Who's Debt Free?

Thread Tools
 
Search this Thread
 
Old Nov 21, 2006 | 11:03 AM
  #61  
Raoul's Avatar
Certified Goat Breeder
25 Year Member
Joined: Feb 1999
Posts: 6,182
Likes: 19
From: the moral high ground
Originally Posted by bluejay432000
In chapter 7, do you get to keep the goats or are they collateral on a debt?
It depends on the State.
The entire goat operation was incorporated so I had to go through Chapter 11 first. That covered the facilities and equipment. The goats were determined to be 'shop stock' so they rolled into personal assets and were again at risk under Chapter 7. No state attaches 'pets' as collateral, so all I had to do was give them names and I was back in business within a week.
 
Reply
Old Nov 21, 2006 | 11:16 AM
  #62  
Bluejay's Avatar
Global Moderator &
Senior Member
20 Year Member
Joined: Mar 2005
Posts: 26,080
Likes: 84
From: Burleson/Athens/Brownsboro, TX
Originally Posted by Raoul
It depends on the State.
The entire goat operation was incorporated so I had to go through Chapter 11 first. That covered the facilities and equipment. The goats were determined to be 'shop stock' so they rolled into personal assets and were again at risk under Chapter 7. No state attaches 'pets' as collateral, so all I had to do was give them names and I was back in business within a week.
Sounds like a pretty neat racket. I am moving farther out in the country when i eventually retire. On about 30 acres. Is fertilizer a major by-product? My brother-in-law currently runs some cows on my land as it is ajacent to his. I may want to kick him off and get into the goat business. If I were to get Angora goats, would I have to shear them like sheep? That sounds like more work than I want to get into.
 
__________________
Jim
Reply
Old Nov 21, 2006 | 11:17 AM
  #63  
lovetrucks's Avatar
Senior Member
Joined: Apr 2005
Posts: 361
Likes: 0
From: New Jersey
Originally Posted by bluejay432000
Now I need to change my stance, never expected for LT to agree with me.
Well.....great minds.
 
Reply
Old Nov 21, 2006 | 11:21 AM
  #64  
Bluejay's Avatar
Global Moderator &
Senior Member
20 Year Member
Joined: Mar 2005
Posts: 26,080
Likes: 84
From: Burleson/Athens/Brownsboro, TX
Originally Posted by lovetrucks
Well.....great minds.
Good Grief!
 
__________________
Jim
Reply
Old Nov 21, 2006 | 11:26 AM
  #65  
Raoul's Avatar
Certified Goat Breeder
25 Year Member
Joined: Feb 1999
Posts: 6,182
Likes: 19
From: the moral high ground
Originally Posted by bluejay432000
... Is fertilizer a major by-product?...
I can heat my entire home with goat dung.
No utility bills though the neighbors turned on me when they got wind of what I was doing.

Originally Posted by bluejay432000
...If I were to get Angora goats, would I have to shear them like sheep?...
I really don't know about all the different breeds.
I think mine are 'Billy'.
 
Reply
Old Nov 21, 2006 | 12:11 PM
  #66  
BREWDUDE's Avatar
Senior Member
Joined: Feb 2002
Posts: 2,616
Likes: 0
From: South Jersey
Originally Posted by bluejay432000
And I love the lariat decal.
Only you would



BREW
 
Reply
Old Nov 21, 2006 | 12:12 PM
  #67  
BREWDUDE's Avatar
Senior Member
Joined: Feb 2002
Posts: 2,616
Likes: 0
From: South Jersey
Originally Posted by lovetrucks
Brew....I was ready to get a collection going for you. Or at least a care package for your Thanksgiving meal.

