Hypothetical Question #2 - Winning the Lottery

[anonymuse]

Your BK case is done, finished, discharged, closed, whooopie!!!

You've either had your Ch 7 go by quickly, or endured a Ch 13 which was less than a 100% payback.

The day after everything is officially closed, you win the Powerball lottery.

You are under no legal obligation to pay any of your old debts.

Do you payback the remaining creditors?

Yes.
No.

Why or why not?

[so-beyond-broke]

Heck No!

Since we are hypothetically speaking, I would not pay it back after my Chapter 7 has been closed for 6 months or 180 days. After all the whole purpose that I filed BK was to get relief because at that moment based on the previous months before filing and the immediate future after filing BK I could not see any other way to pay back my debts and maintain a normal lifestyle at the same time. So if I were to win the lottery lets say eight months from now I wouldn't pay them back because there was no way that I could tell I was going to come into some money.

When movie stars, entertainers and business people file BK and then they become rich again, do they offer to pay back the creditors that they discharged - I doubt it very seriously.

Just my opinion,

sbb

[Bobby'sGirl]

Need a "some" category

Wouldn't pay anything to the CCs that jerked me to exorbitant rates by "universal default" when never overlimit or late on any of them!! Would pay back credit union line of credit and credit card that never went up on me, and some med bills I have to include. Guilt thing, I guess...

[Annika]

I said "yes", but want to explain:

I'd pay back the doctors who did my surgery and other procedures (except for one, who was a jerk). The doctor who did my "major" surgery would definitely be paid. I'd probably try to give some to the hospital, too, although they didn't me ANY kind of a break on the bill even though I'd been a volunteer there for many years.

My credit card debt was nothing compared to the medical bills, but I was in the process of paying my CC's off when I got sick. In fact, I'd already paid two of them off. The remaining ones had made enough in interest over the years that they didn't lose any money.

[FilingOnMyOwn]

Wouldn't pay anything to the CCs that jerked me to exorbitant rates by "universal default" when never overlimit or late on any of them!! Would pay back credit union line of credit and credit card that never went up on me, and some med bills I have to include. Guilt thing, I guess...

I agree. I voted 'no', however I would probably pay back creditors that did not deserve to be involved in the filing. After all, it was only a couple predatory lenders out of a dozen creditors that decided to ruin it for all of them...

[lrprn]

I answered yes because I would pay back my doctor and surgery center where I had my broken leg pinned last year (one of the reasons we're here). They have been very understanding of our financial situation and set up a liveable payment schedule for us.

Also I would dearly love to pay back the only one of our credit cards that didn't raise our APR at all while we were struggling and trying to pay whenever we could for the last 18 months. The other cc and non-secured loan gluttons who raised our APRs into the 25-30% range while sending us bi-weekly solititious letters asking how they could help us "during this difficult financial time" can go to he**.

[annikasaunt]

I would repay my local credit union. I really miss that bank since I had to switch my accounts to another bank. I don't feel comfortable keeping an account there when I owed them so much. They didn't close my account, in fact it is still open with about $40 in it.

Screw everybody else!!

[aa06a47]

Not just no, but hell no. I think what I might do is give an equivalent amount to a charity or someone who could really use it. A credit card corporation that reports several billion dollars in profit each quarter....nope....I won't, not once the debt is charged off. I hope that doesn't sound too harsh, I mean, it shouldn't matter if they make a billion or a trillion. However, I know the local charity that would get that much money would benifit alot more people than the company that just made 8 billion dollars that quarter.

[anonymuse]

I would absolutely want to pay back every cent of medical debt. I love my doctors (although the one that won't see me anymore due to outstanding bills, I'd be paying him but with an "in your face" kind of note saying "see, I said I'd pay you when I could.") And no matter what the level of frustration I have with the credit card companies for late charges and maximum interest rates, I'd be paying them back since I never intended to dodge my debts in the first place. I'd feel like that even though I'm not legally obligated, I'm morally obligated to do it. Another alternative would be to pay them back everything I ever spent, but with the original interest rate, and then take the rest and give it to one of the organizations that promotes responsible credit use to young adults and some to agencies that find lawyers who provide pro bono services for low income filers.

[down&out]

[Minnymouth]

HATE TO BURST YOUR BUBBLE, BUT................If you win the lottery, inherit money, etc........ the day after closing or within one year after closing of your case..... the Trustee can "re-open" your case, seize the funds, and pay your creditors..........

Trustee's have even petitioned to re-open cases up to 2 years if they feel that fraud was involved in the the inheirtance, etc.......

Would I pay back credits from a windfall............. yes, as many of them as I could.......... they gave me credit in good faith..... I would try to pay them back..........

My thoughts........

[anonymuse]

HATE TO BURST YOUR BUBBLE, BUT................If you win the lottery, inherit money, etc........ the day after closing or within one year after closing of your case..... the Trustee can "re-open" your case, seize the funds, and pay your creditors..........

Bubble's not exactly burst here, since that is fair. Most of us didn't enter BK to screw our creditors. Winning the lottery or getting an inheritance don't constitute fraud (unless you hired a hitman to do the deed to cause the inheritance ).

Guess my hypothetical should have said "one year after your case is closed, you win the lottery."

Heck, if you win $10 million, if you take the money up front that's $5 million, then the government will walk away with about half of that, but life after $2.5 million minus what now seem like paltry debts doesn't sound half bad.

[Minnymouth]

Any kind of "windfall" after filing bankrutpcy would seem like a "blessing in disquise".............. to most of us.............

[BassBoy]

Not a chance in hell

Hey, when we were in trouble, these people turned their backs on us. They didn't give a rats a$$ what our problems were.....so.....they get NOTHING!