Berncsp76 6th Gear October 10, 2012 Share October 10, 2012 Epic fail...gives advice but at the end still faces such a dilemma..think most business people reads his book and some advices are quite good...but how come he faces such a situation Article Rich Dad, Poor Dad now a bankrupt dad: Best-selling author files for corporate bankruptcy after losing $24m judgement The financial guru behind New York Times bestseller Rich Dad, Poor Dad has filed for bankruptcy on one of his companies after losing a $24 million judgement. This April, Robert Kiyosaki's Rich Global LLC was ordered to pay $23,687,957.21 to the Learning Annex and its founder and chairman, Bill Zanker. Kiyosaki had used the Learning Annex platform to organize several high profile speaking engagements, including a 2002 appearance at Madison Square Garden..... ↡ Advertisement Link to post Share on other sites More sharing options...
Viceroymenthol 6th Gear October 10, 2012 Share October 10, 2012 One of his limited liability companies is bankrupt lah, not himself lah. The article already said he will not be putting his own personal wealth towards the judgement lah. That's what limited liability companies are for lah. Link to post Share on other sites More sharing options...
Tiger1 6th Gear October 10, 2012 Share October 10, 2012 Haaaaaaaaaa. Like tat also can. Link to post Share on other sites More sharing options...
Cllee 2nd Gear October 10, 2012 Share October 10, 2012 He can name his new book, poor dad, bankrupt dad. 1 Link to post Share on other sites More sharing options...
Tiger1 6th Gear October 10, 2012 Share October 10, 2012 Or "dun tell dad i m bankrupt" Link to post Share on other sites More sharing options...
Happily1986 5th Gear October 10, 2012 Share October 10, 2012 Go google "legal person". A limited liability corporation is viewed as a legal person under the law. Coporate bankruptcy only means that the assets of the legal person is forfeited. i don't think this fella is so stupid to put all of his personal assets under the holdings of his companies. Bankrupt dad? maybe not. Link to post Share on other sites More sharing options...
Porker Turbocharged October 10, 2012 Share October 10, 2012 Epic fail...gives advice but at the end still faces such a dilemma..think most business people reads his book and some advices are quite good...but how come he faces such a situation Article Rich Dad, Poor Dad now a bankrupt dad: Best-selling author files for corporate bankruptcy after losing $24m judgement The financial guru behind New York Times bestseller Rich Dad, Poor Dad has filed for bankruptcy on one of his companies after losing a $24 million judgement. This April, Robert Kiyosaki's Rich Global LLC was ordered to pay $23,687,957.21 to the Learning Annex and its founder and chairman, Bill Zanker. Kiyosaki had used the Learning Annex platform to organize several high profile speaking engagements, including a 2002 appearance at Madison Square Garden..... In fact quite smart to declare bankrupt so he don't have to pay much if anything at all Link to post Share on other sites More sharing options...
Happily1986 5th Gear October 10, 2012 Share October 10, 2012 In fact quite smart to declare bankrupt so he don't have to pay much if anything at all So did he filed for a Chapter 11 or what? Link to post Share on other sites More sharing options...
Soonmunn 1st Gear October 10, 2012 Share October 10, 2012 I think the bankruptcy was filed only on one of his companies, and its a LLC, so he may not be bankrupt....thats part of the reason why they setup limited liability companies... But still, he is suppossed to be a financial whiz, so what happened here? Link to post Share on other sites More sharing options...
Soonmunn 1st Gear October 10, 2012 Share October 10, 2012 (edited) Er that may not necessarily be true. I dont know about the Ch11 process in the US but here in singapore being made a bankrupt also means that all your monthly income and liquid assets come under the management of a court appointed official assignee (OA) The OA allocates the bulk of these towards partial settlement of all the amounts owing to the judgement creditors.... In short life will be very subsistence level....and he cant be a director of a company too...and i suspect similar arrangements will apply for Ch11s in the US.... In fact quite smart to declare bankrupt so he don't have to pay much if anything at all Edited October 10, 2012 by Soonmunn Link to post Share on other sites More sharing options...
Wt_know Supersonic October 11, 2012 Share October 11, 2012 (edited) company declare bankrupt, close shop and then chop chop open another shop -> same owner btw, are there still many $2 company in spore nowadays? Edited October 11, 2012 by Wt_know Link to post Share on other sites More sharing options...
Jman888 Moderator October 11, 2012 Share October 11, 2012 write book and preach is one thing, doing actual business is another thing. another example was the duno what 7 effective... his business also bankrupt one Link to post Share on other sites More sharing options...
Gitanic 6th Gear October 11, 2012 Share October 11, 2012 company declare bankrupt, close shop and then chop chop open another shop -> same owner btw, are there still many $2 company in spore nowadays? 'corporate bankruptcy' not 'personal bankruptcy' Link to post Share on other sites More sharing options...
Zanter 3rd Gear October 11, 2012 Share October 11, 2012 Always knew he was a fraud Link to post Share on other sites More sharing options...
Lala81 Hypersonic October 11, 2012 Share October 11, 2012 His book's contents all came from his brain. not based in reality. Nothing surprising. I find it more amusing that many people quote him as an inspiration ... Link to post Share on other sites More sharing options...
Maxus-MIFA9 Supersonic October 11, 2012 Share October 11, 2012 company declare bankrupt, close shop and then chop chop open another shop -> same owner btw, are there still many $2 company in spore nowadays? I think the price increase to $250/-, thats for registration a company with ROC... Link to post Share on other sites More sharing options...
Xanavi 4th Gear October 11, 2012 Share October 11, 2012 So what if he is a bankrupt?? Donald trump was a bankrupt once.. But a billionaire now.. Also have his book mah.. Link to post Share on other sites More sharing options...
Porker Turbocharged October 11, 2012 Share October 11, 2012 Er that may not necessarily be true. I dont know about the Ch11 process in the US but here in singapore being made a bankrupt also means that all your monthly income and liquid assets come under the management of a court appointed official assignee (OA) The OA allocates the bulk of these towards partial settlement of all the amounts owing to the judgement creditors.... In short life will be very subsistence level....and he cant be a director of a company too...and i suspect similar arrangements will apply for Ch11s in the US.... That's personal bankruptcy. His is corporate (which is limited liability btw) bankruptcy. Both are 2 very different things. ↡ Advertisement Link to post Share on other sites More sharing options...
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