What's the real story on personal bankruptcy?

[deputydawg]

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

One friend that just filed after an accident left him with huge medical bills. He listed 2 credit cards on his debt. The hearing before the judge went smooth. They run them through like cattle. While waiting they give him a list of questions the judge will ask, and a pen to write his answers. The judge follows the script asking the questions, he gives the answers he has written down. Then it is done. His lawyer couldn't make it so she called a friend that was at the hearing for his own client, and he represented him. <br />A rep from both of the credit card companies was present at the hearing and did not contest the bankrupcy. As he walked out of the courtroom debt free BOTH credit card reps handed him pre-approved applications for new cards. He threw them away but has been called several times by these companies promising him up to $5,000 credit pre-approved.

 

[Heinz CA.]

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

Hey guys thanks for responses. I am not trying to "get rid" of alimony, I know b/k won't help that, but AM going back to court as judge warned her bout seeking F/T job NOW and that marriage was short time(just shy of 6 yrs) - she doesn;t really want to work, she gettin $3100 a MONTH from 1st ex and me! Just plain white trash. I was just curious as to ramifications of b/k , I cut costs as much as possible here and we'll get by(can you say SQUEAK by?)and just wanted to see if it was an option - I'm just gonna keep pluggin away for awhile and see how it goes. I've got a good credit rating and bills are in my name only, no property to split - we already split assets. She owes quite a bit more than I do. Thanks for all(almost) replies.

 

[Bob in Calif.]

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

Heinz.......<br /><br />If your ex. is collecting $3100 a month fron her 1st. ex., and it isn't monies due for a property settlement, or other acutal past money due to her, I don't think that is legal on her part to collect. Once you and her became legally married, that should absolve her ex. form any finanical liability for alimony to her.<br /><br />If was in your position and being a good citizen as you are, I would check with her ex. and find out why he is still paying her anything. Of course if that is for child support, that will continue until the minor child/children reach at least 18 years old, or are emancipated prior to 18.<br /><br />If the ex. husband's obligation is rescinded, it would be a step in the right direction for her to seek gainfull employment and have her start paying a good portion of her own living expense's.<br /><br />In my opinion, bankruptsy would not be a viable option for you. The record of divorce will already lower your credit rating, so that is strike one right there.<br /><br />Just my thought't about some of the things I have learned over the years.<br /><br />Good Luck. ...Bob in Calif...

 

[Heinz CA.]

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

No she gets C/S from first ex for 2 kids AND C/S from me for 1 kid(ours) AND alimony from me - total = 3100. She isnt getting alimony from 1st ex - that stopped when WE got married. She's a real sleeze though, and needs to actually find out what being a responsible person/parent is about - supporting yourself and yours.

 

[Bob in Calif.]

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

Ok, I got ya'. I just misunderstood part of your posting.<br /><br />Again, good luck and I would give the B-ruptsy a long thought before you proceed.<br /><br />...Bob in Calif...

 

[Heinz CA.]

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

Oh I'm definitely gonna think on it, don't want to, never have either. Just like to know my options. Besides that life is GOOD!

 

[NathanY]

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

Originally posted by tomatolord:<br /> chapter 7 is liquadation by a company - people dont go chapter 7<br />

Wrong!!!<br /><br />The wife and I filed Chapter 7 in January of 2004, and by March of 2004, all of our debt was discharged. They did not try to take my boat, or my house, or anything. We just went to Federal Court, and explained to the Trustee what happened, why we were in the situation that we were in, he said ok thank you and have a nice day. 3 months later, we received a letter, saying that all of our debt was discharged and to keep the letter for 7 years. One month after the discharge, we went and bought the wife a new Venture van, and got a great interest rate, and we also have not had any problems with getting credit cards or loans. My attorney said that back in the day all of what everyone is saying was true, but with bankruptcy so common now, it really doesnt mean much. I have proven that thus far. My truck is financed, my wife's van is financed, boat, etc....

 

[DJ]

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

Barlow wrote,<br /><br />

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 />

I could not agree more. Ditto!<br /><br />Unfortuneataly, that is not the rule that many, today, choose to follow. We all all pay for it.<br /><br />Just look at Donald Trump. He's portrayed to be some kind of financial wizard. He has filed twice and stiffed numerous creditors. Actually, I'm surprised he is still alive.

 

[biloxiriver]

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

Within 3 months of personal their personal br process, my son and his wife both bought new cars through Ford Motor Credit, with full financing, good interest rates (less than 6%), and very little down down payments.

 

[Kenneth Brown]

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

I for one think the bankruptcy sucks big time. I'm in a hole, and one I will be filling in for a long time. To just say "I can't pay" is BS. If a person has outragous medical bills I feel like its ok, if you can't manage your money then **** on ya. This will get poofed but big deal, been there and done that. It is family oriented because kids should learn to manage money, not cop out. <br /><br /><br />THE ABOVE REPLY IS IN NO WAY DIRECTED TOWARDS HEINZ. All I want to do is learn how his ex is so crafty with making money without working. She must have been a real winner. Good luck making it all workout Heinz, they say its cheaper to keep'er.

 

[Heinz CA.]

