Buying Then Losing a $2.1m HVAC Business

Yeah, we bought a house because we hadn't filed bankruptcy yet. So bought a house with.

And, and, and specifically buying in Texas means that you're. That the house was going to be protected.

I barely had enough for the down payment. There wasn't a lot of equity that was going to be in the house. We'll like, we'll go do that.

And that was like the last of my savings for my house sell when I bought my business is what I used to buy that, that I'd been sitting on in case worst case scenario played out. Which, which it did. I mean, it was pretty stressful.

I put on. I've lost a lot of it now, but I put on £70 last year going through bankruptcy. Just. There's a lot of stuff they ask for that you're like, well, shoot, that's in the old office. That is like locked and I don't have access to anymore.

Let me figure out how to get you that information. So I did that while working this other job and I helped this other guy, like, forex his company in a year while going through bankruptcy. So it was a busy year last year.

And what I learned in the bankruptcy process, my first thought was like, okay, you know, what do I, I talked to the lawyers and I called them one more time before I went under, I called a different set of lawyers and, you know, shopped around and they all kind of said the same thing is like, you're going to end up claiming bankruptcy if you try to sue him anyways for the amount to pay back the…

The bank is probably already recouped because they only, I think they only have to put up like 20% of the loan and the SBA puts up the rest. Something like that.

25, I think. Is it 20? Yeah, 20. 25, yeah.

I don't remember what it is, but he's like, the bank's already recouped. They don't care. Like, you'd be doing this for no one, because I would see no proceeds of it. All the money would just go to that anyways.

And the lawyers told me, like, you should probably just file bankruptcy. Don't bother pursuing this. So I did. And bankruptcy laws are really weird.