Settlement Offers from Creditors

[SinkingFast]

Sorry to ruffle feathers...but if you are going to call me out..you better know whisky tango foxtrot what you are talking about..I will be taking my LSAT in June and fully expect to get into HLS.....

And you think that you were talking over our heads??!!

Some of us are more blunt and just say WTF??!!

WooHoo Harvard!! Impressed,............ NOT!!

The only thing you get from high named schools is some contacts and a diploma. 5 years down the road, some aggressive kid that graduated from Oral Roberts Univ Law School could mop the floor with you butt and you'd never know what hit you.

Didn't you see Legally Blonde??!! It's not where you go, it's what you do with it.

[no_it_all]

You know what is P-A-T-H-E-T-I-C ??? I actually re-printed the friggin' CODE right there in my post..and everyone STILL COULDN'T FIGURE IT OUT !!!!! It would be funny if it wasn't so sad....THEN..they argue about it....like they really know WTF they are talking about...what a joke! I am not here looking for pen pals...When I am wrong I say it...Ok, it hasn't really happened yet BUT if it did, ( a really big IF) I would fess up....

[no_it_all]

And you think that you were talking over our heads??!!

Some of us are more blunt and just say WTF??!!

No you friggin' IDIOT...some forums use algorithmic software text scanners that will delete posts containing certain letter combinations...Using full words will defeat it. If I wanted to talk over your head believe me, you wouldn't even know it..Just read my posts, you haven't figured any of those out yet........

[aa06a47]

When I was going to school, algorithmic software text scanners was software designed to recognize characters / words in a scanned image. It was /is used to convert handwritten stuff into documents such as word, wp, ect. Are you sure your not just trying to use big words there no-it-all? I don't have the time nor energy to check and see if your correct, not do I give a rats ass is your correct or not.

Best wishes to you no-it-all, your in denial that you need help, and your trying to feel better about yourself by trying to put yourself above everybody else. I do feel sorry for you. Perhaps some day you will find someone that loves you, but if you act like you act here to them, you'll never find it.

I think you probably do have good information to contribute to this forum, but you cloud that with your pompous attitude. Have a nice life.

[no_it_all]

Yes, this is similar software..I believe what you are referencing is called character recognition software (CRS) and is used in a physical "scanner" exactly as you described. I am not trying to put myself above everybody else. Do you know how frustrating it can be that I am CONSTANTLY told on this forum that I am wrong, and then I take the time to explain it, even to the point of posting code and walking people through it THEY STILL CLAIM I AM WRONG ???? They have a problem...What is so tough about admitting you don't know something??? I don't comment on a LOT of threads because you know what?? I have no friggin' idea what they are about!!!! I really don't get it....

[SinkingFast]

Yes, this is similar software..I believe what you are referencing is called character recognition software (CRS) and is used in a physical "scanner" exactly as you described. I am not trying to put myself above everybody else. Do you know how frustrating it can be that I am CONSTANTLY told on this forum that I am wrong, and then I take the time to explain it, even to the point of posting code and walking people through it THEY STILL CLAIM I AM WRONG ???? They have a problem...What is so tough about admitting you don't know something??? I don't comment on a LOT of threads because you know what?? I have no friggin' idea what they are about!!!! I really don't get it....

Because you are talking to people who have dealt with it in practice. Not in theory. That's where you are. In theory.

I did the same thing you're doing. Read the Codes. I am a reasonably intelligent person, quite capable of reading and comprehending.

When Hubby and I went for Consults, attnys said things I thought I knew were wrong, and I pointed them out. We pulled out the Code books and read the Codes. You know what. The attnys agreed that my interpretations were indeed ONE WAY of looking at the Code. But that's not how the Code is APPLIED here.

That was the case under Old Law, and it's still the case under New Law.

The Judges and Trustees of a Court in a District get together and agree on how they plan to interpret and apply the Codes in their area. Then they issue statements to all BK practitioners in the area on the subject, whatever it is. Then there's the findings handed down from the US Trustee's Office that get taken into consideration.

When we first started, there was no definition in the New Law for what constitutes a Household. That's the people in your family. We have an elderly parent living with us. The attnys here did not want to allow us to claim her for BK purposes. But excuse me. She meets the IRS Code definition of a Household member, and she meets the Census Bureau Code definition of a Household member. Didn't matter. Attnys weren't going to allow it. Since then, the US Trustee's Office has said, a Household is as defined by the IRS Code and the Census Bureau Code. Basically if you can take the person as a dependent for tax purposes, and the person is a member of the household related by blood and/or marriage, that person is a member of the Household for BK purposes. Now the attnys will allow us to include our elderly parent. Which is what I was telling the attnys in January, but they would not hear it. They said it was a good arguement, but I am not the US Trustee. Even tho I could quote Code and verse from both the IRS and the Census Bureau. Which are both the foundation for a lot of the BK Codes.

