Filing for bankruptcy

[fogg88]

Spoke to a lawyer about this a while back. He said it could be done. It’s within the law. But when lenders see you milking the system they usually start contesting the claim of bankruptcy and try to get the judge to deny the discharge.

It can be done. But the amount of credit that someone with a recent discharge is usually not that much because of the impact to credit the bankruptcy has.

YOU CAN actually purchase your loans that are defaulted from creditors. Example:

You owe “Crappy Credit” $5,000 and you defaulted on the loan. Collections could not get money out of you. So, you make an offer to the creditor for 50c cents on the dollar for the loan through an attorney. They sell you the loan and all the reporting rights. You then update your own credit reports because the loan is legally yours. PAID AS AGREED!

interesting stuff!

 

[[email protected]]

I loathe credit agencies, lawyers, corporations, collections agents, real estate agents, police departments, and many others. I try to learn their game.

 

[KAYNE]

I loathe credit agencies, lawyers, corporations, collections agents, real estate agents, police departments, and many others. I try to learn their game.

WELL, THATS ABOUT EVERYONE LARRY.

 

[nice6pac]

so basically you cna get into a ton of debt that you can't payoff and declare bankruptcy adn your scot free sure its on your record,but if you still ahve the house what od u need ?

 

[KAYNE]

Absolutely not. There was a lawsuit against GM over 10 years ago for that exact thing. They can only charge you interest for the time you actually owe them money.

YOU SHOULD LOOK UP THE DIFFERENCE BETWEEN A SIMPLE INTEREST LOAN AND A COMPOUNDED INTEREST LOAN.

 

[slobberknocker]

My dad has been a bankruptcy attorney for about 18 years. I'm working with him part time over the summer, until school starts again. I know plenty about this.

Bankruptcy is not the end of the world. It's a smart thing to do, if you have lots of old debts laying around.

As for your credit report, yes it stays on there for 10 years, but in reality it only affects you for about 2 years. Most people can get a car loan within a year or two, and you'll start seeing credit card offers almost immediately after your debts are discharged. In fact, most places would rather see that you've filed a bankruptcy, instead of having large amounts of outstanding debt.

Most attornies charge 1200 or so for your typical Chapter 7. Chapter 13's are a little more, because they take longer.

If anyone has any specific questions, ask me or pm me. I'll help as much as I can.

 

[KAYNE]

so basically you cna get into a ton of debt that you can't payoff and declare bankruptcy adn your scot free sure its on your record,but if you still ahve the house what od u need ?

THAT DEPENDS........YOU CAN FILE DIFFERENT CHAPTERS OF BANKRUPTCY. IF YOU DO A LIQUIDATION (WHICH I THINK IS MAINLY FOR BUSINESSES) YOU DONT KEEP MUCH AT ALL. IF YOU DO A REORGANIZATION, I'M PRETTY SURE YOU SETTLE YOUR DEBTS FOR A CERTAIN PERCENTAGE.

I SLEPT QUITE OFTEN IN BUSINESS LAW SO I COULD BE WAY OFF. SLOBBERKNOCKER SEEMS TO KNOW WHAT HE IS TALKING ABOUT SINCE HIS DAD IS A BANKRUPTCY LAWYER.




KAYNE

 

[HULKSTER]

THAT DEPENDS........YOU CAN FILE DIFFERENT CHAPTERS OF BANKRUPTCY. IF YOU DO A LIQUIDATION (WHICH I THINK IS MAINLY FOR BUSINESSES) YOU DONT KEEP MUCH AT ALL. IF YOU DO A REORGANIZATION, I'M PRETTY SURE YOU SETTLE YOUR DEBTS FOR A CERTAIN PERCENTAGE.

I SLEPT QUITE OFTEN IN BUSINESS LAW SO I COULD BE WAY OFF. SLOBBERKNOCKER SEEMS TO KNOW WHAT HE IS TALKING ABOUT SINCE HIS DAD IS A BANKRUPTCY LAWYER.




KAYNE

Or you can just shove as many Benjamins up your ass as possible and smuggle them into the Caymans!!

 

[KAYNE]

Or you can just shove as many Benjamins up your ass as possible and smuggle them into the Caymans!!

THAT APPLIES ANYTIME YOU WANT TO KEEP ALL YOUR MONEY INSTEAD OF PAYING TAXES OR GETTING IT SEIZED OR FROZEN.

 

[anabolicmd]

Or you can just shove as many Benjamins up your ass as possible

Or in your case a whole motorhome!