite in my 365k max range.
Until I gave way a little bit. There were 2 townhomes. One that was detached and had the most gorgeous yard Id ever seen for where it was at, and the inside was completely upgraded and bigger than it looked with a gorgeous mountain view from the master. But it was in a neighborhood that gave me goosebumps. No wonder they would accept 365k and pay everything should we put in our offer lol I couldn't do it, though. I didn't want to sacrifice being comfortable in my home safely to have a house. It was the first and only time I was picky.
At first, that seemed like a mistake, as the only other home I thought would accept our offer in my dream neighborhood said the seller had a specific number they wanted to sell at, which wasnt 365k, it was 375k. I wasn't going to get a home after all. I knew my ask was tough, and I wasn't going to get a house despite trying for another 3 months. I gave up. But then... I thought about something. That townhome in the neighborhood of my dreams, they wanted 375k? I restructured our ask to get to that 375k. A few hours later, my realtor texted me if she could call. It was urgent.
I was at work and went into the office and called. THE SELLER ACCEPTED OUR OFFER, THEY ACCEPTED OUR EFFING OFFER! THEY ACCEPTED IT!!!! I cried so hard, hyperventilated, cried some more, and told myself I wasn't going to get excited. I had this happen before, after all.
Well, guess what? Long story short, after hurdles during this closing as well, needing to push it back for this or that, WE CLOSED!! WE CLOSED ON THE HOUSE, IT WAS MINE!!! IT IS MINE!
The seller paid for all of the closing costs. DPA paid the downpayment at 3%. The rate was 6.85%, DPA loan at 8%. I paid for the appraisal and inspection, that's it. Only 1100 out of pocket. Monthly payment was 2865, my max, but it is MINE and EVERYTHING I wanted besides having a huge yard (it's still a decent sized yard) and open kitchen Home is 8 min from work (bye bye crappy commute!),community has incredible amenities, sub division has a pool, HOA covered roof (it was new anyway), new AC, new dishwasher, freshly painted, 3 beds 2 and a half baths, 1400sqft, 2 car garage with driveway, upstairs and downstairs like I always imagined, and so much more.
Every hurdle, every tear, every breakdown, taught me what I needed to know and led me to home. After saving for a year with the cheaper electric, water, gas prices, and mortgage, we just refinanced. Got a 5.75% rate (I thought it was 5.32, but after we closed today, it was 5.75%), the home appraised for 395k with no changes besides adding a fridge and new oven. The equity paid every penny of the refinance and the DPA loan. My mortgage is now 2550. For us, this is affordable now that we are debt free and still have savings!
I got my home with the most undesirable circumstances. I may be an exception, not the rule, but if my pathetic self can do it, i promise. You can, too. Don't be defeated. Don't let the investors win.
You need to win.
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2024.05.17 07:54 VisibleApartment897 Ecommerce with $1.5M in Revenue

Hi all, I started an ecommerce business in June of 2020 selling Asian snacks, groceries, and food products. Despite having no business background, web experience, or heavy marketing skills, here is our revenue breakdown:
I have struggled with cash flow due to Merchant Cash Advances taken during difficult situations. The business is profitable, with a 12% NET profit in 2022 and a 9% NET profit in 2023 (15% without the high interest debt schedule). However, the burden of daily and weekly payments has become overwhelming, and I am considering filing for bankruptcy. I have personally guaranteed all the MCAs totaling $380K.
I am now looking for an Angel to help me consolidate all my business debts. I have a house in Los Angeles area with about $100K in equity you can put a lien on. Home is valued at $950K on Zillow. OR sell the entire business to move on from this stressful situation. If anyone is interested, please DM me. I am located in the Los Angeles area
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2024.05.17 06:22 Brighteyedwoman22 What's the better option? Bankruptcy or pay off collections at a reduced pay off?

Backstory - Sister became I'll last year and she missed a lot of days of work and they fired her as some of her sick days were input into the system as FMLA. Anyway, so when she was feeling ok, she would go out doordashing. But barely doing that, she stopped paying most of her credit cards or went on a payment plan. Well on April 12the, one of the worst things happened. She was involved in a major accident and almost lost her life. She had multiple surgeries and is currently in a transitional hospital to continue her recovery and will likely still need other surgeries for quality of life.
So now she can't pay any bills, her bank account was so overdrafted they closed her bank account and many of the credit cards have either gone into pay full amount or it will be sent to collections. Others have already been sent to collections and one is even sent a letter to move to legal action.
She can't even make any payment plans because she can't work and won't be working for a long time.
She recently received a letter from one of the collection agencies stating they are willing to offer a payment of $625 to payoff a $2,500 debt.
Now, we could use her GoFundMe money to pay it off, but I'd rather not use those funds for debts.
But it got me thinking, should we wait until she is out of the hospital/care homes and file bankruptcy or should she wait for offers such as above and pay them off at a reduced fee?
She has over 25k in credit card debt in or heading for collections.
Thoughts?
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2024.05.17 04:50 MadeMyHorseHotK Syrella Yronwood, Bloodroyal, Mistress of Whisperers, Ironsand

