Transforming teddy bear

Discussion in 'Transformers On Ebay' started by hulk23869, Sep 25, 2015.

  1. TFXProtector

    TFXProtector Well-Known Member

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    I don't know what the laws are in Illinois, they may be the same as they are in Ohio, which is they can attach your wages until your debts are paid off. A state such as Pennsylvania (my home state) does not collect wages and therefore has less bankruptcy.

    (Not getting political, FYI, stating a fact) When Bush (the second) was in office as the president, he changed how bankruptcy worked. It's a bit more difficult to obtain now, but it can be done. With bankruptcy, they usually can't attach your wages to what you owe, so that is a legitimate option. If you can find a lawyer willing to work with you, which will also cost you money.

    I do recommend that you don't file for bankruptcy. It can destroy your life. My parents did it when I was a kid (I'm now in my 30's) and they've never recovered. No joke.

    My wife, before we got married, filed for bankruptcy and it just absolutely KILLED her credit. Her score was among the lowest I'd ever seen. Fortunately, she was getting loans for schooling and because she was making her payments, that was getting recorded onto her credit report. That, plus our income level, made the creditors feel better about providing us lines of credit.

    We do have credit cards now, we do use them, but we're far smarter about it than she was before. She at one point had a card that had a $10,000.00 line, now, she can only get $800.00. That's not a complaint, btw, a smaller line is much easier to deal with, it's just goes to show you how you can quickly screw up and be overwhelmed in a heartbeat.

    What I would say is stick through it. Before getting pissed and closing the window, hear me out. Plenty of businesses took a massive loss to begin with and then slowly climbed out of debt and became a success.

    It's going to hurt now, it's going to get worse (yes, even more than this) before it gets better, but it will get better. This is September, we haven't even hit October yet. The pseudo Christmas season hasn't even begun yet, even though Walmart has begun their layaway program (which most places seem to follow, at least around here in Ohio) but it will around the mid point of October. November? Definitely will have Christmas pick up. December? Everyone needs a last minute gift.

    Heck, these are so gimmicky that if I was at the mall, I'd actually buy one. It's an impulse buy kind of toy and there are plenty of impulse buyers out there.

    See if your family will help you with a loan (out of their own pocket, not a bank, that's just begging for disaster) to help you get through the month, if you can get through this month, I think you could get over the hump and get a real chance to sell these things.

    I do think that once Christmas is over and you're heading into January, you should get the hell out of Dodge, but you're panicking (I understand why) and you need to calm down and think it through. You need to calm down and look at all the options before you do something drastic.

    Without filing for bankruptcy, which I don't recommend, breaking the legally binding (let me repeat that, LEGALLY BINDING) contract you signed with the mall is a BIG no no. Yes, they can come after you. If you don't have any assets, they'll wait until you do! The instant you get something of worth in your name, they'll come and claim it as is their right so they can be compensated for their time, space and money.

    It's hardly fair to them for you to buy space from them, which could've gone to a vendor who could make money, then just say "Welp, I'm outta hurr!" and take the money and run. Literally.

    I know you're scared, I know you're worried, but you've got to calm down and think it through. You need to talk to your family and friends (the sensible ones, not the "Duuuude, brah!" ones.) and get their opinion and plan it all out.

    Rush judgments and bad decisions will RUIN your life. Bad credit? Forget those school loans. Bad credit? Forget that job you wanted. (Heck, even fast food jobs turn people down for bad credit.) Need health insurance? Not with bad credit.

    There's too much you can do to destroy yourself.
     
  2. Bryan

    Bryan ΜΟΛΩΝ ΛΑΒΕ

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    This isn't a bad idea, but it's where dude is so might as well start here. Separately, "contract lawyer" is a great idea except for the part where due doesn't have any fucking money for a contract lawyer.

    I would do this. Go to them and say, "I fucked up. I can't pay, I can't get a lawyer, and I have nothing for you to get. If you let me out of this lease, we both walk away clean and you'll have time to rerent it for the holidays. If you don't...look, to be honest, I'm just gonna walk away. You can come after me, I know, but I don't have anything."

    Wages can only be garnished until unusual circumstances. But look at it this way - if you stay and try to pay, they'll definitely get the money. If you leave, maybe they try, but there's a CHANCE you can keep it.

    You cannot keep throwing good money after bad, though. And Buddy Balls (who thought that was a good name?) are bad money.
     
  3. RKillian

    RKillian http://www.rktoyandhobby.com

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    I would be shocked if they let him out under the suggestion that there's time to find another renter. Just drive down your local streets and count the vacant storefronts. Landlords aren't exactly ambitious or creative people. They've got their sucker and won't let go without a fight. Otherwise they may have to face the idea that a rusty stall in some hallway doesn't entitle them to fabulous riches. Perhaps if he stays he could call the media and make a scene to embarrass them into letting him out?
     
  4. Bryan

    Bryan ΜΟΛΩΝ ΛΑΒΕ

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    Seriously, I think planning to "go to the media" before trying to talk to them is not ideal. Why not talk to them? What's the downside to saying, "I have nothing. You will be paying your lawyer to get nothing."

