Actually Federal Bankruptcy laws are complex. It's not necessarily Illegal to Keep selling, taking deposits n the very Next day be allowed to file Bankruptcy. Our eldest daughter has worked for a Federal Bankruptcy Judge in West Michigan for near 25 yrs. You'd be surprised to learn how common n LEGAL this situation is. In all50 states since our Bankruptcy Laws were changed. It's FEDERAL n it was made easier for businesses under President Bush.
Astounding, isn't it? Conspicuous consumption. Do they even cook or are the appliances just for keeping up with all the latest trends? I have a tough time feeling bad for them.
Just bought new kitchen appliance this summer, it looked like an almost new showroom. I feel lucky to have gotten out of there without getting burned. I can't imagine how upset I'd be if they'd have stolen from us.
My understanding is that chapter 7 of the bankruptcy code is liquidation. A little known situation that can occur is that the people who are in charge of the business/owners etc. can bleed the company of it’s cash reserves, sell off much of its inventory or real estate and then declare bankruptcy when there’s nothing left but debt. Remember who sets the pay scale for these individuals such as the owners, that would be the owners. They may very well pay income taxes on the income but they’ve bled the company dry. They would have filed for chapter 11 had they wished to continue in business. There is a possibility that the real estate/building was sold and leased back, another asset gone.
I'm not familiar with bankruptcy. Will someone explain to me _if a customer has paid for said appliance isn't it technically the customer's_ ? The entity going bankrupt cannot include the customers' items in THEIR list of assets, can they? Or, does the bankruptcy 'courts' determine that since it is still in the company's possession, it is still the company's?
If, is a stretch. I doubt there were any appliances because Mormons gotta scam the population for the ten percent paid to the Corporation of the President of the Church of Jesus Christ of Latter-day Saints, amen.
@@Baebon6259 I'd have to get you daughter the lawyer who works for that Federal Bankruptcy Judge to explain. I'm just an old Curmudgeonly -NavyVeteranKorea. But fyi,,,Employees also considered UNSECURED CREDITORS too. They rarely get rest of their pay when a Business files Bankruptcy, sadly.
The business owners knew they were going belly up but kept taking money from innocent customers. That's grand larceny. Toss them in jail.
Actually Federal Bankruptcy laws are complex. It's not necessarily Illegal to Keep selling, taking deposits n the very Next day be allowed to file Bankruptcy. Our eldest daughter has worked for a Federal Bankruptcy Judge in West Michigan for near 25 yrs. You'd be surprised to learn how common n LEGAL this situation is. In all50 states since our Bankruptcy Laws were changed. It's FEDERAL n it was made easier for businesses under President Bush.
$40,000 in appliances.. 🤣🤣🤣🤣🤣🤣... This is what's wrong with America
I've never understood how this kind of BK situation prioritizes the banks and lawyers over the actual folks burned.
Mormons 😅
40,000 on appliances? Yikes! I thought 4000 was alot.
Astounding, isn't it? Conspicuous consumption. Do they even cook or are the appliances just for keeping up with all the latest trends? I have a tough time feeling bad for them.
Just bought new kitchen appliance this summer, it looked like an almost new showroom. I feel lucky to have gotten out of there without getting burned. I can't imagine how upset I'd be if they'd have stolen from us.
My understanding is that chapter 7 of the bankruptcy code is liquidation. A little known situation that can occur is that the people who are in charge of the business/owners etc. can bleed the company of it’s cash reserves, sell off much of its inventory or real estate and then declare bankruptcy when there’s nothing left but debt. Remember who sets the pay scale for these individuals such as the owners, that would be the owners. They may very well pay income taxes on the income but they’ve bled the company dry. They would have filed for chapter 11 had they wished to continue in business. There is a possibility that the real estate/building was sold and leased back, another asset gone.
That would be correct. These people sound like scam artists.
Criminals.
That place looked really shady!
I don't imagine having to make the decision to file for bankruptcy was a preplanned event. More a move out of desperation.
I'm not familiar with bankruptcy. Will someone explain to me _if a customer has paid for said appliance isn't it technically the customer's_ ? The entity going bankrupt cannot include the customers' items in THEIR list of assets, can they? Or, does the bankruptcy 'courts' determine that since it is still in the company's possession, it is still the company's?
Wow, more than a few people seem to have taken that too far. Bank included. Gotta wonder if the same people that built it let it go on like that.
Glad we got our appliances from there two years ago!
Buyer beware
If they are still holding appliances in a warehouse as assets. They need to get a lawyer to help them get their hands on some of those assets.
Under Federal Bankruptcy laws all assets ,,including Appliances, etc. SECURED CREDITORS get 1st DIBS. Buyers are considered UNSECURED CREDITORS.
@@alphaomega5909 How are you "unsecured creditors" when you literally "paid" them?
If, is a stretch. I doubt there were any appliances because Mormons gotta scam the population for the ten percent paid to the Corporation of the President of the Church of Jesus Christ of Latter-day Saints, amen.
@@Baebon6259 I'd have to get you daughter the lawyer who works for that Federal Bankruptcy Judge to explain. I'm just an old Curmudgeonly -NavyVeteranKorea. But fyi,,,Employees also considered UNSECURED CREDITORS too. They rarely get rest of their pay when a Business files Bankruptcy, sadly.
😂. MASSIVE LAWSUITS !!!!!!! 😅.
Should have just went to RC Willey people never learn
This was a front for terrorist operations.
BWWWWAHAHA 😅😅
Most idiotic comment on RUclips in years maybe ever
@@mbrownie22 And that's a hard title to get,lol. So many idiots on you.