I am really feeling support by coming to this forum. Just to know that there are others who have gone through the hell I have gone through for the past two years is relief in itself - not to mention all the great advice I have received.
I want to get your opinion on a potential solution to my debt problem. Many of you have advised me to go ahead and file Chapter 7 since I am about to get sued by Chase Bank, Chrysler Financial, and U.S. Bank for around $130,000.00.
Here are the debts I am about to be sued over:
1. Chase Bank: $75,000.00 SBA Loan
Secured with business assets only. Chase has made it clear they don't want my 12 Dell servers that would only sell for $200 each on eBay now.
First court appearance was in late 2010 - I showed up, and Chase didn't. Haven't heard back from them since.
2. Chrysler Financial: $7,500.00 Vehicle Loan Balance
This is the remaining balance on my wife's 2008 Jeep Commander that was repossessed in late 2010.
3. U.S. Bancorp: $48,000.00 Unsecured VISA Cards
$30k of this was business VISA cards and the other $18k was for our personal VISA cards (wife and I).
None of these creditors has received a judgment against us yet. If I am correct, the first court appearance is an attempt to get a judgment. If they get one, they then have to file another lawsuit to determine my means of repayment and/or whether they can get a wage garnishment or levy my home or bank accounts. Am I correct in this assumption?
Okay, here's my idea. I go into court on each of these counts and represent myself as legal counsel. When the judge asks me to present my case, I tell him about how this particular creditor (Chrysler, U.S. Bank, and/or Chase) went bankrupt and received Federal bailout money in 2008/2009 "...financed in part by your Honor and myself." When this creditor needed mercy, the U.S. taxpayer stepped up to the plate and bailed them out. However, when I was only two months behind on my wife's Jeep payment, without notice Chrysler had it towed it out of our driveway in plain view of our neighbors.
I will explain to the judge how Chrysler, U.S. Bancorp, and Chase Bank overspent and bankrupted themselves by living lavishly beyond their means, and in so doing they pulled down the economy with them. This in turn bankrupted my business and sent several of my long-term devoted employees home with layoff notices - who in turn could not pay their mortgages and were forced into bankruptcy.
I will tell the judge that this creditor would not even be in business today to sue me "...if your Honor and I did not bail them out with our hard earned tax dollars." I will then submit Exhibit #A which will be a 5-page report of almost 1,000 large corporations and banks that received over half-a-trillion dollars in Federal bailout money. I will note to the judge that my business name is unfortunately not on that list, and that is why I am in court today.
I will also submit as Exhibit #B a news story from the Washington Examiner in 2009 about how Chrysler purchased the most expensive Superbowl TV commercial in history right after they received over $15-billion in bailout money in tax dollars "...financed in part by your Honor and myself." I will make sure to mention that U.S. Bank received $7-billion in bailout money and Chase Bank received more than $30-billion in bailout money.
I will remind the judge that, although these banks did pay the money back to the government - I am still waiting for my bailout check. If I would have received one, I wouldn't be in court today. In addition, I am asking that you void out this debt that I am being sued for based on the fact that "...if your Honor and myself didn't bail these banks out, they wouldn't have had the money to lawyer-up and sue hard-working Americans such as myself out of house and home."
My wife always tells me I should have become a defense lawyer... and I think I am up for the fight. I do very good in sales and convincing people of things that I am passionate about. I once got a judge removed from the bench in Illinois due to his courtroom behavior. My complaint launched an Illinois Bar hearing which ultimately resulted in my testifying before a grand jury of his peers. He became the first judge removed from the bench in Illinois in over 30 years. I can be tenacious when I feel I am being violated. But I also have enough business sense to try to pick my battles carefully without wasting precious energy and resources to fight a losing battle.
Worst case scenario is one of them gets a judgment and I file for Chapter 7 the next day before they can get another court date to try to collect. Best case scenario is that the judge agrees with me and declares the debt uncollectible. My wife thinks I might be able to convince at least one of the judges to do this if it is within his power to do so. However, could they endlessly appeal his judgment if that happens?
Even if I lose - at least I got to vent in a public hearing about these corrupt corporations and banks that got our bailout money while we all got the shaft in return.
What do you think... is this idea insane or genius?