Reddit Account: MadeMyHorseHotK.
Discord Tag: caligulahorse.
Name and House: Syrella of the House of Yronwood.
Age: Six-and-thirty.
Cultural Group: Dornish.
Appearance: Long black hair and cat-like copper eyes frame Syrella's thin and angular face. Complimented by full lips and a thin nose, Syrella is no less than a great beauty. Dashing in her choice of dress, the Ironsand shines in the sunlight and stands potent by moonlight.
Trait: Insidious.
Skill(s): Covert (e), Investigator (e), Schemer.
Talent(s): N/A.
Negative Trait(s): N/A.
Starting Title(s): Lady of Yronwood, the Bloodroyal, Warden of the Stone Way, Mistress of Whisperers, Ironsand.
Starting Location: Opening event.
Alternate Characters: N/A.
____________________________________________________________________________________________________________

Timeline

10 B.C.
Syrella Yronwood is born to Lord Gulian Yronwood, and his wife, a Hightower.
5 A.C.
Syrella's mother goes mad, and throws herself from Yronwood's highest tower - while pregnant. Impossible to hide the whole of the truth, the realm is told Syrella's mother fell.
7 A.C.
Syrella meets Ser Jacelyn Greenhill for the first time, and is enamoured by him.
8 A.C.
Not a year later, Ser Jacelyn is returning to King's Landing by way of Yronwood, and convinces Syrella to elope with him. The pair return to King's Landing, wed.
Consequently, Syrella's father, Lord Gulian Yronwood, turns to his secondborn child, Ferris Yronwood to be his heir.
9 A.C.
Things fast sour in King's Landing. Ser Jacelyn proves a drunkard and a lout. There is little Syrella can do against her husband's strength.
Having racked up a substantial debt to a collection of budding King's Landing magnates, Syrella finds herself traded as a currency.
Some two moons later, liberated, Syrella finds her way back to her husband's bed, and gelds the man before she slits his throat. It is known to wider Westeros that Syrella Yronwood was once wed, though the specifics are lost to the mire of King's Landing.
10 A.C.
Desiring something more, Syrella sets her sights on the King's Council. Luring the Lord Protector into a back alley bordello, Syrella convinces the man to name her as the inaugural Mistress of Whisperers.
15 A.C.
In tandem with Ser Roland Arryn, Syrella's actions see further disaster averted during the Kingswood Catastrophe.
17 A.C.
Word reaches Syrella that her brother, Ser Ferris Yronwood is dead - at Martell hands. Lord Gulian Yronwood names his eldest child as his heir once again.
19 A.C.
Syrella Yronwood is named Bloodroyal.
This same year, Syrella attends the royal wedding at Mooncrest.
20 A.C.
Returning to Yronwood for the second time since her ascension, Syrella hosts a grand tourney.
25 A.C.
Syrella attends the festivities in the Kingswood.
____________________________________________________________________________________________________________
Name and House: Qoren of the House of Yronwood.
Age: Eight-and-twenty.
Cultural Group: Dornish.
Appearance: Tall, broad, and brash. Qoren Yronwood has a reputation for feuding and fighting. Unlike his sister, he has grey eyes, and a thick beard, his hair a shade or two darker than Syrella's own.
Trait: Champion.
Skill(s): Dual Wielding, Axes, Axes.
Talent(s): N/A.
Negative Trait(s): N/A.
Starting Title(s): Heir to Yronwood, Ser.
Starting Location: Opening event.
Alternate Characters: N/A.
____________________________________________________________________________________________________________

Timeline

2 B.C.
Qoren Yronwood is born to Lord Gulian Yronwood, and his wife, a Hightower. He is their third and final child together.
5 A.C.
The death of Qoren's mother has a deep and wounding impact. For half a year, Qoren is silent as a sister.
8 A.C.
By Qoren's tenth nameday, he is already proving a deeply quarrelsome boy. Having been made squire to Lord Gargalen not two years earlier, Qoren returns to Yronwood shortly after his tenth nameday, having been nigh endlessly starting fights with the sons and other squires of Lord Gargalen.
16 A.C.
Qoren attends the wedding of his brother, Ser Ferris Fowler, to the Princess of Dorne.
Qoren is knighted by his brother shortly before the wedding.
17 A.C.
Having impregnated the daughter of one of his father's more pious retainers, Qoren's actions turn lethal for the first time. Having found himself challenged to single combat, Qoren readily accepted, shortly thereafter departing the field with a bloody axe.
The daughter, a Mara Holt, later births a pair of twins.
Over the following years, Qoren's actions, both in and out of other's beds, result in a furious succession of feuds.
This same year, Qoren hears of his brother's death - an event he rules a blatant murder. Had it not been for the haste of his uncle's men in arresting Qoren on the road to Sunspear, doubtless there would have been further death.
It is widely known throughout Dorne that Qoren blames the Princess for his brother's death, having vowed never to speak to a Martell again, until the Princess is dead.
20 A.C.
Qoren attends the tourney at Yronwood, in his sister's honour. To his own disbelief, he is now defacto heir to Yronwood and all her lands.
25 A.C.
Qoren's most recent feud, a matter with Lord Fowler, has seen a need for some time away from Dorne. Consequently, Qoren has joined his sister in King's Landing, and now attends the festivities in the Kingswood.
____________________________________________________________________________________________________________

