Is this guy savvy enough to use bankruptcy to get out of his past due transit bills PLUS prohibit you from turning him off? The good thing about debtor-in-possession status is the bank has to approve all future expenditures and you would get paid, but past debts probably go away.
-----Original Message----- From: AF <[email protected]> On Behalf Of Seth Mattinen Sent: Tuesday, July 16, 2019 3:46 PM To: [email protected] Subject: Re: [AFMUG] Wisp value On 7/16/19 1:59 AM, TJ Trout wrote: > > I need a way to ensure I get paid current and I don't let him get > behind during the 'sale'. I was thinking to quit being the nice guy > and demand the past due balance + the note in full + 3 months transit > in advance so I don't get screwed during the sale process if he gets > behind again. I don't know if he can even come up with the money and > my only leverage is to turn his port down... I have a strange feeling > he may try to stall me as long as possible until the competition can > thing in transit and run off without paying the bill.... > > > Sorry for he rant, just sick of helping people because every time I do > I end up regretting it. Turn off the transit if he's 3 months behind. You're just being taken advantage of on that one. If he can come current then turn it back on. If not just say sorry, my business has bills to pay too. His problems with his wife are not your business's problems. You can always set new payment terms going forward, like cash only prepayment within 7 days or something. That way at least you're getting paid for what's being used like a prepaid cell phone. On the equipment loan... If I were to make a bet on that one it would be that you're probably going to find yourself eating it. -- AF mailing list [email protected] http://af.afmug.com/mailman/listinfo/af_af.afmug.com -- AF mailing list [email protected] http://af.afmug.com/mailman/listinfo/af_af.afmug.com
