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“I never understood the bankruptcy laws. What about my creditors? I leave everybody in the lurch? We wave a financial magic wand and presto? I don’t pay what I owe?”
“No, especially not with these new changes in the law. In simplest terms, your creditors get parked, in a way. You give them payout schedules. They settle or they wait for the full amount is all. Life goes on. It’s not personal, it’s just business.”
“Business is personal.”
“No it isn’t. You always confuse the two.”
“It’s easy to do when your name is on the front door.”
“You have no other choice!” Sam flushed with frustration. “Your office fixtures won’t secure another line of commercial credit. Nobody will lend you another nickel with the business as collateral.”
“What about my house? I can put it up, can’t I?”
“For a business debt? Why would you? You don’t want to do that.”
“Looks like I have to.” Be
Sam looked it over. “You should have refinanced when the rates went down.”
“Can I borrow against it?”
“Okay, there is equity in the house.”
“Equity is good, equitable and all. I bought the house as a shell, what, seven years ago?”
Sam glanced at the paper. “Six, it says here.”
“Okay, and I renovated it completely, increased its value. And the neighborhood, which wasn’t that hot when I bought in, is trendy now. A house down the street went for sixty grand more than I paid.”
“I don’t think you should even consider doing this, Be
Be
“No, usually it’s dark. Can’t see a damn thing.”
Be
“Ballpark?” Sam punched some numbers into the adding machine, then checked the tape. “I bet you can raise forty-five grand in a hurry, maybe fifty.”
“Fifty grand!” Be
“Don’t do it. It’s too risky.” Sam was shaking his neat little head. Behind him, outside his large office window, the sun was dropping in the sky, singeing the top of the skyscrapers and making fuzzy silhouettes of the Looney Tunes on the windowsill. Sam leaned forward. “This is a business debt, Be
Barely. “Yes. And if I have the equity, why not use it?”
“Because if you don’t make the payments on the new loan, which will be higher, your business folds and you’re out on the street. There will always be another business, another job. They come and go.” Sam paused, searching for the words to persuade her. “But your house is your home. You never put that up. You practically built the damn thing yourself.”
“I know that, but-”
“The bank will take it as soon as you go into default. They’ll demand full payment and foreclose. Don’t think they won’t. You’ll lose everything.”
“Don’t worry, it’ll be okay. I won’t lose everything. I won’t lose you,” Be
“True. You can’t lose me. Not ever.”
Be
“Make it happen, Sam,” she said.
11
Be
Be
Be
Crak! The flag flapped in a sudden gust, and Be
Wood splintered from two long cracks in the varnished oak of her front door, ru
“Hang on, Bear!” she said, then stopped. She couldn’t get in the front; she’d have to go around the back. So she climbed down the steps, went around to the alley, and hurried back to her house, slipping a key into the back French door. Bear jumped on her instantly with his rag-mop front paws, wondering if this was some new game.
“Bear! No! Bad dog!” she said, but they both knew her heart wasn’t in it. She dropped her stuff, closed the door, and sca