House Yronwood

____________________________________________________________________________________________________________

Archetypes

Ser Myles Correy - Questioner
Odele of the Brimstone - Cutthroat
submitted by MadeMyHorseHotK to ITRPCommunity [link] [comments]

2024.05.17 04:03 Open_Owl4983 Call to help in raising voice Dark Side of Gambling Apps in India

I'm reaching out to this community to seek legal advice and support in addressing the growing concern of widespread promotion and sponsorship of gambling apps, particularly in IPL. We need immediate action and here's why!
  1. Fantasy gaming apps like My11Circle and MPL have become extremely popular in India, with millions of users. My11Circle boasts 40 million users, MPL has 90 million, and Dream11 leads with 180 million users.
  2. These apps entice users with the promise of easy money but often lead to financial ruin. Cases of addiction are rampant, with many users, especially the youth, losing lakhs from their hard earned income.
  3. There has been a surge in the number of individuals seeking help for gaming addiction. Clinics like the SHUT Clinic in Bengaluru report treating 20-22 patients weekly for gaming addiction, up from 3-4 patients per week in 2014.
  4. Stories of financial devastation are common. For example, a 20-year-old in Kerala committed suicide after losing ₹5 lakhs, and a bank employee in Tamil Nadu killed his family due to mounting debts from online gambling​.
  5. These apps are among the top advertisers during major sports events like the IPL. In IPL-16, fantasy gaming apps accounted for 18% of the advertising share​. In 2024, we have gone so low that these companies have become the title sponsor and are ruining the dignity of the sport.
  6. Famous personalities, including cricketers like Virat Kohli, promote these apps, making them appear credible and enticing to young fans​.
  7. The regulatory framework for online gaming in India is inconsistent and outdated. The Public Gambling Act of 1867 does not adequately cover modern online gambling platforms, leading to a legal grey area.
  8. While some states like Tamil Nadu and Andhra Pradesh have banned online gambling, the enforcement is inconsistent, and many states lack clear regulations​.
  9. The online gaming industry in India is booming, with revenues projected to reach ₹290 billion by 2025. However, this comes at a significant cost to each and every one of us.
If you’re a lawyer or know someone who can help, please suggest how to help voice this. The only people benefiting here are Government and the Shareholders of these fantasy sports companies. We cannot have these apps exploit our love for sports to promote harmful behaviours.
___

Why These Apps Are Illegal

Constitutional Provisions:
Legal Precedents:

Analysis of My11Circle Fantasy Cricket

Analysis of Yes/No Opinion Trading on MPL

submitted by Open_Owl4983 to gurgaon [link] [comments]

2024.05.17 04:01 Open_Owl4983 Call to raise voice Dark Side of Gambling Apps in India

I'm reaching out to this community to seek legal advice and support in addressing the growing concern of widespread promotion and sponsorship of gambling apps, particularly in IPL. The only people benefiting here are Government and the Shareholders of these fantasy sports companies. We need immediate action and here's why!
  1. Fantasy gaming apps like My11Circle and MPL have become extremely popular in India, with millions of users. My11Circle boasts 40 million users, MPL has 90 million, and Dream11 leads with 180 million users.
  2. These apps entice users with the promise of easy money but often lead to financial ruin. Cases of addiction are rampant, with many users, especially the youth, losing lakhs from their hard earned income.
  3. There has been a surge in the number of individuals seeking help for gaming addiction. Clinics like the SHUT Clinic in Bengaluru report treating 20-22 patients weekly for gaming addiction, up from 3-4 patients per week in 2014.
  4. Stories of financial devastation are common. For example, a 20-year-old in Kerala committed suicide after losing ₹5 lakhs, and a bank employee in Tamil Nadu killed his family due to mounting debts from online gambling​.
  5. These apps are among the top advertisers during major sports events like the IPL. In IPL-16, fantasy gaming apps accounted for 18% of the advertising share​. In 2024, we have gone so low that these companies have become the title sponsor and are ruining the dignity of the sport.
  6. Famous personalities, including cricketers like Virat Kohli, promote these apps, making them appear credible and enticing to young fans​.
  7. The regulatory framework for online gaming in India is inconsistent and outdated. The Public Gambling Act of 1867 does not adequately cover modern online gambling platforms, leading to a legal grey area.
  8. While some states like Tamil Nadu and Andhra Pradesh have banned online gambling, the enforcement is inconsistent, and many states lack clear regulations​.
  9. The online gaming industry in India is booming, with revenues projected to reach ₹290 billion by 2025. However, this comes at a significant cost to each and every one of us.
If you’re a lawyer or know someone who can help, please suggest how to help voice this. We cannot have these apps exploit our love for sports to promote harmful behaviours.
___

