The End Is Near !!

[nfinch86]

Hey Guys;

Just a Question, How are you Fellow Weldors handleing these tough times ??

Any sacrifices, Selling Off tools, machines ?
What are you doing to stay afloat, out of Bankruptcy??

I'm about at the End right now!
Not enough Business to keep going much longer . My line of credit at the bank has reached the Limit, No More Money, No Cash Flow !!!

I don't know what to do next??
Put my house up as Collateral?? I have No Morgage, It's Fully payed for !
It's a Sad day in my home Today !!

Sorry for rambing on, any ideas guys ???

............ Norm

[aametalmaster]

I know the feeling with no cash flow. I have been turning down work because of no money to buy steel so there is work here anyway. I had an atty come over today and place a large order with my ceiling trains so someone is still playing with toys. I also need a larger building to work from but i don't want to take the plunge and get one. But i still get walk in repair jobs almost everyday...Bob

[bretsk2500]

Norm.... My engine drive wasn't started for over 3 months this spring as I collected unemployment... I'm back to work now and I'm halfway through the process of going to work for the Dept of the Navy building subs

I don't know how I'm ever going to catch up, but I will eventually.

[reggie]

change name of your company,start fresh,use equipment you have as collateral at banks for lines of credit and buissness loan.Incorporate it so if you do go bankrupt they cannot come after you personally.You are hinting of selling off your equipment anyway ,putting it on the line for money from the banks can give enough time to get threw downtime...or at least eat.

[nfinch86]

Depression !!

Bob Hi; The walk in jobs are gone as well, Nobody is calling or comming in !!

Most of my work has been farm repairs & some custom fab jobs !! I've had exactly ONE Farm repair job this year, back in May !!!
I've been staying alive doing work for the Norfolk Township, but that is not enough to keep My business afloat !

So I don't know where to turn to now? Do I put My house up as collateral or Not ??
These are SAD Times !
Will this Depression end soon, I don't Know ?

........... Norm

[nfinch86]

The End May Be Near ?

change name of your company,start fresh,use equipment you have as collateral at banks for lines of credit and buissness loan.Incorporate it so if you do go bankrupt they cannot come after you personally.You are hinting of selling off your equipment anyway ,putting it on the line for money from the banks can give enough time to get threw downtime...or at least eat.

Reggie Hi;
To Incorperate costs big money,( Couple Grand ) I don't have squat.
The line of credit allowed me to start my business & buy my machines, tools, etc., etc. !
If I go bankrupt , I Imagine they will take everything I ( they ) own !!

If I put My house up as Collateral , they May extend my line of credit enough to keep going long enough till this Depression works it's way out ??

I Hope So Anyway !!

.......... Norm

[aametalmaster]

Bob Hi; The walk in jobs are gone as well, Nobody is calling or comming in !!

Thats where i am lucky having a machine shop too. Usually when the welding projects end the machine work picks up. But i never thought i would sell any more train bridges for a while anyway. Now i need some help...Bob

[tom37]

Norm, I cant offer any advise. But I can say, I am sorry to hear the bad times are hitting you so hard.. Its tough hearing someone talking about selling there stuff off to make it.

Norm,
You got at least one good thing going for you. You have done this long enough and good enough, with any luck you will pick up a little work here and there just from your reputation.

[cruizer]

Norm, your in a really good position, however your going to have to remorgage your home to eliminate your debts. Close er down before you are drowning in Debt.

It's sad, but I'll be joining you real soon as I gave myself till August. I'm still making ends meet, but barely.

[nfinch86]

I'm About Done !!

Norm, I cant offer any advise. But I can say, I am sorry to hear the bad times are hitting you so hard.. Its tough hearing someone talking about selling there stuff off to make it.

Norm,
You got at least one good thing going for you. You have done this long enough and good enough, with any luck you will pick up a little work here and there just from your reputation.

Tom, Thanks; Your words mean a great deal to me, Thankyou !!

............ Norm

[nfinch86]

Drowning in Debt !!

Norm, your in a really good position, however your going to have to remorgage your home to eliminate your debts. Close er down before you are drowning in Debt.

It's sad, but I'll be joining you real soon as I gave myself till August. I'm still making ends meet, but barely.

Cruizer, Hi; This whole thing is So Sad, I don't know where to turn ?

If I use My Home as collateral ,I pretty sure the bank will extend my line of credit by several thousand dollars ??
I'm already drowning in debt, Bills, Bills , Bills !!!

............ Norm

PS. All I Want To Do is Work to Earn a Living !!

[cruizer]

No, but if you own it outright, you can remorgage it to pay your debts off. The morgage rate is so low right now. As long as there is someway to repay that, your laughing (sort of....)

[fjk]

hi norm

i'm sorry to hear that things are not going well for you.
i'm not a weldor, so don't have much advice to offer you on that
front but

If I put My house up as Collateral , they May extend my line of credit enough to keep going long enough till this Depression works it's way out ??

if it was me, i would not do this -- esp as you said you
do not have a mortgage.if your house is collateral, and your
business doesn't pick up soon enough, you lose the house,
and have no place to live... oops

if it comes down to the end, sell the house (which can be
tough) but you'll have a pile of cash off of which you can
live, renting a house/apartment/whatever, and dribbling it
out very slowly ... and you won't be having to make a
monthly payment to the bank, and you won't be paying
any interest (in fact, sitting in the bank, it will be earning
some interest...).

anyway, good luck

frank

[nfinch86]

No, but if you own it outright, you can remorgage it to pay your debts off. The morgage rate is so low right now. As long as there is someway to repay that, your laughing (sort of....)

Cruizer, Yes, my wife & myself own our house outright !!
My Wife is a Pensioner, obviously with a steady income, Me, well that's another story. A business owner trying to keep from going Bankrupt !!

All we want to do is Work !!

........... Norm

[nfinch86]

The End is Near !!

Frank Hi; I hear ya, Thankyou for your words !!

No matter which way I go It'll be the Saddest Day I of my life , To lose My Business or My house ! Right now I am so full of despair, I almost can't function !!

........Norm