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    Scammers new Porsche, possibly the last how to

    Hi djk & Minny,

    Don't you guys work, how can you post all day long. I get so jammed up with work in the middle of the day, I don't know how you do it. Thanks for the compliments on the new wheels.



    You know this is the second Porsche I have, the other if you remember is in the garage from a little accident.
    I declared that one on my bk schedule, and I am pretty sure trustee abandoned that one, since he didn't object to the exemption of value I threw on it.

    The new Twin Turbo was the result of a little negotiation between myself and the trustee. I keep getting blamed for doing all these things that people are quick to call fraud, but in reality are negotiations that the trustee can reject at any time. I think I am starting to get sick of posting again, seems like a circle for me. Post what I do, get called a fraud, defend my actions, teach people concepts. For what?? My health....I am going to share how this new car deal went down for me.

    If you remember I had wrecked a Mercedes a while back, and this is how this thing grew.

    The car was worth $44,000 low retail
    Wholesale $40,000
    damage incurred $6,500
    Debt to bank $30,000

    these #'s rounded off, keep it easy

    I deleted the post, when I was in the mood of why help anyone else, what have they done for me attitude. The Insurance Company wanted to give me $6,500 cash for the damage to the car, I choose to cash out and accept this sum as payment for damages incurred. I get the car fixed for $2,600, this is accomplished through cheaper labor from a friend, and revitalizing parts instead of replacing. I pocket $3,900 for my ability to repair the car for a lessor sum. In a letter documenting to the trustee through my attorney the car has a diminished value from the accident, a long legal battle if the trustee wants to pursue a suit against insurance Company. I tell the trustee that I have plans to trade the vehicle in. He agrees to accept a fair market wholesale value of this car of $33,000. I agree to give him $3,500, $3000 above the loan balance, the equity and also an additional $500 I throw in for being allowed to keep the additional $2,100 in sales tax savings toward the next car.

    The car gets traded at a dealership and I strike a deal to buy their car, if instead of them keeping or selling the Mercedes, the car goes to a highline luxury sale for dealers in Chicago. I commit to a no risk sale on there part which means if this car goes for less than $33,500 I am losing. The car brings $37,600 and I get a credit toward the used Porsche of $7,600 on their lot, plus I put down the $3,900 for a grand total of $11,500. Remember this whole deal only had $10,000 equity at most in the beginning, and it was the trustee's. He ended up with $3,500 and I got $8,000.

    Like my Hero Donald says, it is all about the art of the deal.

    I took a risk several places here, but through managing the rebuild process or putting the deal together with the dealership, you have to know what is going on. I knew that the car would bring big dollars in Chicago regardless of the damage disclosure, it carried. Spring time is hot at the auctions. My wife threw another $22,000 toward the car, for a total of $30,000 down on a smokin deal of $72,000. Plus we run the credit through her name for a 6.8% remaining loan This car had a MSRP of $137,000.

    Oh as far as Mommy & Daddy's money, I have great parents and I am in no hurry like most people to collect those dollars, from my parents. I have done well for my parents as I am there broker.

    Thanks again for the compliments, now I have to work fifteen minutes later cause I was screwing off again. Like I said before, I miss those guys from that business board, they were full of cutting edge ideas that operated within the laws.
    Last edited by scammer; 06-07-2006, 01:10 PM.

    #2
    You know, I do not know if this dude is for real or not!.....I've read all his posts though, I guess if he wants attention he got mine. I'm not saying I think his methods are right, but I am completely intrigued....

    I'm going through divorce which is totally stressing me out. My divorce has turned nasty. I'm planning the best time to start my bankrupsy, which I find the whole intire thing intimadating. And I sit here reading this guys posts (heck maybe "hes" a woman, lol), and I just keep thinking "geez I wish I had balls like that." Ohhhh to not care, and not be afraid anymore....

    Comment


      #3
      Scammer moves in totally different circles than most of us so he has a totally different perspective than the rest of us.

      He filed single so his wife kept good credit. I'd bet that all his major assets were even in her name before he filed. Not his so the Court couldn't touch 'em.

      Scammer is definitely one of a kind. Here or anywhere!
      Filed Ch 7 - 09/06
      Discharged - 12/2006
      Officially Declared No Asset - 03/2007
      Closed - 04/2007

      I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

      Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

      Comment


        #4
        Hey, more power to ya Scammer. If I had the means _I_ certainly wouldn't complain about the "deal" you were able to negotiate.

        Congrats!
        Filed Ch. 7 Pro-Se: 10/12/06
        341: 11/6/06 (went AMAZINGLY well!)
        Discharge: 1/12/07
        Closed:1/19/07

        Comment


          #5
          Scammer really does his "homework" on getting things done, but yet stay within the law.......

          Nothing wrong with being "smart"...... Many of us could have done a lot better (me included) with our bankrutpcies had we been more informed and actually knew what we were doing when we filed BK. Most of us (like me) left it too our Attorney to handle -- (big mistake on my part).....

