No, I don't need it, but a family member & their asshole spouse do.
To protect their names, let's refer to them as "Shit-For-Brains & The Coont". Between maxed out credit cards (many), car loans, mortgage, home equity loan, loans against 401K, outstanding bills due for work done by others at their home, running a negative balance in their checking accounts, etc, etc, etc, they have amassed such a massive debt that "Shit-For-Brains & The Coont" just cannot possibly dig themselves out. Their years of foolhardy spending habits and lack of financial dicipline have finally caught up with them & it seems that bankruptcy is the only choice that they have. I know that "Shit-For-Brains & The Coont" can't even come up with enough dough that a bankruptcy lawyer would charge (whatever that may be).
The questions I have are: When "Shit-For-Brains & The Coont" do file, does the repo man just come in & take everything that they own, or are **certain things** off limits to the creditors? If the later is true, what can they keep? What kind of problems will they incur besides loosing their credit for 7(???) years.
Now, if certain things are off limits, why couldn't anyone just charge up a storm & buy everything that they ever could imagine, declare bankruptcy, & keep all of the goodies??
The sad thing is, for all that they are in debt, they don't have anything of anything of any real value to show for it. Their cars are worth only as much if not less than the loans, & between the mortgage & home equity loan, there isn't any cash value left in the house if they went to sell it. Besides some jewelry, the rest of their worldly posessions could be worth as much as $1,500.00 at yard sale prices.
Sad isn't it?
Please enlighten me on the whole "bankruptcy issue" if you could. Thanks!
