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debtscrewed

193 karma · joined September 24, 2010

debtscrewed@spam.la
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debtscrewed··on Ask HN: My startup failed. $9k in debt and need to pay most of it in 12 days.
That's good to hear. I'd like to pay this lawyer in full for his services (retainer minus un-used retainer balance). I don't like screwing people over, even if they're expecting it to be a percentage of their clients that do that. I don't want to be in that percentage.
debtscrewed··on Ask HN: My startup failed. $9k in debt and need to pay most of it in 12 days.
That is a good idea, but my credit sucks so it might not be the best option to go with. Though it would help my credit tremendously, huh?
debtscrewed··on Ask HN: My startup failed. $9k in debt and need to pay most of it in 12 days.
Wow, that is fantastic. What kind of long-term effects happened? I'm guessing he would never be getting account with Rackspace in the future.
debtscrewed··on Ask HN: My startup failed. $9k in debt and need to pay most of it in 12 days.
Yes, it is. I'll try to talk with them.

Corporate. Incorporated in Delaware. Thank goodness.

I'll try to see if they're good with the payment. I'm just not... like that, though. I'm not one of those guys that can call up Rackspace and be like, hey, if you go into collections, you won't get shit, so we're doing it my way. You know?

Lots of time passed before I came to my senses.

Thank you for your help, Jacques. You know me, and I'm thankful that you're imparting your advice.

debtscrewed··on Ask HN: My startup failed. $9k in debt and need to pay most of it in 12 days.
From Visa/Mastercard through the merchant account. My SSN is listed as the account owner.
debtscrewed··on Ask HN: My startup failed. $9k in debt and need to pay most of it in 12 days.
Thank you.

a) Yes, and I'm dealing with a startup lawyer, at a very well-known Silicon Valley law firm (this is when we had money). He's been very very patient with our lack of being able to pay the retainer.

b) Through the corporation. It's registered under the Inc and has the EIN associated with it. However, it also has my SSN associated as the primary contact.

c) Well, I have a feeling that most of our credit card transactions are fraudulent, being in the space we are in. (For example, someone charged $12k on a card and tried to cash out to PayPal.)

I'll call up Rackspace and give it a shot. Thank you.

debtscrewed··on Ask HN: My startup failed. $9k in debt and need to pay most of it in 12 days.
Thank you very much. What's more is that I'm quite well known on Hacker News—not as much as patio11 to have an article written about him, but enough that a good amount of people I meet that read Hacker News say that they know me.

Which makes it more stinging and 500% more embarrassing. But that makes it all the more interesting, huh?

It's interesting. I licensed my technology as an SP to be used with this company, so all of the IP is mostly, well, mine. I have thought about it, but haven't reached a decision.

debtscrewed··on Ask HN: My startup failed. $9k in debt and need to pay most of it in 12 days.
It's a C-Corp. (Edited: made an error and said S-Corp earlier) I'm not 100% familiar with bankruptcy, but I'm assuming it'd damage my name as well as my co-founder's, as well as going into stuff I don't want to get into (court, etc.)

Rather have a way to pay back this $6k.

debtscrewed··on Ask HN: My startup failed. $9k in debt and need to pay most of it in 12 days.
It is a limited company, and it's registered under a Delaware C-Corp.

I'm not familiar with the details of bankruptcy either. Will this damage my name and the name of the company?

Well, I'll probably be the guy named in bankruptcy, since my cofounder is in the UK.

Yes, I am in the US. Ouch, that sucks, see directly above.

debtscrewed··on Ask HN: My startup failed. $9k in debt and need to pay most of it in 12 days.
Thank you for your suggestion. The only reason I wouldn't do that is because Rackspace was very adamant about even the extension of the deadline (they would only agree to a 5-day extension). But it doesn't hurt to ask, though it may create a strained relationship between us.