just passing thru and have some questions? I have recently gotten into a debate with a friend who may be facing bankruptcy. He had suggested something along the lines of running his credit cards up and spending then filing bankruptcy. Can this even be done legally? I think he was saying something along the lines of liquidating items then rolling the money into his house or something? His house is protected from credit debt. Thanks in advance for any advice given.
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You have to open up your whole financial history for these people. One of the first things they asked us is have you used your credit cards in the past three months, and is so, what did you buy and why. If they see that there has been excessive spending, they might through it out.
Bankruptcy is for those who are really in trouble, not for those who are trying to beat the system or get more out of the system. It really burns me up!!!
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thanks for the reply.
Hypothetically saying that with some time and planning one might be able to do this with limiting certain things he/she buys. There are people who easily rack up 50k-75k in credit card debt then are forced to declare bankruptcy. Pay the minimum 9-11 % or whatever your debt is for a period of time a year or even 2 then declare bankruptcy and make out with roughly 60-45k. Could this be done?
"trying to beat the system or get more out of the system" It seems the "system" is always trying to get more out of us. I do not condone statement above even if it is at all possible. thanks in advance for the replies.Comment
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Here it is if this is your line of thinking "beat the system or get more out of the system" it is pieces of $h## like you that helped the big credit card companies change the law. Most of the people who have filed had some kind of problem, bad health, divoice, job loss etc. And after working hard to solve the problem looked to filing a bk as the last option. I always wish any body here good luck because i can understand why they are here. But to you I say "may your dogma eat your karma" What goes around comes around and there is never a free ride.Originally posted by Beirutchamp1Comment
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"Here it is if this is your line of thinking "
Obviously being broke has affected your reading comprehension skills. Let me post it again for you.
"I do not condone statement above even if it is at all possible."
Trying to spark a little intelligent conversation, but I can see your not up to it or able to hold one. "Thank you and drive thru" maybe someone else has something to actually offer this topic. I'll repeat the question "Is it possible"?Comment
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Your treading a fine line here, because you are basically asking us how to commit bankruptcy fraud without really committing bankruptcy fraud. Unfortunatly, time is running out on your "friend", by the time he is able to put enough distance between himself and these planned purchases, the new bankruptcy laws will be in effect and then nothing will save him/her.Comment
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Ditto........................Originally posted by HHM
The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.Comment
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Ok. thanks hhm and Todd. Do you know of where I can find the new bankruptcy laws and when they'll be implemented. thanks again . BriComment
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go to the Bankruptcy News forum and go to link re: reformed lawOriginally posted by Beirutchamp1
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As for when, the bulk of the new bankruptcy law takes effect October 17, 2005.Comment
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Wow great information thanks. ps I like the site it was very helpful. Good luck to all who are in actual debt. Bri.Comment
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