Why These Apps Are Illegal

Constitutional Provisions:
Legal Precedents:

Analysis of My11Circle Fantasy Cricket

Analysis of Yes/No Opinion Trading on MPL

submitted by Open_Owl4983 to LegalAdviceIndia [link] [comments]

2024.05.17 04:00 Ironhead95768788 Im overwhelmed I’m debt!

I’m about 90000 in debt! 36000 in credit card debt! I owe 36000 on my truck. I pay 550 in child support. And I have 401k loans that is around 23000. I don’t have anything that is really worth anything! So what is the most realistic type of bankruptcy I could file!
submitted by Ironhead95768788 to Bankruptcy [link] [comments]

2024.05.17 03:15 ArsArcanum_ Need help/advice for paying off debt

Hey guys,
I need some advice and guidance on what to do with my current financial situation.
I currently owe a total of $43,000 in debt:
My credit score used to be 800, it has since dropped to around 650 due to my debt.
Salary: guaranteed $4,000/mo, with overtime +500-800$/mo.
I have learned to budget and spend less/cut expenses however it has been difficult to repay this amount back with paying so much interest.
My current expenses:
Rent 1475, Car insurance 210, student loan repayment 334, ...+ total expenses is around 650
i pay about 500$ into my mastercard, $500 into amex, 200 into loc 1, and 100$ into loc 2.
With everything said and done, i'm barely scraping by and have 100-200$ left over for the month.
Is it worth declaring bankruptcy at this point?
Any advice is appreciated , thank you
submitted by ArsArcanum_ to PersonalFinanceCanada [link] [comments]

2024.05.17 02:52 Funonaship Vacation Budget

This isn’t really a YNAB focused question, but I figured since many of us are budget nerds, maybe you guys could help.
We’ve been using YNAB for years. YNAB helped us truly know our money and we were able to pay off our house in 2022. We have no debt. This is all thanks to YNAB keeping us aware of our spending so when my income increased by 35% over the course of 3 years and my husband‘s increased 25%, we kept increasing our retirement funding. We are on track to contribute $30,000 to each of our Roth 457s at our jobs and also we each should max out Roth IRAs.
We are planning a big cruise out of Puerto Rico in 2025, we also plan to stay two days in PR prior to the cruise, and there are no sea days so there will be daily excursion costs. Our projected budget for this trip would be about $3000 more than our usual budget (4 people). Total cost would be 13% of our take home pay. Sometimes I feel guilty about spending this much and other times I say why not, we can afford it. We rarely eat out or go to the movies. So far this year, we’ve only spent $50 on restaurant dinners and haven’t been to a movie in over a year. The question is what is a rule of thumb for vacation spending, such as a dollar amount or a percentage?
submitted by Funonaship to ynab [link] [comments]

2024.05.17 02:45 moroii69 Stripper or prostitute?

Post removed from legaladviceofftopic. Not for sure why???
My ex told me years ago she was arrested as a stripper back in the 90s. It seemed like she was lying all the time about everything. I looked up her information online and it sounds to me more like she may have been a prostitute. Here are the charges.
UNLAWFUL/PROHIBIT SEXUAL ACTS
IMMORAL ACTS/CONDUCT
She is a legal schizophrenic and had severe OCD problems. I thank God every day I got away from that situation. That was the darkest time of my life and I have no idea how I ended up there.
harley97797997:
The code/section/statute number for the charge is more important than the description. Also, without knowing the jurisdiction, it's impossible to answer this question fully.
I am unaware of any jurisdiction in the US that makes stripping illegal. There are places that require certain licenses to do so.
Strippers also have limits as to what they are allowed to do. She could have crossed one of those limits and got in trouble. Some are only allowed topless or pasties. Different states have different rules on touching clients and clients touching strippers.
Prostitution, however is illegal throughout most of the US.
deep_sea2:
"I am unaware of any jurisdiction in the US that makes stripping illegal."
I don't know about current law, but there were some places that outlawed full nudity. Strippers had to wear nipple pasties and not take off their bottoms. I remember this because I read an article a while ago about such strip clubs, and they would perform Shakespeare completely nude. They law allowed full nudity in artistic works, so strippers were allowed to be naked performing Shakespeare, but not while stripping.
foofooplatter:
There was that footloose town that made dancing illegal. Maybe she lived there.
TheUnwiseOne100:
Yes it seems she was a lady of night
moroii69:
Yeah, that’s kind of what I was thinking and then I found out she was $130,000 in debt
View Poll
submitted by moroii69 to funnyEXstories [link] [comments]