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

All my debt is mostly old(7 yrs) - like an idiot I let her do finances, and ended up paying HER bills as well,(usually minimum payments on MINE) AND supporting her 2 other kids(house etc) AND my kids - if it was just my bills, they would have been paid off long ago. I don't use a credit card EXCEPT for work(I get reimbursed) and only pay cash(newer 90 F250) for my stuff, including my girls flights up here. I'm not an irresposible spender and, I run a tight budget IS sickening how someone can leech off others huh - legally???? THAT is what I'm trying to change. I have never had a problem supporting MY kids, is the right thing to do and wouldn't think twice bout not doing that.

 

[Kenneth Brown]

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

My CC has about 10000 on it. I don't really mind too much cause I do pay it. I did have it paid down quite a bit but Christmas plus a few almost emergencies forced it back up. My house is paid for, as is one vehicle. I still have the farm and 2 cars financed,plus wifes college bills. With just me working fulltime its a bear. It is one I choose though so I just keep signing the checks. I wish more in this world would do the same. As I said before, good luck Heinz, its a long road but you can make it.

 

[spratt]

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

Originally posted by Heinz CA.:<br /> Hey guys thanks for responses. I am not trying to "get rid" of alimony, I know b/k won't help that, but AM going back to court as judge warned her bout seeking F/T job NOW and that marriage was short time(just shy of 6 yrs) - she doesn;t really want to work, she gettin $3100 a MONTH from 1st ex and me! Just plain white trash. I was just curious as to ramifications of b/k , I cut costs as much as possible here and we'll get by(can you say SQUEAK by?)and just wanted to see if it was an option - I'm just gonna keep pluggin away for awhile and see how it goes. I've got a good credit rating and bills are in my name only, no property to split - we already split assets. She owes quite a bit more than I do. Thanks for all(almost) replies.

Sounds to me as though you needed a Specialty Divorce lawyer, not an accountant or Bankruptcy...if all is as you say, you got the royal shaft. $3100 from two ex-hubbys? Hmmph!!!

 

[one more cast]

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

I had to leave my job of 21 years due to RA. I went about 6 months without any income.I then went on ssd and draw my pension. Then I went through a nasty divorce and lost most of the things I had left. My X left the court room with $11000, the house, 1/2 of my Harley and some of my pension. My lawyer predicted I would file bankruptcy within 3 years. I was bound and determined to prove him wrong. I am proud to say that over the next 5 years I paid off most of my bills, bought a new truck, bought a new house and got married. In that order.

 

[deputydawg]

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

I myself have looked seriously at filing. Good thing for me is I never have enough money to file. Most know from my past posts that we are hurting bad, but still here. We eat a lot of balogna and PB&J sandwitches. Last month I had to get assistance for our heat bill, and our checking account is over 400 in the hole AFTER my paycheck went in. 3 months behind on house, 1 month behind on cars, boat loan is due next month.<br />But by taking on every part time job I can grab, borrowing from one bank to pay the other one month, then the other to pay the first the next we are here. <br />BUT by holding on and fighting and working long hard days, 4 jobs to date, it is about to pay off. Income tax will pull us above water, wife graduated college and is starting to work, I get my $30 a year raise. <br />Mine is mostly medical too, can't afford to insure wife hoping she wouldn't get sick. She did. After 10 years we are about out of it.<br />Hang on as long as you can. It is not supposed to, but it does haunt you forever. <br />of course that depends on how you want to live. I know an older couple that have filed 3 times now in their life together. They have a nice house they just bought, didn't want to move furniture so they got all new, brand new Buick, several credit cards. Believe it or not they are broke now and want to file again.<br />I do know before this is all over I will not be able to look at another peice of balogna or an egg for a long time.

 

[BRG25]

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

Originally posted by Nate in AR:<br />

Originally posted by tomatolord:<br /> chapter 7 is liquadation by a company - people dont go chapter 7<br />

Wrong!!!<br /><br />The wife and I filed Chapter 7 in January of 2004, and by March of 2004, all of our debt was discharged. They did not try to take my boat, or my house, or anything. We just went to Federal Court, and explained to the Trustee what happened, why we were in the situation that we were in, he said ok thank you and have a nice day. 3 months later, we received a letter, saying that all of our debt was discharged and to keep the letter for 7 years. One month after the discharge, we went and bought the wife a new Venture van, and got a great interest rate, and we also have not had any problems with getting credit cards or loans. My attorney said that back in the day all of what everyone is saying was true, but with bankruptcy so common now, it really doesnt mean much. I have proven that thus far. My truck is financed, my wife's van is financed, boat, etc....

Apparently you didn't learn the first time eh Nate? Let me thank you for contributing to the problem and raising my interest rates.

 

[NYMINUTE]

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

The other option is call 1-800-AHITMAN.

 

[ezbtr]

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

Yeah I think I'm going to hang in there, I cook just about EVERY night , save LOTS that way - we're lucky we like the basics and leftovers(Hey, Im gettin real creative!)no car payments, sold boat, trimmed all the fat. Spend a little on entertainment(DVD's and video games). We'll see

 

[wajajaja]

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

go the the book store,or amazon and get a book , such as "money troubles,leagal strategies to cope." The laws vary by state, intrest in nj is cheap because the rules go with the creditor. <br /><br /> pay the alimony, or be a bum and and let her share ur bottle of grief.

 

[Barlow]

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

DD quote:<br />

I do know before this is all over I will not be able to look at another peice of balogna or an egg for a long time.<br />

DD.. it will be worth it!