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-   -   Declaring Bankruptcy... any experiences? (https://gfy.com/showthread.php?t=497658)

Drake 07-29-2005 04:09 PM
Quote:
Originally Posted by RocHard
I filed for bankruptcy about ten years ago. Everything you've heard about bankruptcy is bullshit. Yeah, it stays on your record for seven years. So what.

In 1994 I had gotten to the point where I was physically paying more in monthly bills than I was making every month. I had to live off of my credit card to eat, which meant my credit card bills were going up every month. I went through the bankruptcy process, which was quick and painless.

After you go through the bankruptcy you have good credit other than the bankruptcy itself on your record. Think about it - you suddenly have no debts, and you can't file for bankruptcy again for the next seven years. You'll be instantly flooded with credit card applications.
Do you ever run into problems obtaining loans or anything like that? Is it actually gone from your record now?

Sly 07-29-2005 04:19 PM
Have you tried contacting your creditors individually and telling them about the situation? Sometimes they'll cut you a deal. Think about it, they would rather get 50% of what you owe instead of 0% after you file bankruptcy.

This is none of my business but I am curious... how did you get so far in debt yet have NO assets?

VeriSexy 07-29-2005 04:45 PM
Quote:
Originally Posted by RocHard
I filed for bankruptcy about ten years ago. Everything you've heard about bankruptcy is bullshit. Yeah, it stays on your record for seven years. So what.

In 1994 I had gotten to the point where I was physically paying more in monthly bills than I was making every month. I had to live off of my credit card to eat, which meant my credit card bills were going up every month. I went through the bankruptcy process, which was quick and painless.

After you go through the bankruptcy you have good credit other than the bankruptcy itself on your record. Think about it - you suddenly have no debts, and you can't file for bankruptcy again for the next seven years. You'll be instantly flooded with credit card applications.
Wow, quite a few that are very rich now have been through backruptcy. What's your story Rochard? I think I remember you posting saying that your pretty successful now. What changes did you make in your life?

V_RocKs 07-29-2005 05:16 PM
Declare bankruptsy.... How the fuck does an adult webmaster do that? FUck...

JJ Gold 07-29-2005 05:22 PM
Quote:
Originally Posted by Sly
Have you tried contacting your creditors individually and telling them about the situation? Sometimes they'll cut you a deal. Think about it, they would rather get 50% of what you owe instead of 0% after you file bankruptcy.

This is none of my business but I am curious... how did you get so far in debt yet have NO assets?
http://debtco.com/

hottoddy 07-29-2005 05:37 PM
Quote:
Originally Posted by Joesho
HAHA good question,

The answear is they get paid upfront prior to doing your filing.
Otherwise they would be a creditor and able to be discharged as a debt as well.
That's definitely true for Chapter 7s. Attorneys actually advise clients to stop paying certain bills to come up with the scratch to file. As for 13s, it's a more complicated relationship. Typically, the client has to pay half before filing. The other half is billed through the plan + additional fees incurred to maintain the plan through the years (buying cars, new jobs, etc). The client cannot get a discharge at the end of the plan without paying the attorney's bill. So, the client either pays up in the end or gets his case dismissed.

Attorneys can make good money with a healthy 13 case load - think of a 3 to 5 year mandatory rebilling relationship. The reformations is going to make it even better.

detoxed 07-29-2005 05:48 PM
Quote:
Originally Posted by Paco, of Large Cash.
It is way beyond a different 'school of thought':



Back in the 90?s, I borrowed $80+ grand to buy a car. I had two jobs, and both places went belly-up.
I left dreamland, sold EVERYTHING I had in order to get what I owed as low as possible; moved to a place with a good economy was good, walked to work for years and all is cherry now.

Corp greed *HAH* Whatever TF th@ is supposed to mean. Therefore, people go chp.7 because of Wal-Mart.

Credit cards are the last resort only[!] and everyone knows you only maintain a balance if you REALLY REALLY MUST! Not because someone thinks they need a new monitor or PC (unless it is no longer usable), iPod etc. (I laugh at idiots that look for deals, then buy the item on their CC, and carry a balance. Th@ is pure basket case balancing skills.)



It usually goes like this: people hire lawyers to sue doctors.



a). insurance?
b). walk, take the bus, hitch , skate etc. Just because the vehicle is gone is not an excuse.
Many countries, people walk 25 or so MILES to get to work, then walk 25 or so MILES back. When my folks moved to Canada, they walked fucking KMs upon KMs and I would not see them for days. I can't imagine what woudl have happened if they simply gave-up & stayed home because they did not have a car.

The US has one of the best tax levels. Average Canadian at he end of the day pay 53%, and I believe the US is @ 20-something!


Yes, emergencies, are exactly what credit cards are for, and nothing else. Not wants ? NEEDS!


I would not know; I have done what ever it takes (as listed above) to keep the fucks away.
Its easy for someone at $80k-100k taxable income to pay 25-40% in taxes

Toasted 07-29-2005 07:17 PM
IMHO play the banks as hard as you can.

they charge 20% interest and ridiculous penalties, and you in turn have the godgiven right to fuck them out of their unsecured loans.

watch your ass on the new GOP bankruptcy legislation which in essence is just a stopgap measure to help the banks not go ass up when the whole real estate/credit bubble pops. Banks sent people credit cards on the basis that the debt was unsecured and bankruptcy was an option, and people paid interest rates to reflect that. moving the goalposts at a federal level now is bullshit imho.

there is nothing dishonourable about fucking banks out of high interest unsecured debt. do not sacrifice years and years of your life working 2 jobs and living in poverty if its for some sort of bullshit "honour". play the fuckin game.