2024.05.17 02:43 l00ky_here Law regarding credit cards while filing for bankruptcy

I am having a hard time getting an answer from my lawyer about this.
I filed last month. My hearing is next week. However, in June/July I need to rent a car to go on scheduled medical trips out of the state. I cannot get there any other way. I need to rent these cars, and each time I do (for up to three trips), I need to have money on a credit card to "hold" the car. Some kind of insurance they release once they get the car back. As it is I am going to be paying more than I normally would because my Chase card would have covered the additional insurance, but now I am going to have to pay out of pocket.
What used to be about $50 total is now going to need at least $500 in resources. I want to apply for one of the credit cards I am getting solicitations in the mail from. I asked my attorney about this and all he says is that I cannot incur debt while in bankruptcy.
What does this mean? Is a hold a debt? Is paying the card off immediatly after use considered debt?
Could someone please let me know? This isn't about trying to go around the law, this has a practical aspect and I need to know soon so I can either apply for the card or continue to save money.
submitted by l00ky_here to Bankruptcy [link] [comments]

2024.05.17 02:13 RelativeHearing2967 I really need advice on how to proceed.

I recently got a dream job with better pay but it required me to move into a region of the state that is super expensive to live in. Here's a breakdown of my current financial situation
Take home pay after taxes - $4700
Rent- $1600
Utilities $100
Car (one i use for work) $950
Truck (used by my elderly father) $222
Dirt bikes $223
CaTruck insurance $105
Internet $57
The above bills are what I consider my essential bills. Lets round this total up to $3300. Now I am going to list out all my unsecured debt and this is what's really killing me.
Card #1 - $3300 balance with 28% interest $80 going to interest each month on a payment of $114.
Card #2 - $3164 balance with 29.24% Interest $67 going to interest each month on a payment of $150. I
Card #3 - $12063 balance with 12.9% interest. $130 going to interest each month on a $247 payment.
Card #4 $7279 balance with 10.65% interest. $65 going to interest each month on a $150 payment.
Card #5 $1035 balance with 31.74% interest.
Card #6 $687 balance with 29.99% interest
Card #7 $272 balance with 31.99 interest.
I am bringing home about $550 after everything is paid off and this does NOT include food for the month or gas to get to work. Can I live on $550 a month? Yes, but I am not seeing a way out of this credit card debt. I have applied for a couple personal loans but I am not going to be able to get approved due to my high utilization so that option is out. I have not missed a single payment in over a decade on any of my current bills so going the credit relief path is not something I want to do.
Should I just stop paying all my credit cards and use the additional income to negotiate with each creditor MYSELF to pay them off for a lesser amount?
Should I file for bankruptcy?
Quiet literally I feel awful as I have been so good for so long about managing my debt but where I live now it's just too expensive and I can only afford to make minimum payments on these shitty cards. At least the car and truck will be paid off after X amount of time but the cards can take decades making only min payments.
Any advice? I am In CA.
submitted by RelativeHearing2967 to debtfree [link] [comments]

2024.05.17 02:02 ApprehensiveQuote76 Debt/Collections Lawyers?? Please Help....

I'm in desperate need of a lawyer that can handle my false collections case....I have asked for proof of my debt in writing via certified mail to an address that is listed on their BBB account.
Turns out, they've changed their address 4 times it seems since 4 different locations (2 BBB, 1 Experian, 1 Transunion) show different addresses in different cities. I sent this out on the 22nd of April, and it's the 16th of May. Track the postage and turns out it's back en route to me since I'm assuming this address isn't even real.
I've submitted BBB Claims stating these things, then requesting validity/verification of debt, and all they do is provide me an old lease and nothing stating they own this debt and no acknowledgment from myself or anything in writing by me in ties with them.
This is originally from an old apartment complex in Denver that is no longer in Business anymore and they appeared to disappear from the map (bankruptcy most likely).
All of this is extremely shady and honestly, this along has ruined most of my adult life and if I don't get this solved now I don't know what to do.
I can't even get a new place for rent cause of these scumbags since it appears that I owe them a 5 figure amount for som b/s.
I thought with me going through these channels would be able to build my case and provide the MOST documents to an apartment complex, but all these shady place use A.I (realpage) to screw us over more and don't have a heartbeart internally or just don't care.
I am at the place now that this has caused me so much distress over the last 3+ years that I want to litigate this and get a resolution.
Anyone able to help? I don't have much funds but I have nothing else to do and have lost hope....I'm praying for a friend.
Thanks for coming to my Ted Talk (Sob Story)
Edit: This collection agency now resides in Tennessee. Which I also made a complaint to the Tennessee State Attorney General
submitted by ApprehensiveQuote76 to indianapolis [link] [comments]

