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Bankruptcy Question....

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MVP
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Posted: #26
Quote Originally Posted by wallstreetcappers:

Well I want to move on..

Can I make up some debt and not have to pay?

I imagine I could quietly rack up 30k in debt off cash advances, make the min payments for 6 months and then file for BK.

We just need to get creative and help this fella find a way to get around the rules..thats the least we can do.




As with anything, there are people out there abusing the system, but that's not the point.

And to the point that everyone views bankruptees as lepers, y'all do know that > 50% of personal BK's in AMerica are BECAUSE of medical bills,,,,,

these people are not lepers
 
Legend
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Posted: #27

Quote Originally Posted by be easy:

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

I was agreeing with what wall posted above.  I dont think of all or even most BK as lepers or losers.  There are tons of legitimate reasons.

I do get peeved when people KNOWINGLY do things to take advantage, oh - like taking out 30k to make a wager, or loading up on frivolous purchases with the knowledge of going bankrupt.

It is gamblers code.  Pay your debts, be responsible for your actions.  To repeat - there are tons of legitimate reasons IMO to declare - bad timing on buying a house, medical bills etc - but placing a 30k bet doesnt qualify.

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Legend
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Posted: #28

Quote Originally Posted by be easy:



As with anything, there are people out there abusing the system, but that's not the point.

And to the point that everyone views bankruptees as lepers, y'all do know that > 50% of personal BK's in AMerica are BECAUSE of medical bills,,,,,

these people are not lepers

100% agree.

In fact, there was a thread here where someone was asking about going BK for a reason like this, and I advised him to do it.

I feel terrible for the tons of responsible people who bought houses in 2006 and 2007.  Lots of people put 20% down on houses that were WELL withing their budgets, and are now walking away from them - and I have NO problem with it.

Support your local animal shelter. I am on twitter.
 
MVP
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Posted: #29
Which person hurts the economy more?

PErson A  gross annual income 52k per year, total unsecured debt 30k at an average of 11%,,,,,i'm just gonna guesstimate some numbers here, 1000 per week take home about 700,,,,,might be able to make minimal payments of around 350 per month (12.5% of take home) and it would only take about 15 years to pay off that debt

Person B all the same parameters as person B, but he pays a BK attorney 1000$ and walks from his debt, now he can spend 350$ extra a month into the real economy

imo

person A

person B 
 
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Posted: #30
Quote Originally Posted by vanzack:

100% agree.

In fact, there was a thread here where someone was asking about going BK for a reason like this, and I advised him to do it.

I feel terrible for the tons of responsible people who bought houses in 2006 and 2007.  Lots of people put 20% down on houses that were WELL withing their budgets, and are now walking away from them - and I have NO problem with it.



why would you have a problem with someone making a wise economic decision?  Fuck, i'd encourage it
 
Covers Linesmen
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Posted: #31
Well there is a difference between consumer debt which people accumulated buying leisure or living outside your means..that doesnt work for me.

Now a medical issue or job loss and you lose a home purchased within reasonable debt/income ratios and not abusing the system in a greedy way (like purchased a home to flip or for an investment using fake home equity).

I would say MORE people abuse the system than seriously are using the laws in the way intended.
 
Legend
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Posted: #32

Quote Originally Posted by be easy:



why would you have a problem with someone making a wise economic decision?  Fuck, i'd encourage it

Because I would think that the credit economy that we live in would fail if enough people took your advice.

There would be no credit available to anyone, and I think that would be disasterous.

Support your local animal shelter. I am on twitter.
 
MVP
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Posted: #33
Quote Originally Posted by wallstreetcappers:

Well there is a difference between consumer debt which people accumulated buying leisure or living outside your means..that doesnt work for me.

Now a medical issue or job loss and you lose a home purchased within reasonable debt/income ratios and not abusing the system in a greedy way (like purchased a home to flip or for an investment using fake home equity).

