I'm deep in debt down about 30,000, been trying to pay this thing off for about 2 years now, going on 3. I am ready to move on with my life...and I needed to know what my consequences are.
What I want to do is get about 30-40k from my credit cards make one last bet in Vegas. Either outcome, I am done with this debt. Either I get it back salvage my great credit, or lose it all and have bad credit for 7-10 years.
My main question is if I did this would I be off the hook from being sued, wage garnishments, etc? Can't I file BK Chapter 7 and call it good? I don't know much about BK but am weighing my options...
Yes you can insult me and call me names...I am stupid for what I have done...but am just looking for a way out...I would not do it if I could be sued or have my wages garnished.
If you have gone through BK please advise. Thank you for your time.
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To remove first post, remove entire topic.
Hi all...
I'm deep in debt down about 30,000, been trying to pay this thing off for about 2 years now, going on 3. I am ready to move on with my life...and I needed to know what my consequences are.
What I want to do is get about 30-40k from my credit cards make one last bet in Vegas. Either outcome, I am done with this debt. Either I get it back salvage my great credit, or lose it all and have bad credit for 7-10 years.
My main question is if I did this would I be off the hook from being sued, wage garnishments, etc? Can't I file BK Chapter 7 and call it good? I don't know much about BK but am weighing my options...
Yes you can insult me and call me names...I am stupid for what I have done...but am just looking for a way out...I would not do it if I could be sued or have my wages garnished.
If you have gone through BK please advise. Thank you for your time.
wrong forum for this type of question...bring it to the general discussion forum and you should get some sound advice
depending on your state, credit card companies can sue you, if they desire, and get the judgment against you. With a judgment, they can collect it through several methods, wage garnishment or placing liens on your property. It all depends on your job situation and what kind of property do you own. If you do own a property, I recommend you go to your county recorder and transfer it to your wife or someone else's name so they cannot put a lien on your property.
BOL
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wrong forum for this type of question...bring it to the general discussion forum and you should get some sound advice
depending on your state, credit card companies can sue you, if they desire, and get the judgment against you. With a judgment, they can collect it through several methods, wage garnishment or placing liens on your property. It all depends on your job situation and what kind of property do you own. If you do own a property, I recommend you go to your county recorder and transfer it to your wife or someone else's name so they cannot put a lien on your property.
I'm deep in debt down about 30,000, been trying to pay this thing off for about 2 years now, going on 3. I am ready to move on with my life...and I needed to know what my consequences are.
What I want to do is get about 30-40k from my credit cards make one last bet in Vegas. Either outcome, I am done with this debt. Either I get it back salvage my great credit, or lose it all and have bad credit for 7-10 years.
My main question is if I did this would I be off the hook from being sued, wage garnishments, etc? Can't I file BK Chapter 7 and call it good? I don't know much about BK but am weighing my options...
Yes you can insult me and call me names...I am stupid for what I have done...but am just looking for a way out...I would not do it if I could be sued or have my wages garnished.
If you have gone through BK please advise. Thank you for your time.
I know in the state of Maryland, once you file BK you are like a made man. We can not garnish your wages or sue you. We simply charge off your debt if it is unsecured. It is actually a very intelligent move for a lot of people. Sure you wont be able to get decent limits on your CC's for awhile, but if you have the money then who cares. It also sounds like you have a mortgage so as long as you are happy with your current home then I say why the hell not. When you go to BK court they will will look at your budget and allocate funds to your secured creditors first...you wont be exempt from your mortgage....so any vehicles....then it moves down to the unsecured debts and they get whatever is left over. In most cases, that is pennies on the dollar but there is nothing they can do about it. I would not worry about garnishment or getting sued though
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Quote Originally Posted by onehitonly:
Hi all...
I'm deep in debt down about 30,000, been trying to pay this thing off for about 2 years now, going on 3. I am ready to move on with my life...and I needed to know what my consequences are.
What I want to do is get about 30-40k from my credit cards make one last bet in Vegas. Either outcome, I am done with this debt. Either I get it back salvage my great credit, or lose it all and have bad credit for 7-10 years.
My main question is if I did this would I be off the hook from being sued, wage garnishments, etc? Can't I file BK Chapter 7 and call it good? I don't know much about BK but am weighing my options...