2024.05.17 01:45 kayakero Most successful traders of all time (part 1)

The success of traders is not always easy, since there are hundreds of losses behind. Their lives are marked by both triumph and drama and surrounded by money, speculation and fortune.
We prepared a list of the most famous market makers, including legendary traders in history and modern day traders. Learning from mistakes, thinking ahead and being flexible has helped them become successful traders. Keep reading this article to be inspired by their great feats.

1. George Soros

George Soros, alias "the man who broke the Bank of England," was born in 1930 in Hungary. Being Jewish, he survived the Holocaust and fled the country at the time. He is one of the most popular and famous traders in the world. In England, Soros worked as a waiter or railway porter before graduating from the London School of Economics. This led him into the world of banking when he rose to the position of merchant banker at Singer & Friedlander.
With the help of his father, he moved to the United States to work at a Wall Street brokerage firm. Following his successful results at several firms, George created his hedge fund in 1970, called "Quantum." There he rose to fame.
In 1992, Soros made a huge bet against the British pound and made one billion US dollars in just 24 hours.
Quantum accumulated £3.9bn, and Soros borrowed more to raise a total of £5.5bn. But sterling began to fall. Soros then shorted the £5.5 billion against the German mark on September 16, also known as Black Wednesday. This contributed to the fall in the price of the currency and forced the United Kingdom to leave the European Exchange Rate Mechanism.
The result was one of the fastest billion dollars anyone has ever made and one of the most famous trades in history, which later became known as “the Bank of England collapse.”

2. Jesse Livermore

Jesse Livermore's life could serve as the basis for a movie story. Born in 1877, he was destined to be a farmer, but ran away from home to become a multimillionaire. His story is wrapped up in money, lovers, bankruptcy and scandals.
At a young age, Jesse Livermore learned to read and write, became interested in news and economics, and learned to analyze prices. With experience, he mastered detecting trend reversals and popularized modern technical analysis. Livermore was one of the first to use stop losses, a risk management tool that traders still use today.
Jesse made his first $250,000 selling stocks just before the San Francisco earthquake. In 1925, he made US$3 million by shorting wheat. He then made about $100,000 in profits by short-selling American stocks before they crashed in 1929. One of the richest and most successful traders of his time, Jesse earned the nickname “The Gambling Boy.” .
However, Jesse went through several bankruptcies. He managed to get back on the market in the first two cases, but the third bankruptcy was fatal. He made a mistake and lost all his money in 1929.
Combined with family tragedies, stress, and other failures, Jesse Livermore realized he would never be able to operate the same way again. In 1940, he shot himself to death.
By the way, her son Jesse Livermore Jr. fell into the same habits as his mother, who suffered from alcoholism, and took his own life in 1975. This happened while he was drunk, after shooting his beloved dog and trying to shoot a police officer.

3. William Delbert Gann

If you are a trader who practices technical analysis, you have surely heard the name of WD Gann and his trading theory. William Delbert Gann was born in 1878 in Texas, the first of 11 children in a poor family dedicated to growing cotton. He did not finish primary or secondary school because his parents expected him to work on the farm.
Gann believed that the Bible was the best book and obtained most of his education from it. Her writing style is full of mystery, esotericism and an indirect style that many find difficult to follow.
However, Gann created powerful technical analysis tools such as Gann angles, the hexagon, the 360 ​​circle, the 9 square, and many more. Most of them are based on ancient mathematics, geometry, astronomy and astrology, and are widely used by traders today.
Critics claim that there is no real evidence that Gann did not make profits from investments in the market and that he made money selling investment books and courses. It is unclear to what extent WD Gann became rich from his trading analysis, but when he died in the 1950s, his estate was valued at just over US$100,000.
But the amazing thing is that, a hundred years ago, Gann created trading rules, ranging from basic money management principles to mind games, that still apply.

4. Paul Tudor Jones

Paul Tudor Jones is undoubtedly one of the greatest stock market insider traders in history, with an estimated net worth of around US$7.5 billion.
After graduating from the University of Virginia in 1976, Paul began trading cotton futures on the New York Cotton Exchange. As a curious fact, he lost his job because he fell asleep at his desk after a night of partying with his friends. Paul then worked as a commodities broker and, in 1980, he founded his investment and trading company, Tudor Investment Corporation. The fund managed to achieve a 100% return during its first five years, which is a surprising fact for today.
Paul's biggest prediction was the market crash of 1987, known as Black Monday. Thanks to his accurate prediction, Jones made about $100,000 in profit instead of losing money.
Paul Tudor Jones developed his own trading strategy, which helped him be successful. His main rule is to be consistent and not expect quick money. His great risk management skills and realistic expectations of his possible operations allowed him to have a stable income.

