Personal Bankrupcy Qustions???????

[MikeyG]

Be very careful about hiding stuff. You will be under oath and have to answer questions to the court trustee. They do have the right to walk your
premises although it is rarely done unless you make a lot of money. Remember that you need a car and a home so you should continue to make payments on them. They will accept them because it is in their best interest too. They unsecured debt is the debt you are trying to eliminate. Right or wrong that is what you need to get rid of and if you cant pay it file Chapter 7. Get a good lawyer though. Good luck.

[El_Kabong]

Do you have his contact info? You can PM me if you wish Thanks-Jack.

LOL, your buddy POE. You have his contact info.

[BTB007]

I'm almost positive that if you are going to do ch. 7, that you cannot pay back large sums to any creditors. It's called preferential payments and it's a no no.
Sorry, I work at LexisNexis and all my friends are lawyers.

[Firebird V]

That is correct. My Father-in-law owns a trucking company. One of his clients paid him all of the bills he was owed by them. They went bankrupt and now the US Government is coming after him for the payments that he received. This happened a few years ago and it is about to go to trial. Preferential treatment is serious business. The Bank on your house note is the first to get paid in most cases because that is what the bigggest debt/oldest you have, it is what you have all your leans tied too, it is the one you gave a personal gaurantee too etc...


All of the advice heraer MAY be right but it is just barbershop talk law.

Jack. Before you sell or pay off anything go talk to a lawyer. That is the right thing to do FIRST.

[Bengal]

Jack,
A buddy and his wife when through this 6 months ago. Here's what I learned...

They will let you have 1 car per person. My buddy and his wife got to keep 2. Anything over that is usually siezed and sold...

Credit Card companies will not work with you like they use to. Unless your filing Chapter 7, and then they still have to be made to do it. They would rather you file bankruptcy than have to deal with all that...

Student loans, if you have any, are not dismissable, like unpaid taxes...

They will allow X ammount of dollars worth of musical instruments. My buddy estimated 2 grand worth of guitars, they didn't touch those...

They had to take this class from a Credit Service to tell them they were screwed, they owe more than they have. Once that was proven, they were elegible...

When their lawyer filed, they could have no more than $1000 in the bank...

The lawyer made sure they had not made any high dollar purchases in their credit cards in the last year. If there is a big purchase, they would have probably lost that...

Musicians Friend/Guitar Center credit people are bitches. He had an account with MF and they wanted all their stuff back. Once he told his lawyer he sold it to pay bills, they backed off...

Bankruptcy was put there for a reason. To allow people to reach beyond their dreams to try to start something benificial to society. Course, that was usually a business. But if people were afriad to fail, they wouldn't ever try something new. Without the ability to file, do you think Bill Gates would have started Microsoft? I kinda doubt it...

Oh yeah, another friend did it about 5 years ago. He got a car and a house loan within 2 years. Don't fret about the 7 year thing. Creditors will be lining up after about a year to get you in trouble again...

[Spivonious]

Lots of good info in this thread it seems but I hope I never have to use it!

Good luck with everything Jack.

[slayer]

I really apprecite this fellas The only thing that moght make me not eligable is the fact that we actually pay all of our bills and not behind at all, just maxed out and won`t pay the shot off practically till I die at this rate I will call a Lawyer and see what he/she thinks Thanks fellas Jack.