Yes you can insult me and call me names...I am stupid for what I have done...but am just looking for a way out...I would not do it if I could be sued or have my wages garnished.
If you have gone through BK please advise. Thank you for your time.
I know in the state of Maryland, once you file BK you are like a made man. We can not garnish your wages or sue you. We simply charge off your debt if it is unsecured. It is actually a very intelligent move for a lot of people. Sure you wont be able to get decent limits on your CC's for awhile, but if you have the money then who cares. It also sounds like you have a mortgage so as long as you are happy with your current home then I say why the hell not. When you go to BK court they will will look at your budget and allocate funds to your secured creditors first...you wont be exempt from your mortgage....so any vehicles....then it moves down to the unsecured debts and they get whatever is left over. In most cases, that is pennies on the dollar but there is nothing they can do about it. I would not worry about garnishment or getting sued though
thank you all...no play for me, probably a wise idea not to bet....gotta stick it out to finish the rest of the debt Thanks a ton Richard, guy and thurow
I don't want more headaches with judgments and wage garnishments....that sounds like a pain i don't wanna go through..
and yes when you chase, you'll lose i know how it goes...
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thank you all...no play for me, probably a wise idea not to bet....gotta stick it out to finish the rest of the debt Thanks a ton Richard, guy and thurow
I don't want more headaches with judgments and wage garnishments....that sounds like a pain i don't wanna go through..
and yes when you chase, you'll lose i know how it goes...
If you file bankruptcy, they will look at any debt you incur within the last 6 months of filing, and if they suspect you ran that debt up with the intention of filing bankruptcy your petition will most likely be denied.
It's fraud, you should get locked up.
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If you file bankruptcy, they will look at any debt you incur within the last 6 months of filing, and if they suspect you ran that debt up with the intention of filing bankruptcy your petition will most likely be denied.
If you file bankruptcy, they will look at any debt you incur within the last 6 months of filing, and if they suspect you ran that debt up with the intention of filing bankruptcy your petition will most likely be denied.
It's fraud, you should get locked up.
Then there is that as well
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Quote Originally Posted by 3rd_and_Long:
If you file bankruptcy, they will look at any debt you incur within the last 6 months of filing, and if they suspect you ran that debt up with the intention of filing bankruptcy your petition will most likely be denied.
My state laws I just found: I couldn't take out 30-40k w/o being responsible for it...Goodbye all have a great season yourselves and dont' be crazy like me...
Bankruptcy does not get rid of all debts. You are still responsible for:
Recent large purchases of more than $550 for luxury goods bought within 90 days of filing
Fines or penalties of government agencies
Fraudulent debts
Cash advances of $825 within 70 days of filing
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My state laws I just found: I couldn't take out 30-40k w/o being responsible for it...Goodbye all have a great season yourselves and dont' be crazy like me...
Bankruptcy does not get rid of all debts. You are still responsible for:
wrong forum for this type of question...bring it to the general discussion forum and you should get some sound advice
depending on your state, credit card companies can sue you, if they desire, and get the judgment against you. With a judgment, they can collect it through several methods, wage garnishment or placing liens on your property. It all depends on your job situation and what kind of property do you own. If you do own a property, I recommend you go to your county recorder and transfer it to your wife or someone else's name so they cannot put a lien on your property.
BOL
Most states won't let you simply transfer property to your spouse or relative immediately prior to filing for BK... it usually has a 1 year time period... to avoid a creditor from being able to reach the property. It is considered a fraudulent transfer.
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Quote Originally Posted by richardtonsj:
wrong forum for this type of question...bring it to the general discussion forum and you should get some sound advice
depending on your state, credit card companies can sue you, if they desire, and get the judgment against you. With a judgment, they can collect it through several methods, wage garnishment or placing liens on your property. It all depends on your job situation and what kind of property do you own. If you do own a property, I recommend you go to your county recorder and transfer it to your wife or someone else's name so they cannot put a lien on your property.
BOL
Most states won't let you simply transfer property to your spouse or relative immediately prior to filing for BK... it usually has a 1 year time period... to avoid a creditor from being able to reach the property. It is considered a fraudulent transfer.
