Chiropractor's wife!

Chiropractor's wife!
Have Curves In All The Right Places?

Tuesday, February 14, 2012

US DEPT OF TREASURY Valentine

Today is Valentines day. Happy Valentines day! The US Dept of Treasury kept all x thousand of our tax return and put it towards that old SBA loan we took out when we bought our practice. It wouldn't sting at all if it weren't for the fact that 2/3 of that money actually went towards a lien that the business had on it that we knew nothing about. Man we were so stupid! The other third went to payroll and operating expenses which we actually needed ALL of the loan for. We are thankful the Government gave us a shot at a small business administration backed loan. I wish we would have turned it down when they said, "Sure but for business acquisition only." We needed money to run the business and buy it but we had worked out payments with the owner. As you can imagine when we naively said yes and signed the line the owner was ecstatic to get paid and free of his 20K debt. So we found ourselves in the same boat of struggling day to day to stay in business while the owner was paid. To this day I am sure he still believes we owe him money. Sad huh?
Anyhow, I only resurrect these events to shed light on the Valentine gift from the US Government. I am sure we get to do this the next 20 years to boot. I won't complain. It is worth it when we consider all the federal student loans they will ultimately forgive in 25 years. Well worth all of our tax returns. Modern slavery in action.

4 comments:

  1. Welcome to chiropractic hun. Did you put your. And on it. This is his studend loans not yours.

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  2. We file jointly. We borrow seperate for student loans. We go down blazing in a ball of business debt together! Ha ha ha. Ironically, my student loan is paid off this year and was 7K. I did good compared to a chiropractor! Student loans are a seperate issue. Business loans backed by the SBA is a big deal. We shold have never taken it out only to turn over to the original practice owner. Live and learn, right!?

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  3. Thank God, I don't have any business debt. I'm in the same boat as you with IBR. Of course, MOHELA can't keep track of their own paperwork, and I have to spend another half hour on the phone with them every month when they send me a bill saying I'm another $2,297 behind when, according to the government paperwork, which MOHELA *did* send me, my monthly payment based on income and family size is zero. I wish I could bill them for my time.

    Unfortunately, while at CCC-KC, I got in a position where I had to take out two small private loans to continue. Even though I'm judgementproof, they waste their money continually harassing me with letters and phone calls. These are classified as student loans, so they are non-dischargeable, but they are not Federal loans, so they don't qualify for any form of Federal relief. Only death will remove them.

    I only wish chiropractic students could see what they're getting into.

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  4. We are on IBR also. Found it by chance about 3-4 years ago. I can't remember - too many bills to keep track of. We also qualify for a $0 payment. You would think that the government would get the point with so many chiropractors struggling - that what they allow people to take out in students loans - does not equal them getting repaid based on what they allow insurance companies to reimburse us for. It's ridiculous to think anyone could make a living with what they allow. My husband & I (with me teaching part time) are well below poverty level every year. What also stinks - is we don't qualify for government assistance (not that I really want it - but still) because we have too much money in our savings account. Too much money - equals less than $5000. That I scrimp & save constantly trying to have a small buffer to keep us paying bills. This year it's gotten to where I'm not sure even that is going to help. I've been hitting that account far too often - as insurance allowables have dropped yet again & the number of patients coming into the office is laughable. We can get them in the door - but far too often - a few visits later & they are "better" and not coming in any more. OR they find out that yes - they do in fact have to pay for the care that they receive and again - Poof - out the door. Makes me crazy!!

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