What it says in the Code, and how you interpret the Codes don't mean beans to how it's applied where you file. It's how the Court and the practicing attnys apply the Code. As one attny said to us on the elderly parent issue, "Old Law, I'd have taken it in in a heart beat. I'd have nothing to loose and pushing the Code is where Law gets made. But now, under New Law, if I'm wrong, I get fined." And he wasn't up for paying out of his own pocket to see if we were right. He said the same thing about borderline 7/13's. Old Law, he'd push the envelope sometimes just to see if he could get the 7 for the people. Now, no way. He get's fined if he's wrong. And he don't wanna pay.

Knowing it in theory and what happens in the Court are not always one and the same thing.

[Minnymouth]

No it all,

It's not the fact that you correct postings or post the code for the issue - it's the "insulting way" that you go about it....................

No one on this forum claims to be a expert EXCEPT YOU!!

If you are attending law school or fixing too - THAT'S GREAT - though don't practice your law on us - YOUR NOT QUALIFIED YET!!!

Yes you have all the qualities you need to be an excellent attorney - OBNOXIOUS, ARROGANT, NO IT ALL, RUDE, AND INSULTING ATTITUDE.....
YOU SHOULD MAKE A VERY GOOD ATTORNEY...... you have most of the traits needed to be one of the attorneys that some of us have had in our BK cases. Four of my friends are attorneys!!

A WORD TO THE WISE!! THIS INCLUDES EVERYONE!!

State your suggestons, facts or codes in your responses in a respectful manner towards one another

There is nothing wrong with a DEBATE over a topic............ BUT THE ARGUING WILL STOP.......... and attitudes need to CHANGE......

This is not a "battleground of wits" or "intelligence" it is a support forum and will stay as such!

By the way - "IT'S NOT HOW INTELLEGIENT SOMEONE IS THAT IS IMPORTANT - IT'S HOW THEY USE THAT INTELLIGENCE"

Minny

[Kam]

Amen Minnie, well said!

[no_it_all]

No it all,

Yes you have all the qualities you need to be an excellent attorney - OBNOXIOUS, ARROGANT, NO IT ALL, RUDE, AND INSULTING ATTITUDE.....
YOU SHOULD MAKE A VERY GOOD ATTORNEY......

You left out really, really smart !!!!

[SinkingFast]

You left out really, really smart !!!!

And ruggedly handsome!!

[no_it_all]

Insolvency exclusion. You are insolvent when, and to the extent, your liabilities exceed the fair market value of your assets. Determine your liabilities and the fair market value of your assets immediately before the cancellation of your debt to determine whether or not you are insolvent and the amount by which you are insolvent.

Exclude from your gross income debt cancelled when you are insolvent, but only up to the amount by which you are insolvent.

That last sentence scares me a little bit...It <appears> as though there may be a tax liabilty even though you were insolvent at that time of the "charge off". To wit: insolvent to the tune of forty thousand dollars, but have fifty thousand dollars in "charge offs"......I have no idea were you pasted this from, but it reads like Federal tax code....BTW, the thread this came from has 1099-C in the title if anyone cares to search and read it...

[SinkingFast]

I don't remember where it came from NIA.

Someone posted about not being tax liable if you were insolvent and I researched it. I do remember reading about filing for Insolvency at the IRS website but not sure if that's the source of that particular quote.

Most times I try to post a link or at least the name of the website where info comes from. Odd that I didn't that time.

[aa06a47]

That last sentence scares me a little bit...It <appears> as though there may be a tax liabilty even though you were insolvent at that time of the "charge off". To wit: insolvent to the tune of forty thousand dollars, but have fifty thousand dollars in "charge offs"......I have no idea were you pasted this from, but it reads like Federal tax code....BTW, the thread this came from has 1099-C in the title if anyone cares to search and read it...

I read the code awhile back, so memory might be fuzzy, but this is my interpretation of it. Basically, say you owe 500K, everything you own is worth 200K, your are insolvent by 300K. You can discharge debt out your ass without paying taxes on it. OK, you had worked with several of your creditors and discharged a crap load of this debt and then all the sudden you are down to owe $199,999 but are worth 200,0000. Your not insolvent anymore.

There will come to a point where you can discharge yourself into a tax liability, and eventually you will if you own property. Tax wise, it is always better to file BK, then there is no tax liability on debts discharged in BK.

[Minnymouth]

No It All,

"The really, really smart " that you think I left out........... well, that's debatable................ book learning only goes so far, common "horse sense" and "street living experience" goes a long way!!

Also they said we left out "handsome" - well, that's in the eye of be-holder! And these old eyes have not "feasted" on you yet!!

Are you ALWAYS RIGHT - not on your "best day"!!

With the "right attitude" you have a great deal to offer this forum.........

But I do like your "wit" (you do have a humorous side) - you are aggressive (that's a good trait), you are out-spoken (hope your that way in Court also), and it sounds like you have your life all planned out - (and there's nothing wrong with that)......

Minny