    I had a contract that had to do with a house. There was a timeline. The housing market crashed. I could not refinance. The laws changed, the value was half what it was, there was NOTHING I could do. I explored every option. My ex-wife complained, said she'd take me to court to enforce the contract. But never did, and it wouldn't have worked anyways, because courts can't change reality.

    The reality is dude has no money. Try to work that with them first.
     
  5. RKillian

    RKillian http://www.rktoyandhobby.com

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    Well, yeah, try to reason first but be prepared to take more drastic measures when they fail to be reasonable. If the reality is that he has no money, they can stamp their greedy hooves as hard as they want and fare no better than the courts at changing that reality.
     
  6. RKillian

    RKillian http://www.rktoyandhobby.com

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    To be fair, it's not the $4K on bears but the $20K on rent that's killing him.

    People just don't think about rent even though it kills more businesses faster than everything else put together. For every bakery that's shamed by the ACLU or audited by the IRS, there are thousands that just never grasped how many donuts they'd have to sell just to make the rent. There are lots of reasons for it, most of them varying degrees of shameful, though sometimes it's just being overwhelmed by effectively working an additional full-time job. Having self-funded with far leaner margins (300 Buddy Balls? Try 3000 Batmans!), I never had the luxury of being oblivious. It sounds like OP is in the latter camp and I hope he can keep it together long enough to get out of this with a valuable lesson that does not destroy him in the process of learning it.
     
  7. tikgnat

    tikgnat Baweepgranaweepninnybong.

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    If you try and stay and sell the bears to pay for themselves and total rent of $20,667, selling for $10 gross profit each bear means you'd have to sell over 2000 just to break even.

    All respect to TFXProtector but trying to stay and sell over 2000 (if you're on 18 weeks (?) then you'd have to sell over 100 a week) bears just for rent is insanity.

    If the Mall won't let you renege on your contract just leave.

    BTW, good to see you back Bryan!
     
  8. Bryan

    Bryan ΜΟΛΩΝ ΛΑΒΕ

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    Thanks! 2.5 deployments (Haiti was shirt and no one texted to kill us, BUT it was Haiti). Stable job for a bit and been catching up on collecting..
     
  9. TFXProtector

    TFXProtector Well-Known Member

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    Yeah, I didn't look at the numbers close enough. That's my bad. He's right, that would be insanity. You have to find another option. I'd hate to see you try for bankruptcy though, only do that as an absolute last resort.

    Are you sure you can't cut the prices? Like switch manufacturers, anything?
     
  10. RKillian

    RKillian http://www.rktoyandhobby.com

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    And, OP, since you mentioned selling TransFormers, let me say this:

    Don't.

    If you're in this much trouble with a product that's in hand and has those margins, you will get fucking creamed in that market. I keep meaning to put up a blog on this subject. Unless you have an account with Hasbro (and maybe even then too), you'll find yourself squeezed between low margins and late delivery. If you let the mall talk you into that rental agreement, then you don't stand a chance against a distributor armed with a catalog of exciting product photos and phony shipping dates. As bad as this spot you're in now is, if you had no inventory until a week after your lease was up...
     
  11. hulk23869

    hulk23869 Well-Known Member

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    Hey guys, thank you EVERYONE for your help and support. I have read all your comments and I'm taking things and learning from each one. I contacted a lawyer that I knew from a few years ago (when I had gotten in a different kind of trouble LOL) and he gave me some free advice. He said that I should be as nice as possible to the mall management and I should pack up my things before the month is over and hand over the keys. And I should tell the mall management lady that I don't have any money and that I will have to move back home with my parents, so she'll think I have no money (which is 100% true). So she may not be inclined to sue me, but if she does sue me then and only then should I file for bankruptcy. So I think I'm going to stick it out until the last few days of Oct and take his advice.

    Since you guys are so good at helping me out and I really appreciate it, maybe you can help me with what I should do after this whole ordeal is over. I graduated with a bachelor of business administration with a major in management back in 2011 from loyola university chicago with a 3.0 GPA. Right after I accepted a low paying 15/hr job, even though I was worth about 50k at the time, because the economy was bad (and I was lazy I admit it). Anyway I got stuck in the freight forwarding/customs brokerage industry and I absolutely hate it, but is it too late to rebrand myself as a manager? I have about 2.5 years in the freight forwarding/customs brokerage industry, and about 1.5 years in management.
     
  12. E.Rabbot

    E.Rabbot Abundant Member

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    McDonald's is always hiring Managers.
     
  13. hulk23869

    hulk23869 Well-Known Member

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    Are you sure? I hear they're doing terrible.
     
  14. TFXProtector

    TFXProtector Well-Known Member

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    They're cutting staff across the country. I can't imagine they'd be looking for an educated and most likely over qualified prospect.

    Perhaps another company, such as Burger King, something like that. Convenience store chains tend to need managers badly, and you'd be surprised, they pay well usually.

    You won't be buying a mansion anytime soon, but you'd be able to pay your debts and live a life. That's all anyone can really ask for.