Originally posted by swampwiz
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OK, I'll wait for 6 months to get the proper look back - whatever my attorney says.
Not a mere pittance where $1K a month is a damn good salary. And I would expect to look for work from time to time when the job situation would recover. I would do work via O-Desk (I think that is what it is called) and complete with the Romanians and Russians. I could teach English, perhaps get a job at the embassy, etc.
Let's review the original post, shall we?
The exemption is $35K, so the total house would be $53K. That still may not sound like much, but it is good enough to get a very good condition 800 ft^2 house on a nice little lot in a cheap area of the country.
Sorry for being very proactive and curious.
You must have a problem with logic and reading comprehension. I was not regretful at all. I just want the trustee to say it's OK for me to reaffirm my debt with possibly no income, with the knowledge that I have a fat 401K from which I can withdraw cash and pay up immediately following the BK.
So you are saying that I should draw out my 401K to pay my debts? I don't agree with you. OJ Simpson does not agree with you, and I'm sure that even the trustee and the MBA's at the creditors would feel the same way about their own 401Ks.
Of the 40K in cash is 23K of a grant that was given to me to buy a home after a natural disaster (to be combined with the proceeds from the sale of another homesite that had been purchased earlier with the intention of constructing a home, which had to be abandoned because of the bankruptcy.) I would be violating the fiduciary trust of that grant to NOT buy the home. And in any case, wouldn't it be better for me to not get any more into a hole so that the creditors would get nothing? As it stand now, the creditors are likely to 25%.
And as for me not taking advantage of the exemptions as they are on the books, that's like saying that someone should not take advantage of tax breaks. To quote Supreme Court Justice Learned Hand:
I am in my right to decrease the amount that I owe my creditors so long as they are legal. Congress and my state legislature wrote the laws that way - it is better for a corporation to take a small loss then to have citizenry impoverished and dependent on the public dole. If I am not forced to take a withdrawal from my 401K to pay the creditors, then so be it. The fancy MBA's at the creditors looked into the mathematical models to figure out how to maximize their lending yield. Obviously, I must have been doing something right - and quite frankly, had I not had a series of unexpected circumstances, those MBA's would have been right about me - just like the Masters of the Universe on Wall Street that somehow figured out that an immigrant maid should be able to buy a $500K home.
The bottom line is that we have all learned lessons in this. I will no longer be seduced by the low interest balance transfer come-ons - even though I used that leverage to put off paying for things and building a nest egg to invest in the market and do very well in it. This time it didn't work, but even if it did, it could have been possible that I would still have been in this position (albeit down the road a while) in the future due to continued difficulty finding proper work because the leaders of this country would rather allow foreigners to come in and take away the jobs of highly educated Americans.
Not a mere pittance where $1K a month is a damn good salary. And I would expect to look for work from time to time when the job situation would recover. I would do work via O-Desk (I think that is what it is called) and complete with the Romanians and Russians. I could teach English, perhaps get a job at the embassy, etc.
Let's review the original post, shall we?
The exemption is $35K, so the total house would be $53K. That still may not sound like much, but it is good enough to get a very good condition 800 ft^2 house on a nice little lot in a cheap area of the country.
Sorry for being very proactive and curious.
You must have a problem with logic and reading comprehension. I was not regretful at all. I just want the trustee to say it's OK for me to reaffirm my debt with possibly no income, with the knowledge that I have a fat 401K from which I can withdraw cash and pay up immediately following the BK.
So you are saying that I should draw out my 401K to pay my debts? I don't agree with you. OJ Simpson does not agree with you, and I'm sure that even the trustee and the MBA's at the creditors would feel the same way about their own 401Ks.
Of the 40K in cash is 23K of a grant that was given to me to buy a home after a natural disaster (to be combined with the proceeds from the sale of another homesite that had been purchased earlier with the intention of constructing a home, which had to be abandoned because of the bankruptcy.) I would be violating the fiduciary trust of that grant to NOT buy the home. And in any case, wouldn't it be better for me to not get any more into a hole so that the creditors would get nothing? As it stand now, the creditors are likely to 25%.
And as for me not taking advantage of the exemptions as they are on the books, that's like saying that someone should not take advantage of tax breaks. To quote Supreme Court Justice Learned Hand:
I am in my right to decrease the amount that I owe my creditors so long as they are legal. Congress and my state legislature wrote the laws that way - it is better for a corporation to take a small loss then to have citizenry impoverished and dependent on the public dole. If I am not forced to take a withdrawal from my 401K to pay the creditors, then so be it. The fancy MBA's at the creditors looked into the mathematical models to figure out how to maximize their lending yield. Obviously, I must have been doing something right - and quite frankly, had I not had a series of unexpected circumstances, those MBA's would have been right about me - just like the Masters of the Universe on Wall Street that somehow figured out that an immigrant maid should be able to buy a $500K home.
The bottom line is that we have all learned lessons in this. I will no longer be seduced by the low interest balance transfer come-ons - even though I used that leverage to put off paying for things and building a nest egg to invest in the market and do very well in it. This time it didn't work, but even if it did, it could have been possible that I would still have been in this position (albeit down the road a while) in the future due to continued difficulty finding proper work because the leaders of this country would rather allow foreigners to come in and take away the jobs of highly educated Americans.
) or something not so good, or when I learned the levee broke and didn't know exactly how high the water got (had it been another 1-1/2' I would have lost a lot more stuff that had great meaning to me.) In the end, those situations worked out for the best, and I am cautiously optimistic that this situation will be as well.
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