I would say MORE people abuse the system than seriously are using the laws in the way intended.


yes and at the same time you damn the CC companies for raping the consumer, but when the consumer fights back they are crooks

when i read your thoughts on this type of shit we go back and forth about on here, it seems like you look at the world like a beauty pageant chick that thinks everyone should do what is right, and people shouldn't cheat,,,,,,the reality is that more people are ready and willing to do what is wrong.  I don't like it either, but at least i acknowledge the reality.  Of course it would be nice if everyone played by the rules, and things were fair, but they're not and that's the reality of the situation.  The only way to counteract the sheisty behavior is to stop rewarding failure and bailing out losers, then people would stray away from the kind of behavior that puts one in such a spot.

Your fantasy land wet dream of regulating people into behaving like good little boys and girls is just that, a fantasy.  You give participants a choice, you bet and you lose, you feel the pain, then participants would conform and shape up.  So long as there's mommy always there to clean baby up, baby will never learn her lesson
 
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Posted: #34
Quote Originally Posted by vanzack:

Because I would think that the credit economy that we live in would fail if enough people took your advice.

There would be no credit available to anyone, and I think that would be disasterous.



well i'm of the mindset that the credit economy we live in needs to fail,,,,,,,it is pure evil, to have most everyone shackled to a faceless slave driver.  I hear people all the time saying that you 'need' credit to survive nowadays,,,,,,what kind of economy is that?  furthermore, it's a relatively new concept, that Americans bought into in the early 1980's and have grown on since.  Debt, debt and more debt.  How does that play out over (more) time?  It's the reason why the economy is broken right now.  We are caught in a debt negative feedback loop, where people spent up all their future monies. for chrissakes we as a nation had a negative savings rate for how long?

We are facing the possibility of the U.S net home equity values falling to zero


 
Covers Linesmen
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Posted: #35
Fighting back= indirect taxation to the users of the system.

You are smarter than this be easy.

That is like excusing theft at Walmart because you think they took away the mom and pop shops.

Fighting back is paying it off and canceling the account, not unload your obligation on the backs of reasonable credit users.


 
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Posted: #36
..... I just wanted to know what game you were on?
 
Captain
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Posted: #37
Bankruptcy stays on your credit record for about ten years.  You can actually get some credit before that time is up but it will cost you more.  If you have been paying several years and can't get out I would advise filing.  Sometimes it is better to not have credit especially if you are in the lower income brackets.  Good luck.  DON'T make the big bet trying to "get out".
 
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Posted: #38
Quote Originally Posted by Ap1Bfreetorun:

Bankruptcy stays on your credit record for about ten years.  You can actually get some credit before that time is up but it will cost you more.  If you have been paying several years and can't get out I would advise filing.  Sometimes it is better to not have credit especially if you are in the lower income brackets.  Good luck.  DON'T make the big bet trying to "get out".


my understanding is it's purged off your record after 7 years,,,,,,and maybe now post BK it's hard to get credit but as i posted before,,,,,got CC offers the day after i went BK, financed half of a 12k car less then two years later, and bought a house 3 years later,,,,and when i was getting financed for the house, i had more then one person who worked in the industry tell me my credit score was better then theirs,,,,,and now just five years after BK my credit score is top tier

not bragging, just trying to debunk what i feel are some misunderstandings about how it works
 
Covers Linesmen
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Posted: #39
I am glad that going BK worked so well for you be easy.


 
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Posted: #40
my dad went broke, now he has 1200 acres and a car dealership. Most people fail before they succeed, or they don't ever try
 
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Posted: #41

I agree trying to gamble out of debt does not work.  But there are debtors rights as well as creditors rights.  Be aware of them.  Look at you individual situation....look at each individual debt...there are statue of limitations on collections of debt for each individual state.  Usually 4-5 years.  There are excellent resources out there to help you make the best decision for your situation.

Good luck

 
 
Captain
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Posted: #42
Someone mentioned Sears.  They will still come after you for debts that have been discharged in bankruptcy.  Just send the bill back with a message that you are going to complain to the federal court about their tactics, you won't hear from them again.  I hate Sears.  First their prices are about 20% higher than most other prices, their credit charges are high and their managers are rude sometimes.  Plus, their cashiers often cannot see a 200 pound man in plain sight when they are busy talking on the phone.  I just find the nearest phone and complain to customer service when the latter happens.  I go into Sears about once a year when my wife traps me into going.
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