Bankruptcy

Even Multi-Level Marketing Businesses Are Folding!

By Joseph McDaniel, Esq.

I've known people who worked very, very hard to make money with them, and who invested tons of money in products that they couldn't thereafter sell.

I've heard about people making a lot of money on multi-level marketing deals when "new territories were being opened", but once again, I haven't known people in that category.

But I'm not hostile to the concept of multi-level marketing, except when the business is a straightforward Ponzi scheme. I don't much like Ponzi schemes.

But I had a first recently.

I've been talking to construction company owners, chiropractors, dentists, retail store owners, restaurant owners, and dog groomers and human groomers, and accountants, both certified and not, because I'm an Arizona bankruptcy attorney, so everybody out there is dropping in to go through that currently necessary economic car wash, the Arizona bankruptcy case. So I spend most of my time talking to people about bankruptcy information, and they give me specific facts about their jobs or business so I can figure out whether I can help them.

All of them have told me that their businesses (either the business they owned, or the business where they worked as employees) were off about 50% in gross income.

But recently for the first time a lovely couple told me that they had been making stupidly good money in a multi-level marketing business that switched off like a light.

I found that interesting, only because that's something I don't see every day.

Restaurants, check; construction companies, yep; ordinary wage earners, lotsa; multi-level marketing folks...not so much.

Just haven't seen a lot of those.

Maybe they're all making so much money that they don't ever need to file.

But somehow I don't think so.

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on June 15, 2010 (boomark / email).