5. Jim Rogers

From his youth, Jim Rogers had business acumen selling peanuts and used plastic thrown away by baseball fans. He graduated with honors in History and obtained a second degree in Economics from the University of Oxford. Currently, Rogers' estimated net worth is over 300 million US dollars.
In 1964, Rogers joined Dominick & Dominick, LLC on Wall Street, where he traded stocks and bonds. But from 1966 to 1968, Jim was in the Army during the Vietnam War.
Two years after his military service, Jim joined an investment bank where he met his partner George Soros. In the early 1970s, they co-founded the Quantum Fund, which gained an impressive 4,200% in ten years.
The biggest skill that helped Rogers become a successful trader was his ability to make clear forecasts. In the 1990s, he was right in his bullish forecasts on commodities. Jim has also criticized the inability of the Bank of England and the US Federal Reserve to fight rising inflation, warning that it could worsen before stabilizing.
When he retired, Rogers embarked on a three-year tour of 116 countries in a custom-built Mercedes. He broke the world record for the longest car trip made uninterrupted. He also wrote books detailing his adventures.
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Get a $100 bonus trading with Binance
submitted by kayakero to CapitalistExploits [link] [comments]

2024.05.17 01:38 BK-13-ThrowawayAcct Just made my final Ch 13 payment!

I feel a sense of accomplishment and other emotions today, thinking back on the bad and good choices I've made to get to this point, and how this will change future behaviors and habits. I ran up a lot of debt on credit cards via cash advances gambling, and brushed it all aside since I was getting raises/bonuses at work pretty regularly, but it was never enough to keep up with my problem there. Getting divorced (surprisingly not related to this situation) really got me to the point I needed to file though, as I was essentially paying for two households at that point, and couldn't keep up with even min payments on all the debt.
But I wised up, found a good ch 13 lawyer who knew the local system/trustees/etc, and followed the lawyer's advice, word for word.
Now the waiting game to get the discharge complete paperwork. 60 months later, it started off slow but flew by the last couple years. Once you adjust you get used to it and keep looking at the light at the end of the tunnel, so to speak.
Lessons learned...
You really re-learn how to deal with money, it forces you to. Not sure if 5 years is necessary, I probably could have "figured it out" in 6-12 months, but I get they want to get as much of their $ back as they can. But re-framing how you see money is the real goal here, right? I get some people will get discharged and go right back to doing whatever they did before, but I think this is the main lesson learned.
It's been an interesting 5 years, especially since I've gotten numerous raises and bonuses (most of which never saw my bank account) - that's been the hardest part for me. I would have liked to have taken the family on some nicer vacations or upgraded some things at home, but, I get the way this works.
My lawyer set me up with the TFS auto-payment system, instead of getting a wage order at work, so as not to potentially draw attention to the bankruptcy, and it was very easy. Just like an auto-payment coming out of my checking account the same day every month, plus a few bucks tacked on for convenience factor. If you work in a job where reputation is important, you may want to consider this and ask your lawyer if it is possible to use TFS instead of garnishing wages. I know the lawyer had to make the motion/request/whatever it's called and get that approved early on in the payment plan after I had been making direct/manual payments through the trustee's website up til that point.
Overall it was the best choice given my circumstances - which I will hopefully never need to deal with again.
Now on to buying a house...
submitted by BK-13-ThrowawayAcct to Bankruptcy [link] [comments]

2024.05.17 01:15 ClimbOn2YourSeahorse My CH 13, 100% Repayment Experience

This thread has been super helpful to me, so I hope my experience can help others. I never had any debt, had an 800+ credit score, and over $150K in accessible credit.
Unfortunately, a series of events led me to find myself in significant, crippling debt late last year. Over $100k in debt, lost clients, lost work, house in construction that encountered issues that set me waaaaaay over my budget.
Anyway, in March I filed for Chapter 13. The means test meant I had to go into 100% repayment plan. I own the house I built free and clear, no mortgage, and owned my car outright.
Well, over $40,000 in my Creditors did NOT CLAIM! Only 6 of my 13 creditors filed claims, bringing my owed amount to just shy over $80K. The best decision made was to file for bankruptcy. My financial situation is slowly improving and this will be behind me soon. If you're on the fence, do it! Get that second chance.
submitted by ClimbOn2YourSeahorse to Bankruptcy [link] [comments]

2024.05.17 00:53 AstralObjective Anyone use Turbodebt?