There are a lot of ways around it, but by posting what you just did, you stand the chance of losing your bankruptcy hearing because you intentionally used your credit cards without a reasonable expectation of repaying them. Winning a wager is not considered a "reasonable" expectation of repaying a loan in most states. A creditor can use this very post against you in a BK court and the BK Judge, or Referee, can deny your petition or force you to repay the creditor as a condition of the BK. It is very risky at best. You also had better learn ALL the BK laws that apply to your State and County. You would be suprised to find out how little they allow you to keep or possess in some cases. It is not nearly as easy as it used to be.
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There are a lot of ways around it, but by posting what you just did, you stand the chance of losing your bankruptcy hearing because you intentionally used your credit cards without a reasonable expectation of repaying them. Winning a wager is not considered a "reasonable" expectation of repaying a loan in most states. A creditor can use this very post against you in a BK court and the BK Judge, or Referee, can deny your petition or force you to repay the creditor as a condition of the BK. It is very risky at best. You also had better learn ALL the BK laws that apply to your State and County. You would be suprised to find out how little they allow you to keep or possess in some cases. It is not nearly as easy as it used to be.
If you knowingly take cash advances in advance of filing for a bankruptcy-they can deny the bankruptcy petition or that portion of it. $30,000 is a lot of debt but it's not insurmountable to climb out of-it can be done. Best of luck.
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If you knowingly take cash advances in advance of filing for a bankruptcy-they can deny the bankruptcy petition or that portion of it. $30,000 is a lot of debt but it's not insurmountable to climb out of-it can be done. Best of luck.
If you file bankruptcy, they will look at any debt you incur within the last 6 months of filing, and if they suspect you ran that debt up with the intention of filing bankruptcy your petition will most likely be denied.
It's fraud, you should get locked up.
the key word here being 6 months
consult a BK attorney, they are relatively inexpensive and will easily walk you through the process,,,,,,i don't know how much has changed(because some things have) over the last five years, but i did a chap 7 5' years ago,,,,,the only creditor that chases you in bk court is Sears, and if you bought fixed appliances and the like, then they don't look to recoup that either
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Quote Originally Posted by 3rd_and_Long:
If you file bankruptcy, they will look at any debt you incur within the last 6 months of filing, and if they suspect you ran that debt up with the intention of filing bankruptcy your petition will most likely be denied.
It's fraud, you should get locked up.
the key word here being 6 months
consult a BK attorney, they are relatively inexpensive and will easily walk you through the process,,,,,,i don't know how much has changed(because some things have) over the last five years, but i did a chap 7 5' years ago,,,,,the only creditor that chases you in bk court is Sears, and if you bought fixed appliances and the like, then they don't look to recoup that either
go to this website to find out ways you can relieve your debt...one way is to make "deals' with the credit card companies, but don't file for bankrupcy. It will ruin you for the rest of your life.
go to this website to find out ways you can relieve your debt...one way is to make "deals' with the credit card companies, but don't file for bankrupcy. It will ruin you for the rest of your life.
Well you benefited from making the debt, I would expect you want to PAY for the things purchased, right?
I might understand BK if the bills racked up were from an emergency say like an uninsured medical tragedy, but most people over-extend themselves and have circumstances that change (lose a job, divorce) and want a bailout.
Nice to know that the BK rules have evolved to catch sneaky cheaters who try to get over on the system.
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Well you benefited from making the debt, I would expect you want to PAY for the things purchased, right?
I might understand BK if the bills racked up were from an emergency say like an uninsured medical tragedy, but most people over-extend themselves and have circumstances that change (lose a job, divorce) and want a bailout.
Nice to know that the BK rules have evolved to catch sneaky cheaters who try to get over on the system.
Well you benefited from making the debt, I would expect you want to PAY for the things purchased, right?
I might understand BK if the bills racked up were from an emergency say like an uninsured medical tragedy, but most people over-extend themselves and have circumstances that change (lose a job, divorce) and want a bailout.
Nice to know that the BK rules have evolved to catch sneaky cheaters who try to get over on the system.
Wall - didnt you read his initial post?
HE IS READY TO MOVE ON!!!
HE has decided that HE is ready to move on from these debts, so HE is deciding that HE can just go bankrupt and then HE can move on easily!!!
Pay for the things he purchased? Give them back? Be responsible and NOT take cash advances to make a bet? Come on. HE WANTS TO MOVE ON, AND IS READY TO MOVE ON!!
Support your local animal shelter. I am on twitter.