Hey You . . . I Know You! 07-29-2005 07:36 PM
Quote:
Originally Posted by Toasted
IMHO play the banks as hard as you can.

they charge 20% interest and ridiculous penalties, and you in turn have the godgiven right to fuck them out of their unsecured loans.

there is nothing dishonourable about fucking banks out of high interest unsecured debt. do not sacrifice years and years of your life working 2 jobs and living in poverty if its for some sort of bullshit "honour". play the fuckin game.

Exactly!

I always borrow money (no matter what the rate) and then fuck the lender. Who gives a shit. It is their problem that they are lending the money and asking for interest. Sometimes, if you are a risky borrower, they ask for a higher interest rate and that is sooooo unfair! When they do this . . . just take them for all you can!!! It is the honorable thing to do!

Hey Toasted . . . I need 10k and I promise to pay you back with interest. Give it to me! Give it to me now!

Hey You . . . I Know You! 07-29-2005 07:55 PM
HEY TOASTED - I said . . . GIVE ME 10K YOU FAT GREASY BASTARD!

GIVE IT TO ME NOW!

Don?t worry . . . I promise to pay you back . . . with interest.

I accept paypal.

woj 07-29-2005 07:55 PM
50...........

Rochard 07-29-2005 07:57 PM
Quote:
Originally Posted by VeriSexy
Wow, quite a few that are very rich now have been through backruptcy. What's your story Rochard? I think I remember you posting saying that your pretty successful now. What changes did you make in your life?
Offically it's off my record, but it still comes up from time time to time. It came up when I purchased my house.

What changes did I make? Other than a bank card I paid off monthly, I have never owned a credit card since my bankruptcy and never will again.

Spunky 07-29-2005 08:05 PM
Avoid it if possible..it will be a black mark on your history forever..try to get a debt consolidation loan if possible..usually you can make deals with the creditors..like offer 5k instead of 10 to clear up the debt..practically all will accept some sort of payment plan..something is better than nothing

good luck with it

Hey You . . . I Know You! 07-29-2005 08:09 PM
HELLO!!!!!!!!!


TOASTED????

I need that 10k now!!! I'm not kidding. I don't earn enough to cover all of my expenses, so I need you to give me $10K!

Quit avoiding me. GIVE ME THE MONEY!!!

I will pay you back . . . and because you let me borrow money, I will pay you an interest rate on the principal.

Come on you fat greasy bastard . . . PAYPAL THE MONEY NOW!!!

GFED 07-29-2005 11:45 PM
I'm doing everything I can not to do it... I'm hoping I can make it just one more month...

rickholio 07-29-2005 11:48 PM
Quote:
Originally Posted by spunky
Avoid it if possible..it will be a black mark on your history forever..try to get a debt consolidation loan if possible..usually you can make deals with the creditors..like offer 5k instead of 10 to clear up the debt..practically all will accept some sort of payment plan..something is better than nothing

good luck with it
That's not entirely true, as I know it. I'm told bankruptcies purge from all credit reports 7 years after date of closure.

You may have to specifically call around to all the credit companies and say "It's been 7 years, take that bankruptcy line item off my report", but it doesn't last *forever* IIRC.

rickholio 07-29-2005 11:54 PM
Quote:
Originally Posted by VeriSexy
Wow, quite a few that are very rich now have been through backruptcy. What's your story Rochard? I think I remember you posting saying that your pretty successful now. What changes did you make in your life?
I read an article in the Economist a few years back that basically equated a bankruptcy to a 'rite of passage' for anyone in business, with a couple people going so far as to say they'd feel nervous bringing an exec on board who hadn't had to deal with it 'cuz it'd be like tempting the fates. :winkwink:

Bankruptcy isn't the soul-crushing thing a lot of people make it out to be. Sometimes you get in over your head and noone wants to give you the slack to get out conventionally. Do the option, deal with the fallout, and move on with a clean slate.

Well, that is until the new bankruptcy regs came into play, anyways. Now people are pretty much going to be fucked in perpetuity, it seems... guess we'll see exactly how ugly that little piece of corporate fellatio works out for the little guy in the next decade or so.

GFED 08-01-2005 03:26 AM
thanks everyone for your replies

Peaches 08-01-2005 05:33 AM
Quote:
Originally Posted by rickholio
That's not entirely true, as I know it. I'm told bankruptcies purge from all credit reports 7 years after date of closure.

You may have to specifically call around to all the credit companies and say "It's been 7 years, take that bankruptcy line item off my report", but it doesn't last *forever* IIRC.
It's 10 years for Chapter 7 and 7 years after the final payoff of Chapter 13 (which is usually 3 years).

And again, every large $$$ application I've ever filled out asks if you have EVER filed bankruptcy. Lying on a banking document, esp with something like a mortgage or business loan, probably isn't a smart thing to do :2 cents:


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