Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Telethon Will Raise Funds to Buy, Then Cancel, Consumer Debt

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Telethon Will Raise Funds to Buy, Then Cancel, Consumer Debt

    Friday, November 9, 2012

    First there was a bailout for many of the nation’s banks. Now comes one for some of their customers.
    Strike Debt, a movement that emerged from the Occupy Wall Street movement, announced plans Friday to stage a variety show and telethon to raise money to buy and cancel consumer debt.
    The event, which is slated for Nov. 15, will benefit “The Rolling Jubilee,” a project that organizers say can raise awareness of what the group describes as predatory debt practices, debt resistance and mutual aid.

    “We buy debt for pennies on the dollar, but instead of collecting it, we abolish it,” Strike Debt says on its website. “We cannot buy specific individuals' debt – instead, we help liberate debtors at random through a campaign of mutual support, good will, and collective refusal.”

    Organizers are billing the telethon, which will originate from Le Poisson Rouge, a bar in Manhattan’s Greenwich Village neighborhood, as a “wild night of music, comedy, magic, education and the unexpected,” according to the event’s website.

    Actor and comedian Janeane Garofalo, “Daily Show” co-creator Lizz Winstead, author and political scientist Frances Fox Piven of the City University of New York, guitarist Lee Ranaldo of Sonic Youth and other performers and activists from Strike Debt and Occupy Wall Street will gather to raise money to buy debt so they can forgive it.

    For its part, Strike Debt, which did not respond immediately to a request for comment, works to educate consumers about the perils of debt in varied forms.

    “Debt is the tie that binds the 99%, from recent graduates paying hundreds of dollars in interest every month on their student loans, to elderly homeowners underwater to the banks, to teachers and firefighters forced to take pay cuts because their cities are broke, to countries that that have to slash school and hospital budgets to pay back bondholders,” the group writes on the telethon’s website.
    In September, Strike Debt and Occupy Wall Street published a “The Debt Resistors’ Operations Manual,” which “aims to provide specific tactics for understanding and fighting against the debt system so that we can all reclaim our lives and our communities,” according to the preface.

    The manual “contains practical information, resources and insider tips for individuals dealing with the dilemma of indebtedness in the United States today and also introduces ideas for those who have made the decision to take collective action.”

    Though Strike Debt has not detailed how it goes about buying or cancelling debt, the group says it is making progress. “Just two hours since launch and we're already halfway to our goal of $1M debt abolished,” Strike Debt tweeted Friday.

    By Brian Browdie

    http://www.collectionscreditrisk.com...nopagination=1
    Last edited by frogger; 11-25-2012, 09:03 AM.
    All information contained in this post is for informational and amusement purposes only.
    Bankruptcy is a process, not an event.......

  • #2
    Sort of funny. I hope they're prepared to issue a bunch of 1099's for forgiven debt

    Sample Letter from Strike Debt

    Great news Ms. Jones. We bought your $12,000 account from Chase and we have forgiven 100% of that debt. That's right, you do not need to pay us a penny. The banks received their bail-out at the expense of taxpayers, Strike-Debt has marshaled the resources of individuals to buy debt form this banks and forgive it.

    Thank you for your support and best wishes.

    P.S. The IRS treats forgiven debt as income, so we have attached your 1099 and you may have to pay income tax on the $12,000 that we forgave. Good luck.

    Sincerely
    Joe Shmoe
    Strike Debt.
    Last edited by HHM; 11-16-2012, 07:08 PM.

    Comment


    • #3
      Originally posted by HHM View Post
      Sort of funny. I hope they're prepared to issue a bunch of 1099's for forgiven debt
      That's the problem with this well intentioned scheme. Maybe they should contact people before they forgive the debt and replace a dischargeable debt with non-dischargeable tax liability. That could be a pretty depressing letter for somebody who is about to file bankruptcy and can't prove insolvency to exempt the forgiven debt from income.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


      • #4
        This brings up an interesting question. Can someone decline this debt forgiveness?

        Comment


        • #5
          Originally posted by joshuagraham View Post
          This brings up an interesting question. Can someone decline this debt forgiveness?
          Good question. But, one thing Strike Debt could do is contact the debtor and say we'll give you a choice: We'll either forgive the debt in which case you may have tax liability, or you can start making payments to us at a very low interest interest rate over whatever period of time is needed to make payments affordable. Then they can use the money they bring in for administrative expenses and to buy more debt.
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

          Comment


          • #6
            I would bet that they will not file a 1099 or anything else with the IRS whether it is legal or not. They consider the debt to be unjust and/or illegal and they will have nothing to do with helping the government collect taxes on such a debt.
            Lawyer - $3000
            Filing fee - $299
            Fresh Start - Priceless

            Comment

            Unconfigured Ad Widget

            Collapse
            Working...
            X