Making purchase after bk

[DebtStinks]

In CA with no equity in your home you *could* exempt up to $21,825 in cash with your wildcard if you have no other assets to protect.

[WorkingItOut]

For starters, when the burden of debt (credit cards, mortgage notes, loans, etc...) is off your shoulders AFTER you file BK, you are able to accumulate a savings.

Exactly.

Once I stopped paying all of my debts, I had money left over each month and was able to start saving. I'm not even discharged yet and I've managed to accumulate some (small) savings.

[Intoodeep80]

Not trying to be nasty here, but if one has a bunch of cash to go out and buy something, why and how did they get through a BK?

Unless they now have a job that pays a lot more than before, if one didn't have enough money coming in to pay bills, where did all this "new" cash come from? - jb

For starters, when the burden of debt (credit cards, mortgage notes, loans, etc...) is off your shoulders AFTER you file BK, you are able to accumulate a savings.

I know this because I have. I stopped paying my mortgage, auto, and boat loan in July 2008. I was able to save the money and use it for a security deposit + 1st month rent on a house, because I surrendered my home.

I also used the money I saved to take over a lease on a car. Mine was being surrendered and was unreliable.

I was able to go to the Dr's for the first time and pay my balance up front, that way I can keep going back and get the care I need for my bad heart and COPD (Im 29 years old)

Now that Ive had my 341 and am "settled", I have opened a savings account (ok per my lawyer) and have a sizeable accumulation. I plan on buying a boat (since I surrendered mine) in the future. This time I can pay cash instead of having a payment because I never, ever, ever want to be in this position again

[jeb]

I hope that's the case. I was hoping to buy a nice car for cash after the bankruptcy.

Not trying to be nasty here, but if one has a bunch of cash to go out and buy something, why and how did they get through a BK?

Unless they now have a job that pays a lot more than before, if one didn't have enough money coming in to pay bills, where did all this "new" cash come from? - jb

[debtmonster]

I hope that's the case. I was hoping to buy a nice car for cash after the bankruptcy.

[EricaCallaha]

Your bankruptcy is discharged. What can they do?! Did you lie about something in your paperwork? I wouldn't worry about it too much.

Live your life....your bankruptcy is over.

[debtmonster]

Because now you have an asset that they could take. I've read some people on here getting ragged on within 6 months of discharge. It's like you need to stay poor or something for 6 months afterward just to stay under the radar. Totally ridiculous.

[jessegirl]

No, why would there be a problem, you are discharged and free to do what you want.

[debtmonster]

Yes, I'd also like to know the ramifications on this. Somebody please reply!

[drowningNdebt]

I was thinking about buying a motorcycle after I'm discharged. Is there anything I should need to worry about. It would be a preowned motorcycle, cash deal abiut $6500.