I'd love to hear your opinion.
I want to get your opinion on a potential solution to my debt problem. Many of you have advised me to go ahead and file Chapter 7 since I am about to get sued by Chase Bank, Chrysler Financial, and U.S. Bank for around $130,000.00.
Here are the debts I am about to be sued over:
1. Chase Bank: $75,000.00 SBA Loan
Secured with business assets only. Chase has made it clear they don't want my 12 Dell servers that would only sell for $200 each on eBay now.
First court appearance was in late 2010 - I showed up, and Chase didn't. Haven't heard back from them since.
2. Chrysler Financial: $7,500.00 Vehicle Loan Balance
This is the remaining balance on my wife's 2008 Jeep Commander that was repossessed in late 2010.
3. U.S. Bancorp: $48,000.00 Unsecured VISA Cards
$30k of this was business VISA cards and the other $18k was for our personal VISA cards (wife and I).
None of these creditors has received a judgment against us yet. If I am correct, the first court appearance is an attempt to get a judgment. If they get one, they then have to file another lawsuit to determine my means of repayment and/or whether they can get a wage garnishment or levy my home or bank accounts. Am I correct in this assumption?
Okay, here's my idea. I go into court on each of these counts and represent myself as legal counsel. When the judge asks me to present my case, I tell him about how this particular creditor (Chrysler, U.S. Bank, and/or Chase) went bankrupt and received Federal bailout money in 2008/2009 "...financed in part by your Honor and myself." When this creditor needed mercy, the U.S. taxpayer stepped up to the plate and bailed them out. However, when I was only two months behind on my wife's Jeep payment, without notice Chrysler had it towed it out of our driveway in plain view of our neighbors.
I will explain to the judge how Chrysler, U.S. Bancorp, and Chase Bank overspent and bankrupted themselves by living lavishly beyond their means, and in so doing they pulled down the economy with them. This in turn bankrupted my business and sent several of my long-term devoted employees home with layoff notices - who in turn could not pay their mortgages and were forced into bankruptcy.
I will tell the judge that this creditor would not even be in business today to sue me "...if your Honor and I did not bail them out with our hard earned tax dollars." I will then submit Exhibit #A which will be a 5-page report of almost 1,000 large corporations and banks that received over half-a-trillion dollars in Federal bailout money. I will note to the judge that my business name is unfortunately not on that list, and that is why I am in court today.
I will also submit as Exhibit #B a news story from the Washington Examiner in 2009 about how Chrysler purchased the most expensive Superbowl TV commercial in history right after they received over $15-billion in bailout money in tax dollars "...financed in part by your Honor and myself." I will make sure to mention that U.S. Bank received $7-billion in bailout money and Chase Bank received more than $30-billion in bailout money.
I will remind the judge that, although these banks did pay the money back to the government - I am still waiting for my bailout check. If I would have received one, I wouldn't be in court today. In addition, I am asking that you void out this debt that I am being sued for based on the fact that "...if your Honor and myself didn't bail these banks out, they wouldn't have had the money to lawyer-up and sue hard-working Americans such as myself out of house and home."
My wife always tells me I should have become a defense lawyer... and I think I am up for the fight. I do very good in sales and convincing people of things that I am passionate about. I once got a judge removed from the bench in Illinois due to his courtroom behavior. My complaint launched an Illinois Bar hearing which ultimately resulted in my testifying before a grand jury of his peers. He became the first judge removed from the bench in Illinois in over 30 years. I can be tenacious when I feel I am being violated. But I also have enough business sense to try to pick my battles carefully without wasting precious energy and resources to fight a losing battle.
Worst case scenario is one of them gets a judgment and I file for Chapter 7 the next day before they can get another court date to try to collect. Best case scenario is that the judge agrees with me and declares the debt uncollectible. My wife thinks I might be able to convince at least one of the judges to do this if it is within his power to do so. However, could they endlessly appeal his judgment if that happens?
Even if I lose - at least I got to vent in a public hearing about these corrupt corporations and banks that got our bailout money while we all got the shaft in return.
What do you think... is this idea insane or genius?
I'd love to hear your opinion.
Bankruptcy Wizard
341 3/2/11 
Waiting for discharge........
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