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!
It depends on the state SFB & C are in, It wont mess their credit up for 7 years after a year creditors will be sending them get this card and this card since they can go after them if they try to file a second time in the 7 years.
[quote=SeriousEric] "SFB & The C" Wouldn't be the reason you spend so much time burrowing under your house like a rabid mole, would they? <hr /></blockquote>
Well Eric, since "SFB" moved in to my dining room over a month ago, the truth is I HAVE to escape my house in MA every Friday & go the "retreat" in NH on the weekends. His 2 undiciplined screaming kids come for the weekend starting today (Thursday) & I'll admit that I do take out all of my week-long pent up frustration digging out the basement like a rabid mole. Although last weekend I started mixing cement for the forms to sure up the lally column support & water pump/filter pad.
Brian; The state that "SFB & the C" **reside** in is NH & they are about a quarter of a million dollars in debt. Can you give me any more clarification.
I wouldn't expect that there are too many Viper owners who have personally experienced bankruptcy, but if anyone knows anything about it, I'd appreciate the info. [img]/images/graemlins/smile.gif[/img]
Mark, next time you come up, the beer is on me buddy!
My wife and I almost filed bancruptcy back in the early 90's. Sure am glad I did not. We sat down, had a talk, and the poof we were out of debt. Ok, so it wasn't quite like that but you get the idea.
Sounds like the first thing they need is discipline. And I'm not talking about the kids.
Daaaammnn man. I know people who have both declared banrupcy TWICE EACH, once when married and once previously. They are about the most worthless people you will ever meet... but their daughter works hard and supports them. Lazy mofo's...
[quote=Mark O] I'll admit that I do take out all of my week-long pent up frustration digging out the basement like a rabid mole. Although last weekend I started mixing cement for the forms to sure up the lally column support & water pump/filter pad. <hr /></blockquote>
Sorry man, I don't know anything about Bankruptcy, but I do know that bodies can make acceptable concrete reinforcement. Back when I was a civil engineer we used to hear stories about how Brown & Root would be pouring these huge 15' thick power-plant slabs and occasionally the Mexican workers would fall into the pours and they'd just leave 'em in there. Think on that a little before you pour that basement slab.
"There's a lotta holes out there in the desert." - Joe Pesci.
Sounds like you are going to have roommates for a while.
This is yet another good reason to have a boat. Whenever my wifes mother comes in town its where I like to live.
Im curious, now that they have been there for a while and are obviously just hanging out watching TV and eating your grub. What happens when you want to watch tv Do you have to ask permission to change the channels?
Mark, next time you come up, the beer is on me buddy!
My wife and I almost filed bancruptcy back in the early 90's. Sure am glad I did not. We sat down, had a talk, and the poof we were out of debt. Ok, so it wasn't quite like that but you get the idea.
Sounds like the first thing they need is discipline. And I'm not talking about the kids. <hr /></blockquote>
Don:
You don't know half of it. To a rational thinking person, finacial discipline would be the answer, but he is just plain clueless about his finaces as well as life in general, and I've come to the conclusion that he's just a simpleton. That's not an insult, it's the truth. I just found out yesterday that S-F-B NEVER even balances his personal checkbook......EVER!!!! We have tried to sit him down & make a budget for him...since he has no clue himself how to do it & he just looks like a deer caught in the headlights. He doesn't even know how much gas he uses in his car every week!!!
Right now, his/their monthly bills are far more than what his/their income is per month. The more I he talks about his financial woes, the worse it gets. All I know is that I hve to get him out of my house. His divorce & financial problems are sucking my whole family in & that's not a healthy situation for us. I dread coming home from work on the nights that his kids are here......they ARE that loud & wild!
Unfortunately for me, I'M going to have to fork over the dough to set him up in an apartment just to get him out of here, as he can't save a dime while he's living here for free. When he's out & on his own, he can do what he wants. He's a big boy & at age 39 he's just got to learn get a clue. We have told him that he's got to get a 2nd job & cut his luxuries & payments, such as his $53.00 haircut, & $35.00 oil changes per month & shopping at the health food store. Eat regular food, go to a barber & change your own oil!!!!!
Tonight, we are going to have a big talk with (to) him again & make him aware of what he has to do to get on track finacially & out of this house. As far as bankruptcy goes, he/they HAVE to do it. There is no other way out that I can see for him/them. I just don't have a clue what is involved with the whole bankruptcy issue.
Have you sent them to one of these places yet? If not, do so before bancruptcy. They have helped many of my broke-dicck friends back in AZ out. We almost used them but we figured it out ourself.
Have you sent them to one of these places yet? If not, do so before bancruptcy. They have helped many of my broke-dicck friends back in AZ out. We almost used them but we figured it out ourself.
<hr /></blockquote>
Ya, definitely give this a try. Creditors do want their money and in many cases are willing to waive interest payments and lower requirements just to ensure they get anything. I had a friend who went this route and the credit couselors were able to wrap everything into one monthly payment which they would disrtibute amongst the various institutions. He finally got out from under and it didn't cost him his credit with a bankrupcy.
I know a little, very little. You can be selective in what you put in bankruptcy. If you want to keep your cars and can make the payments then ok, if not, they will be repoed. You can keep a certain amount of equity in your house, in this case there isn't any so they will lose their house unless they can keep the payments current. All credit card debt is unsecured so yes you can just go out and charge up a storm and file bankruptcy. Since the debt on credit cards are unsecured the credit card company has no recourse and can't come and take your furniture and jewelry (unless you used that companies credit card ie if you bought new furniture from Macy's with thier credit card they can come and take it back). Also their is a limit to the value of assets you can keep, this is different in every state I'm sure. It is very complex, i have helped a few clients through it so can't explain it too well, hope this helped.
Mark, I'm sorry- this is funny as hell- Take notes and submit a copy to National Lampoon, I think you have enough material for a movie.
It could be because you have spoon fed us with detail and pics, long before
this post. Now we all have visuals of you pounding the rock, or
a bunch of snotty nose brats running amuck in your house. All you lack is
an ending.
