What's the real story on personal bankruptcy?

ezbtr

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Hey guys , as I got spanked in court by ex whining for alimony(lazy shiftless beast with no pride what so ever) and it's gonna last up to 2 3/4 more years, I am considering personal bankruptcy. Things are TIGHT yet still worth gettin rid of the UN wife :) Any comments would be appreciated, Thanks, Heinz
 

JB

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Re: What's the real story on personal bankruptcy?

A big price to pay for little gain, Heinz.<br /><br />The Ex can still make your life miserable if she chooses.
 

pjc

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Re: What's the real story on personal bankruptcy?

have you counseled with an attorney?<br /><br />May be time/money well spent to investigate your options.
 

deputydawg

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Re: What's the real story on personal bankruptcy?

From friends I have who have filed, it is good for a short term fix. They have all been able to wipe out all of their debt. For the first I think 5 years they can get loans for anything because banks know they can't file again for that time period. After that time passes they all regret it. Your credit is no good after 5 years. One friend can't get a loan for a car or a house he has aplied for because he filed 13 years ago.
 

KaGee

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Re: What's the real story on personal bankruptcy?

Originally posted by deputydawg:<br /> One friend can't get a loan for a car or a house he has aplied for because he filed 13 years ago.
Goes off your credit report after 10. There has to be other reasons as well.
 

Fly Rod

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Oct 31, 2002
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Re: What's the real story on personal bankruptcy?

:) You do not want to file bankruptcy unless it is the only way out!!!<br /><br />If you never want to have credit again then file!!!<br /><br />seven years is Bull. It is with you for almost ever!!! My wife has counciled many that thought after 7 years that it goes away!! Well it does not!!!<br /><br />You will pay alot more for interest if you buy a house or anything else after fileing bankruptcy or buying a car etc:<br />and you will still have to pay alimoney!!!<br /><br /> "It does not go away "!!!! ;) :cool:
 

agitator

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Re: What's the real story on personal bankruptcy?

Even if it goes off your credit report after ten years they still ask about past bankrupcies on future credit applications. If you lie they usually catch it and you are worse off than ever.
 

Butch Ammon

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Re: What's the real story on personal bankruptcy?

I agree with what everyone has said. BEWARE!!<br /><br />My wife's sister and her family filed the "reorganization" backruptcy (Chapter 11 or 13 I think it is. Chapter 7 is the worst one where you lose everything). Everyone on here is right. YOU WILL BE SCREWED FOR THE NEXT 10 YEARS!!!! :eek: No car loans with good interest rates, no buying a house, no anything!<br /><br />My wife's sister has to find alternative means to put her sons through college these coming years too!<br /><br />I would NEVER want to go through something like that. There has GOT to be a better way than declaring backrupcy!<br /><br />Good luck!!<br /><br />Butch A.
 

neumanns

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Re: What's the real story on personal bankruptcy?

IMO...Bankruptcy is last resort no way to cut it option. Ya Ya the only people it hurts is the creditors. Not in my opinion as they have a tendancy not to make it a habit of loosing money. What they do is factor these loss's into there rate structure and pass it on to me and everyone else that pay's there bills. Therfore I frown upon it!<br /><br />Look at it as the screwing ya get for the screwing ya got.
 

Sea Six

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Re: What's the real story on personal bankruptcy?

I know several people who went thru this, and they don't seem to be having any credit problems. If I was considering it, I'd take max cash advances on all my cards first!
 

jtexas

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Re: What's the real story on personal bankruptcy?

I am not an attorney & this is not legal advice.<br /><br />You can't wipe out alimony with bankruptcy - I think the only way to not pay is to go underground. <br /><br />Chapter 11 is corporate reorg, chapter 13 is personal reorg, and chapter 7 is liquidation where most all of your debts get wiped out. An individual has to convince a judge that your situation is really hopeless to get chap 7 or else they put you in chap 13. Where the court takes your paycheck & parcels it out to creditors. Takes as long as it takes.<br /><br />Protected assets varies from state to state; in Texas it's your homestead up to 200 acres, cemetary plots, up to $60k of furniture, tools, one vehicle per licensed driver, two firearms, livestock, pets and some other stuff.
 

Barlow

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Re: What's the real story on personal bankruptcy?

don't have any experience with it and don't want to ever have to think about it..<br /><br />its never been an answer to the real problem.. simple economics ..<br /><br /><br />Don't spend more than you make.<br /><br /><br /> If you have to find a way to make cash on the side away from the publics eye.. DO IT!<br /><br />just my $.02 worth<br /><br />or - you could sell the boat :eek: :D :p
 

OLDSPUD

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Re: What's the real story on personal bankruptcy?

I don't think even in a chapt 7 situation you can get relief from alimony. <br /><br />Alimony for the next 33 months or bankruptcy.<br /><br />Pay the dang alimony, you'll be out and clear faster.<br /><br />Also, in Utah, Bankruptcy does not remove judgments from any real estate holdings you have.<br />Fought with a lot of atty's 'bout that, you may want to check that out, if you own any property.<br /><br />And speaking from experience with alimony, its easier to pay $ than pay with other forms of crap you'll catch from her.<br /><br />spud
 

a_bullfrog_a

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Nov 23, 2004
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Re: What's the real story on personal bankruptcy?

I thought most states have done away with alimony.<br />women have fought for years to be treated equally but yet they still deserve to get alimony?
 

a_bullfrog_a

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Re: What's the real story on personal bankruptcy?

My sister in-law recentely filed. She walked out<br />of courtroom and there was people handing her <br />credit aplications. She also went to a car<br />dealer to trade in a car prior to court date and<br />they told her not to trade in and just let her <br />current vehicle go with the bankrupcy and they'd<br />hook her up. She's got a nice ride now, lol.<br />To sum it up soon as you file don't hesitate on<br />getting creditors back on your side. line up<br />at least 4 and keep them satisfied and active so you have them for future use.
 

Bob in Calif.

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Re: What's the real story on personal bankruptcy?

Heinz.......<br /><br />The only ray of sunshine in your situation is, your ex. "legal entanglement" must claim the alimony as income on her income tax. You can claim every dime you have to give her, as a deduction on your income tax.<br /><br />Don't pay her in cash, ever. Give her checks or money orders only and keep copies of each.<br /><br />It worked for me 35+ years ago. :D <br /><br />...Bob in Calif... (across the bay from you)
 

one more cast

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May 6, 2002
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Re: What's the real story on personal bankruptcy?

You will get used to the lower income in a short time and then in 2 3/4 years you will get a nice raise. Just let it go and go on with your life.
 

xikxak

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Re: What's the real story on personal bankruptcy?

Only Donald Trump knows how to file bankruptcy and come out on top.At the cost of his stockholders.
 

SpinnerBait_Nut

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Re: What's the real story on personal bankruptcy?

Heinz, I will put my .02 worth in here.<br />Pay the woman her money if you must, don't file for the bankruptcy. Just cut back on little things here and there to make it. It will be all worth it in the end. For you and that little guy. :cool:
 

tomatolord

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Re: What's the real story on personal bankruptcy?

chapter 7 is liquadation by a company - people dont go chapter 7<br /><br />chapter 11 is reorganization by a company<br />chapter 12 is reorg by a farm<br />chapter 13 is reorg by a person<br /><br />Had a friend go chapter 13 got rid of all his bill he had a 20k capital one credit card bill that he defaulted on. A month after it was finalized capital one sent him a NEW credit card with a 500 limit, he applied and got it!!<br /><br />IF you have assets that are protected in the filing then it appears you can come out ok. As you can use that as collateral for loans and cars etc..
 
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