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Quote Originally Posted by wallstreetcappers:
Well you benefited from making the debt, I would expect you want to PAY for the things purchased, right?
I might understand BK if the bills racked up were from an emergency say like an uninsured medical tragedy, but most people over-extend themselves and have circumstances that change (lose a job, divorce) and want a bailout.
Nice to know that the BK rules have evolved to catch sneaky cheaters who try to get over on the system.
Wall - didnt you read his initial post?
HE IS READY TO MOVE ON!!!
HE has decided that HE is ready to move on from these debts, so HE is deciding that HE can just go bankrupt and then HE can move on easily!!!
Pay for the things he purchased? Give them back? Be responsible and NOT take cash advances to make a bet? Come on. HE WANTS TO MOVE ON, AND IS READY TO MOVE ON!!
go to this website to find out ways you can relieve your debt...one way is to make "deals' with the credit card companies, but don't file for bankrupcy. It will ruin you for the rest of your life.
ruin you for the rest of your life? How? Didn't Ramsey go BK himself? I did a chap 7 in '04,,,,creditors were sending me multiple credit card offers within months (given they were terrible offers). Financed a car in '06, and bought a house in '07. Now my credit is top tier. Bankruptcy serves a purpose, because when someone hits a level of super debt saturation (say 30k cc debt and 35k annual income) that will never get paid off, there's no way no how. Servicing that kind of debt is crippling to the individual and equally as bad to the economy. Bankruptcy is a reset button, and once you purge that debt then you can go back to spending the money into the real economy. If everyone that was swamped in debt now went bankrupt, our economy would rebound quicker then shit. One mans debt is another mans wealth,,,,,,the wealthy would lose out and the poor would get a clean slate. Now when i speak of BK as being a good thing, it only works if the person that goes thru BK comes out a changed person on the other side (lives within their means),,,,,if nothing changes, then they will end up back in the same place sooner then later. And creditors are quick to loan to bankruptees, because they can't file again for 7 years, and are hammered with higher rates and fees,,,,,rightfully so
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Quote Originally Posted by mikeyp1:
go to this website to find out ways you can relieve your debt...one way is to make "deals' with the credit card companies, but don't file for bankrupcy. It will ruin you for the rest of your life.
ruin you for the rest of your life? How? Didn't Ramsey go BK himself? I did a chap 7 in '04,,,,creditors were sending me multiple credit card offers within months (given they were terrible offers). Financed a car in '06, and bought a house in '07. Now my credit is top tier. Bankruptcy serves a purpose, because when someone hits a level of super debt saturation (say 30k cc debt and 35k annual income) that will never get paid off, there's no way no how. Servicing that kind of debt is crippling to the individual and equally as bad to the economy. Bankruptcy is a reset button, and once you purge that debt then you can go back to spending the money into the real economy. If everyone that was swamped in debt now went bankrupt, our economy would rebound quicker then shit. One mans debt is another mans wealth,,,,,,the wealthy would lose out and the poor would get a clean slate. Now when i speak of BK as being a good thing, it only works if the person that goes thru BK comes out a changed person on the other side (lives within their means),,,,,if nothing changes, then they will end up back in the same place sooner then later. And creditors are quick to loan to bankruptees, because they can't file again for 7 years, and are hammered with higher rates and fees,,,,,rightfully so
Those of you that view people that file BK as lepers, need to ask yourselves why? Bankruptcy serves it's purpose, and the banksters have brainwashed all into thinking that you are a bad person if you go bankrupt,,,,i've tried to help as many people as possible into BK court, or at least to consult an attorney. Do you know the number one concern of the debt slaves? Someone seeing their name in the paper. Too much servicing of bad debt (or any debt for that matter) is exactly the reason why our economy is in the pickle that it's in today
BANKRUPTCY IS ECONOMIC STIMULUS
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Those of you that view people that file BK as lepers, need to ask yourselves why? Bankruptcy serves it's purpose, and the banksters have brainwashed all into thinking that you are a bad person if you go bankrupt,,,,i've tried to help as many people as possible into BK court, or at least to consult an attorney. Do you know the number one concern of the debt slaves? Someone seeing their name in the paper. Too much servicing of bad debt (or any debt for that matter) is exactly the reason why our economy is in the pickle that it's in today
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you just cracked me the fuck up man HAHAHAHAHAHAHAHAHAHAHA
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