          We could have approached it in a "business manner"...... instead of whining "woe is me, what am I going to do" manner...... I'm as guilty as the rest of not really understanding the aspects of bankruptcy and the many options and paths that I could have used and taken....... "hindsight" is just that "hindsight"..... too late in the end.

          I compliment Scammer for "being smart" and "business like" regarding his bankrtupcy...... By doing so, he stayed on top of things, managed to salvage everything he possibly could and even cut deals with the Trustee regarding assets.....

          Some may not concider his actions ethical but he seems to stay within the laws of the land...... maybe not what some consider "moral laws"...... but legal nevertheless.....

          And Scammer, yes I do work everyday............ just pop in and out on a regular basis....................
          Minny

          "It's amazing the paths that our feet sometimes follow in life".

          My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

          Comment


            #6
            Originally posted by SinkingFast
            Scammer moves in totally different circles than most of us so he has a totally different perspective than the rest of us.

            He filed single so his wife kept good credit. I'd bet that all his major assets were even in her name before he filed. Not his so the Court couldn't touch 'em.

            Scammer is definitely one of a kind. Here or anywhere!
            Actually my wife and I have always kept our funds and debt seperate. For us if you can't tell, I represent the spender in the family and she represents the more conservative side. When I was looking into bk a year ago, that was a big concern for us. I forget all the rules because I am old law, but once things start getting commingled it is hard if not impossible to drop spouses names off and go seperate. So here is an example of dumb luck, in the future I will relay on here credit a bit, or simply put deals through on her side, for her benefit. The Porsche I think is the first time in I can't remember when, that we have commingled a deal.

            Comment


              #7
              so, God Bless your wife and your parents. Nothing like a broker who charges his parents commission, huh? and such a giving wife, yet you leave her in a split second for a cheap swap, that is if your the same guy, right? as for the porsche, never owned one but I've kept them running like a sewing machine for guys like you when I was in my 20's (a long time ago) a '73 targa was my favorite customers' ride at the time. you should write a book with the Trump about going bankrupt, you both are so good at it. peace and out.

              Comment


                #8
                so, God Bless your wife and your parents
                Yes, but I think I made them, not the other way around????

                Nothing like a broker who charges his parents commission, huh?
                Whats wrong with that? I have done well for him, I deserve to be compensated for my advice.

                such a giving wife, yet you leave her in a split second for a cheap swap
                Yes, we are in the lifestyle and own the commercial building that a club is operated out of in Dekalb Illinois. By the way, we bought the building for $60,000 over ten years ago within one of our family LLC. The building is currently assessed over $350,000 with 2/5 being my parents share. We then have done a triple net lease on the property to another corporation that runs this business in there, along with a printing business. My parents don't even know what goes on in the other half of the building, nor do they probably care. You could probably figure out the building this business operates once a month out of. Monthly it has a hugh gathering of cars around it with security staff in the lot. Myself and several highline cars usually are parked by the door, although I might go only about four times a year now. As long as the Corp tenants pay the rent on time to our LLC, that is all that matters. My 1/5 share was sold too my wife about two years ago at fair market.

                never owned one but I've kept them running like a sewing machine for guys like you when I was in my 20's (a long time ago) a '73 targa was my favorite customers' ride at the time.
                I am actually a Ferrari nut, sold my 1999 last year, when I wasn't feeling real good about what was going on at work. Owned it for cash, so I needed to funnel those funds to an exempt spot, for me it was my home. My senses were correct, with me being terminated along with several other brokers for not pushing in-house products.

                In case you didn't see my other thread how I was able to file here it is;

                This is exactly how I was able to file. Lost my job at a wirehouse, spent the whole 2005 moving clients to my own firm. Had a total income for myself of less than $30,000, down from over $300,000. Now things are settling down my income has been climbing back for 06. Corporate politics have created the fire in my belly to never return to the large Corporation ever again. I never want to walk in and have the rug pulled out on their whim.
                Last edited by scammer; 06-08-2006, 05:52 PM.

                Comment


                  #9
                  Scammer...I wish that I had the business sense like you. Maybe once me and my hubby get ourselves on our feet we will be looking you up. We are so sick of just getting by...LOL!

                  Chapter 13 conversion to chapter 7 filed 5/9/06
                  Auction for vehicle completed!
                  Deed in lieu of home completed
                  Discharged:8/16/06 and Closed:8/16/06

                  Comment


                    #10
                    Why does everyone give Scammer shuch a hard time? What difference does his personal life make to anyone on here? As for his "ethics" in regards to bankruptcy? Hell, he saw the writing on the wall and prepared himself as best as he could to come out of the process in as good a position as possible. That is no less than ANYONE else on this board has done and would do again. His starting point was higher, his ending point is higher.

                    It sounds to me like he has really good business sense. As for ethics, I can't think of any time he ever suggested doing anything illegal or said that HE did anything illegal. His "swinger" activites are his own personal business and if he and his wife are fine with it then why the hell should anyone else be bothered by it??? Last I saw he hasn't asked anyone HERE if they want to get together!

