54:16Most of the time as somebody that bought something on a smale scale. its just not worth the effort, accept you got the short end of the stick and move on
54:22@clumsymoe Because if you pay it back then you can always bounce back. And also: you might literally have to if you don't have the money to continue operating.
54:29write off as a loss?
54:30Makes me think of Mick Gordon, composer for Doom games
54:310 credibility after bankruptcy
54:34Legally, you are owed. Practically, not likely.
54:47indies always make >contracts< if you are dependent on others business or ppl
54:50If you are a customer and file a chargeback because there is no exchange of service or goods, can the bank stack more to the business debt and give the customer their money back?
54:50after paying banks and employees, you get what's left. if there's nothing then that's a shame for you
54:51The old way where you got sent to debtors prison might have been better :_dizClown:
54:52The real answer is basically creditors are organized into a list of priorities, and the ability to pay that off is top down. If you're last in line, you're screwed
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54:55There goes the house...
55:26Hard for startups to not use personal guarantees
55:27most commercial banks loans have directors personally liable yeah
55:37So its better to just go to your bank to get some kind of refund :_dizDown:
55:39it's not the best thing to go through
55:41I call dibs on his air fryer
55:42you've been explaining quite well so far
55:43promise is not obligation sadly
55:47Humu... The magic behind Reconstituitoners
55:49It also depends on what kind of organization they were. If they were a proprietorship or partnership, they are personally liable. If they were an LLC, S corp, or C corp, then there is protection.
55:53:face-red-heart-shape::face-red-heart-shape:
55:54will she cover other types of bankruptcy like moral, social, romantic
55:55Banks will look at you funny
55:55Bankruptcy isnt a cure all
55:57This has been very informative.
55:587 years of fucked credit
56:007 years in the US and can still be viewed afterwards
56:02bankruptcy is not free
56:09she said the thing! we live in a society
56:15Gotta start back from the ground up