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re: Who here has declared bankruptcy?
Posted on 5/8/19 at 12:11 pm to SirSaintly
Posted on 5/8/19 at 12:11 pm to SirSaintly
quote:
Guy I work with has said he plans to run up his credit cards when he's in his twilight years. He has 401k, etc but doesn't think he'll have enough to last into his 80's, so he'll just rack up on those high limit cards. He said wtf does he care about bankruptcy at 80+ yrs old.
Gotta say it doesn't sound like a bad idea.
Can't the credit card companies go after his estate after he dies?
That would kind of suck for his kids.
This post was edited on 5/8/19 at 12:12 pm
1
Posted on 5/8/19 at 12:16 pm to TigersHuskers
I did it once.
I built a house at the behest of ex, for my daughter. I paid. Ex had it done. Later I learned she didn't get permits.
Neighbor complained about view although ex says neighbor approved location.
County made her tear it down.
I declared bankruptcy.
The sum total of my debt was that house.
I did have couple Grand on a card which I kept, paid down and still have. Not one cent on it after each month.
I built a house at the behest of ex, for my daughter. I paid. Ex had it done. Later I learned she didn't get permits.
Neighbor complained about view although ex says neighbor approved location.
County made her tear it down.
I declared bankruptcy.
The sum total of my debt was that house.
I did have couple Grand on a card which I kept, paid down and still have. Not one cent on it after each month.
Posted on 5/8/19 at 12:18 pm to TigersHuskers
I worked with a dude long ago that was pissed he couldn't declare bankruptcy again as it was too soon.
I don't know dick about bankruptcy law so no idea if thats accurate but he was mad
I don't know dick about bankruptcy law so no idea if thats accurate but he was mad
Posted on 5/8/19 at 12:18 pm to dfintlyHmmrd
Everything is trashy on the ot
Posted on 5/8/19 at 1:02 pm to eScott
This is correct! Also, it depends on whether the debtor files a Chapter 7 or Chapter 13. In a Chapter 7 the debtor would have to reaffirm the debt to keep the car (assuming the car has decent value) and in a 13 you could get the entire amount of the loan scheduled to be paid through the plan if the filing date is less than 910 days since the debtor obtained the car loan (i.e. can't cram down the loan to the value of the car).
Posted on 5/8/19 at 1:13 pm to ItNeverRains
Most people file hoping to stave off foreclosure or a wage garnishment and force creditors into a plan (Chapter 13) for reorganization. There is a formula used to determine if you qualify and if income is high or assets show significant value they may have to pay creditors,even unsecured ones, 100% of the claim values.
In my experience, debtors trying to "game the system", end up paying higher interest rates and finance charges, not to mention the fees and costs associated with filing/funding a bankruptcy proceeding. Can't see how it is a net positive in the long run.
In my experience, debtors trying to "game the system", end up paying higher interest rates and finance charges, not to mention the fees and costs associated with filing/funding a bankruptcy proceeding. Can't see how it is a net positive in the long run.
Posted on 5/8/19 at 1:13 pm to NOLA Tiger
I declared moral bankruptcy.
Posted on 5/8/19 at 1:13 pm to TigersHuskers
I never have and I couldn't live w/myself if I did.
IT would take dire circumstances to do it.
If doing it meant keeping my family housed then yes.
It's disgusting how people run up debt then declare to just erase it and do it again.
IT would take dire circumstances to do it.
If doing it meant keeping my family housed then yes.
It's disgusting how people run up debt then declare to just erase it and do it again.
Posted on 5/8/19 at 1:16 pm to Jester
I think we all have by posting in the OT
Posted on 5/8/19 at 1:26 pm to TigersHuskers
bet he drives a shitty car
No credit having broke arse MF'er
No credit having broke arse MF'er
Posted on 5/8/19 at 1:26 pm to GetCocky11
quote:
That would kind of suck for his kids.
Posted on 5/8/19 at 1:33 pm to TigersHuskers
there are those that do it as a financial plan, knowing they can never amass any estate of any substance. Most bankruptcy filers do not plan that far ahead
This post was edited on 5/8/19 at 1:38 pm
Posted on 5/8/19 at 1:37 pm to TigersHuskers
every state has different exemption laws. the first $35,000 in equity in a home is exempt in la. Florida used to exempt homes, regardless of value/equity. in the 80's contractors liquidated everything, moved to florida and bought a huge house. then they filed bankruptcy, discharged all their debt, sold the house and moved back to louisiana with a ton of cash in a down markt.
Posted on 5/8/19 at 1:38 pm to ItNeverRains
quote:
Guy I grew up with worked the system with his then fiancée to the point they bought house, cars, furniture for house, wedding, honeymoon all through credit and cash advances and filed bankruptcy immediately after honeymoon. This was about 10 years ago. Combined income was probably around 90k at the time.
Thats a miserable way to live though.
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