personal bankrupcy?

Post by **Dr_Watson** » Mon Mar 07, 2005 10:26 pm

how bad is it?
and how do you do it?

anyone ever claim it?

Post by **saturn** » Mon Mar 07, 2005 10:27 pm

it's bad for future businesses i guess

Guest · Post by **Guest** » Mon Mar 07, 2005 10:34 pm

Here they take away everything you own except for the essential things (bed, tv). You also can't get a credit card afterwards. If you're leasing a car, they can't take it.

Post by **R00k** » Mon Mar 07, 2005 10:34 pm

It stays on your record for 7-10 years, meaning that you will not be able to get any sort of credit during that time, unless you find someone who will give it to you at ridiculous interest rates.

Don't file for bankruptcy unless it's your only option. I know people who have, and there's nothing fun about it. Except maybe writing off all your debts -- but I don't think it's worth it, unless you have so much debt you can't pay it off any 20 years.

Post by **Cool Blue** » Mon Mar 07, 2005 10:40 pm

Bankruptcy does not have the same effect as it once did.

I know people that have claimed bankruptcy only to get new loans less than a year later.

The courts (in Canada) only specify a short term in which you cannot legally re-apply for credit of any kind. Once that's up, you can do what you want, but it's a crap shoot if'll they approve you with a bankruptcy on your record.

But since credit companies are just beating down your door to keep you in debt, they aren't as bothered by stuff like that anymore.

Guest · Post by **Guest** » Mon Mar 07, 2005 10:41 pm

Some people live off bacrupcy. They rent a very luxurious appartment with all the furniture included and don't own anything at all. They also lease a high end BMW. They get a lot of credit cards and wait until they are $40,000 or more in debt, and then file for bacrupcy. The repo men can't take anything away, so the only bummer is the fact that you can't get a credit card for a couple years.

Post by **Dr_Watson** » Mon Mar 07, 2005 11:01 pm

well... the problem isn't really future credit... i could wait 7 years to get a house it that was the case.
its the current choices of food or credit card payment thats the problem.
we've already been liquidating all our assests on ebay.
being poor rules, i love george bush. :icon14:
at least under clinton i could get a job.
but if either one of us (me and my gf... can't afford a wedding yet) quits school, we'll have to start paying our student loans, and ruin any future benefit to offset mounting all this debt to go in the first place.
god life would have been alot easier if one of us had even middle-class parents. :/

was just curious about the bankrupcy thing, cuz if we could get rid of the credit card payments we could make ends meet.
its just those that are pusing us over the top right now.
and we can't cut our other bills down any more than we have.
the only thing that is a "luxury" is internet, and without that my grades would slip... considering i have to hand in alot of my assignments online.

so, if anyone has actually ever done it... i'd like to hear from them... speculation from a 17yr old doesn't help much.

Post by **R00k** » Mon Mar 07, 2005 11:14 pm

How many credit cards do you have charged up? Have you thought about consolidating them into one smaller payment? It's a shitty way to handle debt, but much much better than a bankruptcy for the long term.

Post by **Dr_Watson** » Mon Mar 07, 2005 11:41 pm

7 cards... about $20 grand on them combined.

how do you consolidate them if you have no assets or collateral?

Post by **Fender** » Mon Mar 07, 2005 11:42 pm

Actually, the whole thing about not being able to get credit after backruptcy is a myth, at least here in the US. I have a couple of friends that work for MBNA (one is in management and the other is an officer of the bank) that have said getting credit after bankruptcy is actually very easy. This is because it is virtually impossible to declare bankruptcy twice in the US.

Post by **R00k** » Mon Mar 07, 2005 11:55 pm

Dr_Watson wrote:7 cards... about $20 grand on them combined.

how do you consolidate them if you have no assets or collateral?

Ouch, with that much on them I'm not sure. I was thinking in the neighborhood of 3 or 4 grand, then maybe you could take out a loan -- it'd be fairly high-interest, but probably not as bad as the cards.

Not sure about that situation; it sounds like fender knows a little more about the bankruptcy stuff though.

Post by **SplEEb** » Mon Mar 07, 2005 11:58 pm

There are companies that will consolidate your debts and negotiate a lower payoff with you creditors, it will still take several years to pay off. Bancrupcy is like suicide, its the easy way out.

Post by **Fender** » Tue Mar 08, 2005 12:01 am

I've also heard that consolidation can be worse than bankruptcy for your credit, but I really don't know for sure about that one.

Post by **CaseDogg** » Tue Mar 08, 2005 12:10 am

the dope thing is that after you do it you can do it again in like 8 years. so like once you do it you can start fuckin up right away again and then BAM! just do that shit again. :icon14:

Post by **Fender** » Tue Mar 08, 2005 12:20 am

I don't think that's true CD. I've heard it is virtually impossible to declare a 2nd time.

Post by **Dr_Watson** » Tue Mar 08, 2005 12:20 am

we're just curious about the bankrupcy thing as a last resort... so far we've managed to stay afloat, but the longer bush stays in office the bleaker things get.
its incredibly depressing... since in 3 years when we're both done with school we'll be able to both move and make plenty of money... its staying alive the next 3 years that has gotten rather uncertain recently.

and i've heard bad things about those debt cosolidation companies... most of them are too shady to even consider, or they require some sort of assets like a house or something.
hell, the only thing i own is my computer and my car... and i need both of those to get through school.

Post by **Dr_Watson** » Tue Mar 08, 2005 12:22 am

too bad selling drugs is so dangerous.

Post by **CaseDogg** » Tue Mar 08, 2005 12:30 am

Fender wrote:I don't think that's true CD. I've heard it is virtually impossible to declare a 2nd time.

really? damn, i better tell my homey cuz he's pushin up on number 2, or he thinks he is.

Post by **Dr_Watson** » Tue Mar 08, 2005 12:32 am

i think you can do it as much as you want in screwed up southern states like arkansas and texas.

Post by **CaseDogg** » Tue Mar 08, 2005 12:32 am

im in california

Post by **Hannibal** » Tue Mar 08, 2005 12:34 am

Do yourself a favor....speak to a professional about your options before you do anything.

Post by **Dr_Watson** » Tue Mar 08, 2005 12:38 am

professionals probably want money though.

Post by **CaseDogg** » Tue Mar 08, 2005 12:49 am

yup, and you aint got it cuz you bankrupt :icon19:

Post by **CaseDogg** » Tue Mar 08, 2005 12:54 am

i wasnt laffing at you doggy i was laffing cuz of the irony of them charging someone thats bankrupt.

Post by **Hannibal** » Tue Mar 08, 2005 12:55 am

Perhaps I should have said "knowledgeable". Paying a small fee for professional advice might save you a lot of money and heartache in the long run. You'd have to research your local resources yourself. NOTE: I'm not talking about debt consolidation companies (whether they call themselves NFP or not).

Here's a site that maps out some territory:

http://www.bankrate.com/cic/