                    People need to get over this "rich people are evil" thing. It's annoying.
                    Filed Ch. 7 Pro-Se: 10/12/06
                    341: 11/6/06 (went AMAZINGLY well!)
                    Discharge: 1/12/07
                    Closed:1/19/07

                    Comment


                      #11
                      Originally posted by LostOne0069
                      Why does everyone give Scammer shuch a hard time? What difference does his personal life make to anyone on here? As for his "ethics" in regards to bankruptcy? Hell, he saw the writing on the wall and prepared himself as best as he could to come out of the process in as good a position as possible. That is no less than ANYONE else on this board has done and would do again. His starting point was higher, his ending point is higher.

                      It sounds to me like he has really good business sense. As for ethics, I can't think of any time he ever suggested doing anything illegal or said that HE did anything illegal. His "swinger" activites are his own personal business and if he and his wife are fine with it then why the hell should anyone else be bothered by it??? Last I saw he hasn't asked anyone HERE if they want to get together!

                      People need to get over this "rich people are evil" thing. It's annoying.
                      You made a very good point--I think I'm probably more jealous than anything else of his starting point and his ability to maintain it post-BK. And since occasionally he flaunts it, it can become a sense of frustration when you're just barely making ends meet.

                      I guess I had a misconception coming into the whole BK process that people who are upper or upper middle class would have to adjust their lifestyle down to at least middle class and would be pushed into the Ch 13 route.

                      On one hand, I give him credit and know he's not doing anything illegal, but there's a difference sometimes between the letter of the law and the spirit/intention of the law--albeit a law that is poorly written and doesn't catch the high income filers like it intended to--which is not Scammer's fault.

                      As for his personal "swinger"life, I could care less--none of my business.
                      Last edited by anonymuse; 06-09-2006, 05:50 AM.
                      *** THIS IS NOT LEGAL ADVICE--ONLY A LAWYER CAN PROVIDE THAT. ***

                      My posts represent hours of research on and off the web, these forums, my experience, and my opinions.

                      Comment


                        #12
                        Originally posted by LostOne0069
                        Why does everyone give Scammer shuch a hard time? What difference does his personal life make to anyone on here? As for his "ethics" in regards to bankruptcy? Hell, he saw the writing on the wall and prepared himself as best as he could to come out of the process in as good a position as possible. That is no less than ANYONE else on this board has done and would do again. His starting point was higher, his ending point is higher.

                        It sounds to me like he has really good business sense. As for ethics, I can't think of any time he ever suggested doing anything illegal or said that HE did anything illegal. His "swinger" activites are his own personal business and if he and his wife are fine with it then why the hell should anyone else be bothered by it??? Last I saw he hasn't asked anyone HERE if they want to get together!

                        People need to get over this "rich people are evil" thing. It's annoying.
                        from my viewpoint rich people are not evil. on the other hand, scammer is not a rich person. scammer lives off of other peoples money. also, he kinda invites some responses by the manner in which he posts. this is my opinion, your mileage may vary. best of luck to you and scammer, by the way.

                        Comment


                          #13
                          You got that right! Like I said scammer I will be calling you once I am ready to make some real business ventures!!

                          Chapter 13 conversion to chapter 7 filed 5/9/06
                          Auction for vehicle completed!
                          Deed in lieu of home completed
                          Discharged:8/16/06 and Closed:8/16/06

                          Comment


                            #14
                            This is all making me ill. We are earning only enough money to keep a roof over our heads, driving a 13 year old car, pay our electric and phone and are being treated like we are committing fraud because they don't believe we can live so frugally - ALL because of the OJ's, Donald Trumps out there and "others" who have abused the bankruptcy system that was to give people a fresh start. I can't afford an attorney and have to pray that the sheriff doesn't come and take my pots and pans and 10 year old 13" TV.

                            Are the Trumps and the OJs out there smart - not smart, just know how to use a badly designed sytem because they can pay for it while the rest of us live day to day wondering how to make ends meet - sometimes by our own doing, sometimes just because of things that have happened in life.

                            I will not applaud nor commend nor encourage this use of a system that was to help people start fresh and become productive members of society.

                            Comment


                              #15
                              Originally posted by catwhisperer
                              <snip>Are the Trumps and the OJs out there smart - not smart, just know how to use a badly designed sytem because they can pay for it while the rest of us live day to day wondering how to make ends meet -
                              Some people have a gift of finance, others maybe medicine, others law, they are all smart, but have chosen to focus their cognitive horsepower and resources into different areas...I know some very intelligent physicians that do not fully understand the power of compound interest or the time value of money...they aren't stupid by any means, just not really interested in finance or money matters and have no acuem in that particular domain.

                              There is also a correlation (some researchers would suggest it is also causal) between intelligence and financial fitness (see the book, The Bell Curve). Of course these are generalities and there are exceptions..

                              Finally, proper planning prevents piss-poor performance, so anyone that does not take full advantage of the bankruptcy laws is a fool.........In fact, after rooting around on this forum for the last few months I would suggest that most Pro se filers have a fool for an attorney...........JMHO
                              NOTE: I am not a lawyer...any advice I give is for entertainment purposes only. Legal questions should be directed to competent counsel. I am just a troll. Or a Toad.

                              Comment

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