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  #1  
Old 04-01-2009, 07:50 PM
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Join Date: Apr 2009
Posts: 1
Question business loan...bankruptcy!!!

6 months ago i was approved for a business loan. I took the money and did some bad investments. Now ..it is pretty bad ...and i'm about to fail(bankruptcy). I can't afford to pay the money ($400.000)back. I'm not a citizen (just resident) of US.
What can happen if I don't pay the money back....?!?
Please give me some professional advice . I will hire a lawyer if necessary !
tnx


pls don't judge !help if you can !
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Old 04-02-2009, 06:10 AM
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Join Date: Nov 2006
Posts: 3,504
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Quote:
Originally Posted by kevinnn View Post
6 months ago i was approved for a business loan. I took the money and did some bad investments. Now ..it is pretty bad ...and i'm about to fail(bankruptcy). I can't afford to pay the money ($400.000)back. I'm not a citizen (just resident) of US.
What can happen if I don't pay the money back....?!?
Please give me some professional advice . I will hire a lawyer if necessary !
tnx


pls don't judge !help if you can !

I always find it funny when people post something then tell other people not to judge. If you took money and did something illegal with it in the sense that you used it for other means than you said, you can be CRIMINALLY convicted and deported. If you used the money for the intended purpose, and failed, but did everything truthfully, you declare bankruptcy. Either way, I'd hire an attorney---because a lot of people who matter WILL be judging---and those are the ones you need to be concerned about---the police, the prosecutor, etc.

Did you take the money for one purpose and use if for another? Business loans aren't intended to invest in the stock market, for example. Define "bad investments". Define "resident"--- are you a legal resident or illegal? It matters.
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