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

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Bankruptcy and well being old

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  • #16
    No I have not filed bankruptcy yet. Probably sooner than later.

    Bankruptcy is serious business and should be treated as such. We each have a responsibility to look after ourselves and understanding the laws of Bankruptcy and state laws dealing with debt is the first step in that process.

    As an older person there are protections under some state laws that for all practical purposes can make you judgment proof. If your income and property is exempt from creditors and the only thing they can hope to get is judgments and property liens so what. Liens can be removed in bankruptcy and why not let your creditors burn through as much money as possible for nothing?

    Also keep in mind the likelihood of medical debt is larger than at any time in your life. And that likelihood increases as you get older. This by itself is a huge reason to avoid bankruptcy until the last moment. Do not lose the option. Think about this you file for bankruptcy, get discharged, then have a heart attack rack up huge debt that you then have no way to deal with. A creditor gets a lien on your property for the debt, it can`t be stripped and then you pass away before 8 years passes and you can get another bankruptcy. The law of unintended consequences.

    See there are instances where bankruptcy is a horrible option for older folks.


    • #17
      Originally posted by td1 View Post
      As an older person there are protections under some state laws that for all practical purposes can make you judgment proof.
      I have to keep saying this; there is no such thing as judgment proof. You yourself write that they can still obtain judgments and liens. I agree that many elderly persons are "collection proof" but certainly not judgment proof. If a creditor decides not to sue and obtain a judgment, that does not make the debtor judgment proof; it simply means the the creditor looked to their chance of "collecting" on a judgment and weighed the value of obtaining a judgment.

      I just don't want anyone to keep reading this thread and come out with the idea that there is such a thing as being judgment proof. There simply is not. Each individual has certain factors and certain creditors and when combined, may make them not only collection proof but unlikely to be sued.

      (There are some Web sites that blog about being judgment proof and then dance around the fact that you can still be sued, the suit reduced to a judgment, and a judgment actually entered against you. If there is nothing upon which the creditor can levy their judgment, then that is simply being collection proof. I feel bad because that term, judgment proof, keeps being passed around and it's not only a misnomer, it can give people a false sense of security.)

      As for your theory on bankruptcy, that's simply not the entire story. You can file Chapter 13 once 4 years has elapsed from a Chapter 7. That case would be dischargeable and you can strip liens. Life happens and death is no friend. You simply don't "lose" a bankruptcy option at all. You could even file a Chapter 7, discharge, and immediately file a Chapter 13 (the so-called Chapter 20). There are many ways to plan and to use bankruptcy correctly. My elderly parents have filed Chapter 7 twice (past 70).

      Life happens.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      I am not an attorney. Any advice provided is not legal advice.


      • #18
        Life does indeed happen and at our age there are not that many chapters left. If a judgment can result in no action in the real world then it is sterile and should we concern ourselves with sterile things? I would much prefer to be at the beach and let creditors, if creditors so choose, let them knock themselves out, they go to behind door number 3 where there is nothing. Worrying about judgments when you have assets that cannot be touched is silly.

        The only thing that anyone should take from this discussion is think for yourself. Do what is right for you. Read the laws and don`t trust anyone.

        The irony of this discussion there are some very solid reasons to file bankruptcy. Not one of them has been discussed. Interesting.

        Good luck.


        • #19
          Originally posted by td1 View Post
          The irony of this discussion there are some very solid reasons to file bankruptcy. Not one of them has been discussed. Interesting.
          It's not ironic, it's by design. We are talking about being collection-proof, which doesn't involve bankruptcy. It's an entirely different track/tactic. Not everyone needs to file bankruptcy. Not everyone is collection-proof (most people are not). Not everyone wants to file bankruptcy.

          If you want to talk about bankruptcy itself, this could certainly get into the nitty-gritty. The seasoned folk here know enough that we don't know everything and that each individual is seen as such. There is no real one-size-fits-all and... not everyone needs to file bankruptcy.

          (There are factors in being collection-proof that are only so based on where you live. As for income from protected sources, that's a non-starter. For property, the State in which the property is located and/or if the collection-proof person moves and acquires property in a different State with different collection laws, that's a major factor. Example, in Florida I enjoy an unlimited homestead exemption on my home. I am collection-proof on involuntary claims "against" my home. But, if I sold and moved to Virginia and bought a new house there, have I now exposed myself to collection?)
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog

          I am not an attorney. Any advice provided is not legal advice.


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