A family member sent me a link to this and says in 2024 there is a debt relief thing going on? Idk but I’m about 40k in debit and was going to declare bankruptcy but wanted to see if anyone has used this? Thanks!
submitted by AstralObjective to Debt [link] [comments]

2024.05.17 00:37 This-Game-ls-Over Lost my Model 3

I'm not really sure if this fits the sub but I'm hoping it helps someone either directly or indirectly.
I had to sell my Model 3 earlier this year due to gambling debts from the year before. It was maybe the worst day of my life, knowing how hard I worked just to own that car. My dream car, really.
I've continued to climb out of debt (not fun and very hard) and haven't gambled for over 90 days now. Never will again.
It's painful to write this. But with sports gambling being legalized everywhere, I just wanted to pass along my story.
Take care of yourself. I wish I would have more, but if you are thinking about it, I'd say just make sure you don't go overboard or you could lose a lot.
Sorry if this goes against sub rules or anything. Just something I had to say. With good health and luck, I know someday I might have another crack at my dream car.
Peace and love friends.
submitted by This-Game-ls-Over to TeslaModel3 [link] [comments]

2024.05.17 00:34 Far-War-3804 A14 REVENGE OF THE RED HATS. April 27, 2024.

A14 REVENGE OF THE RED HATS. April 27, 2024.
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A14
REVENGE OF THE RED HATS. April 27, 2024.
Real Raw News has learned that Colonel Kurtz, leader of the Red Hats, has claimed responsibility for a blaze that engulfed part of a pier in Oceanside, California, Thursday afternoon.
The inferno erupted at the far end of the iconic pier at 3:00 p.m. and swiftly engulfed a vacant building, formerly Ruby’s Diner, which closed permanently three years ago when the now-deceased Gavin Newsom’s Plandemic policies forced countless businesses into bankruptcy.
As the fire grew, footage showed flames ripping through the diner and plumes of black smoke soaring into the sky. Approximately 200 firefighters and three Coast Guard ships fought the conflagration as helicopters dropped thousands of gallons of water onto the fire, trying to save the pier. Their efforts saved the dock, but the flames gutted the building. Fire officials have yet to determine what caused the combustion, but they haven’t ruled out arson.
“Arson, or what some might call justifiable arson, does appear to be the cause,” a source in Gen. Smith’s office told RRN.
He said that on Friday Gen. Smith received from Col. Kurtz an email in which the Red Hat leader admitted that his forces had set the building aflame because the Deep State had used the shuttered restaurant as a waypoint in child trafficking operations. Per Kurtz’s allegations, the Deep State had brought bound and gagged children to the abandoned diner, sedated them, and then departed to hunt down more children. Meanwhile, a yacht would pull alongside the pier; armed men dressed in black would disembark, retrieve the drugged, helpless kids, and ferry them to either Catalina or San Clemente Island, 61 and 140 miles off the coast, respectively, at which point they were transferred like cargo onto a larger vessel and shipped south “probably to Columbia.”
Col. Kurtz wrote that his intelligence network proved that the Deep State had been using Ruby’s Diner as a child trafficking transfer depot for at least 18 months.
“That you didn’t know about this surprises me, General Smith. Your home base (presumably Camp Pendleton) is less than two miles from the pier. I told you if you didn’t take care of business, we would, and we have. We made sure the structure was empty before torching it, and, yes, I know the alphabet agencies involved will just find another location, and we’ll destroy that too. The fulcrums of power are shifting, General Smith, and we act to preserve the Republic and the Constitution. If you doubt our intel, see enclosed image,” Kurtz wrote.
The email had a single attachment, a nighttime image showing a half dozen handcuffed and gagged kids being led at gunpoint down the pier toward the old diner. It was timestamped February 23, 2024.
It also included what our source called “proof of identity.”
“We know it’s from him,” our source said. “His motives are altruistic, but setting fire in the middle of the afternoon could’ve killed innocent people. And since I know you’ll ask, no, he didn’t mention anything at all about the guy who wanted to kill Schwab. He did say he wants to meet Gen. Smith personally, but the general is undecided.”
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2024.05.17 00:02 statewide_jason What are my options for getting rid of my business?

I own a service franchise in Tennessee. In December a tornado destroyed my warehouse (I was renting), a ton of inventory, some equipment, and damaged my truck. I immediately stopped operating and got a different job, as I didn’t know how long it would take to replace my stuff. Turns out my insurance sucked, so I can’t afford restart the business. I’m still shutdown 6 months later. I have about $250k business debt. I make enough to make the monthly payments, but it will obviously take a long time to pay it off. About $180k of the debt (some SBA, some HELOC) is tied to my house.
I’ll try to sell it in the next month or so, but I’m not confident I’ll be able to sell for anything near what I owe. I’m just trying to figure out what my options are. If I file bankruptcy will i lose my house? Franchisor will probably try to take my territory back if I don’t do something soon. I’m not currently paying any of the franchise fees, which they are not very happy about.
Appreciate any advice.
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