Well don't stop now....I'm still broke


BREW
 
Reply
Old Nov 21, 2006 | 12:59 PM
  #68  
MITCHYKINS's Avatar
Junior Member
Joined: Dec 2003
Posts: 344
Likes: 0
From: ALBERTA
wife got po'ed at the bank went in and paid off the
mortgage there was only 11 payments left anyway
she firgured that why pay 6.5% interest to them
when they only offer 4.75 on her money
just payments on the business building left
mitch
 
Reply
Old Nov 21, 2006 | 06:41 PM
  #69  
swamp_runner's Avatar
Member
Joined: Feb 2006
Posts: 14
Likes: 0
Please Explain

Greetings everyone..been a while since I have been up here (currently deployed til OCT 2007) I would however like to know
how you all are able to pay cash for all this stuff and live debt free.... No way shape or form am I accusing anyone of not being debt free, just asking to share some info so i can possibly get there. I'm 27, in military, wasn't given a nice savings account by anyone, and have all way paid my bills on time. Wife works full time also! so someone please tell me where I am going wrong so I can get debt free
 
Reply
Old Nov 21, 2006 | 06:54 PM
  #70  
wittom's Avatar
Senior Member
Joined: Mar 2001
Posts: 1,919
Likes: 0
From: Western Massachusetts
Originally Posted by swamp_runner
Greetings everyone..been a while since I have been up here (currently deployed til OCT 2007) I would however like to know
how you all are able to pay cash for all this stuff and live debt free.... No way shape or form am I accusing anyone of not being debt free, just asking to share some info so i can possibly get there. I'm 27, in military, wasn't given a nice savings account by anyone, and have all way paid my bills on time. Wife works full time also! so someone please tell me where I am going wrong so I can get debt free
First off, thank you for your service, and sacrifice.

I'm not here to answer your questions, because I don't know the answer. I think I know where you're coming from though. I've never has so much as a co-signer for a loan. It seems sometimes that some of us are working a whole lot harder than others and still can't get ahead. I've pretty much accepted it. I don't know of any other way. I play the lottery on occasion. Maybe that'll pay off. Not likely though.

I think our society puts values on different things. Some professions are valued higher than others.
 
Reply
Old Nov 21, 2006 | 09:29 PM
  #71  
Kool Aid's Avatar
Senior Member
Joined: Jun 2001
Posts: 1,160
Likes: 0
From: Knoxville, TN.
Originally Posted by swamp_runner
I would however like to know
how you all are able to pay cash for all this stuff and live debt free....
It's all about priorities and sacrifice.

What can you do without and what do you really need.

That kind of stuff.

Most people are not willing to do without now, for financial independence later.

 
Reply
Old Nov 21, 2006 | 09:43 PM
  #72  
RandallT's Avatar
Senior Member
Joined: Apr 2004
Posts: 404
Likes: 0
From: NN
Originally Posted by Kool Aid
Most people are not willing to do without now, for financial independence later.
Band Aid, I think I'm gonna have to agree with you on that one.
 
Reply
Old Nov 22, 2006 | 06:10 AM
  #73  
RED WING NUT's Avatar
Senior Member
Joined: Mar 2004
Posts: 1,061
Likes: 0
From: Detroit Rock City
And on the flip side, I know people that have done nothing but work and save their whole lives only to drop dead before they could ever enjoy it. Not much of a life if you ask me. Fun now or fun later (if you make it). It's your choice.
 
Reply
Old Nov 22, 2006 | 08:07 AM
  #74  
BlueOval Breath's Avatar
Senior Member
Joined: Jul 2006
Posts: 327
Likes: 0
From: Beaver Dam, North Carolina
Originally Posted by RED WING NUT
And on the flip side, I know people that have done nothing but work and save their whole lives only to drop dead before they could ever enjoy it. Not much of a life if you ask me. Fun now or fun later (if you make it). It's your choice.

Well Said
 
Reply
Old Nov 22, 2006 | 08:45 AM
  #75  
fordman4life's Avatar
Senior Member
Joined: May 2003
Posts: 455
Likes: 0
From: Almont,Michigan
I work at the Ford plant. I am thinking real hard on taking the buyout($100,00 or $67,000 after taxes). That would get us caught up and have a nice amount to invest.
 
Reply



All times are GMT -4. The time now is 03:09 AM.