Lol at going deep into debt as an online poker player. You always knew it was a possibility. Didn't you consider or prepare for it? And who the hell buys a car for their girlfriend and finance it?

 

Originally Posted by coolhandkev

What's more common, chapter 7 or 13 for folks? What situations does each make sense for? (if this is a huge open ended question ignore just curious)

Ch7 is much more common, by a margin of about 3:1
It costs $1200 to $2500 all paid upfront, all unsecured debts discharged, last 90-120d total start to finish.

Ch13, the repayment, usually costs $500-2000 upfront plus up to $4000 total paid through the plan. Plans last 36 to 60 months, but most Ch13s don't reach the end, like 70% are dismissed before reaching completion.

Many Ch13s are filed to save a home from foreclosure as a Ch7 can't cure the mortgage delinquency.

Not all people qualify for Ch7, if a debtor makes more than the median income level for his/her state, there is another set of calculations necessary but likely they will have to do a Chp13. This is to discourage high-income debtors from abusing the system.

 

Originally Posted by Ozzie

thats called fraud dipshit... filing bankruptcy does not fix that.

ive been looking into bankruptcy. last year i bought a house and a 2nd car for my gf. could afford everything fine when i could play poker. now, not only can i not, but i have over 10k inplay money on ftp and finding work after playing a game for 3 years isnt easy. so fuck off you self-righteous cunt

dude PM me if u want, I can't give legal advice but I can help separate fact from fiction for specific situations (I'm not soliciting btw)

The reason is lefty makes a very handsome looking woman.

thats cuz everyone likes lefty.

and i have 2 babies.

and seriously, likening student loans to knowingly amassing huge debt with the intention of just defaulting is fucking pathetic.

 

Originally Posted by Ozzie

thats cuz everyone likes lefty.

and i have 2 babies.

and seriously, likening student loans to knowingly amassing huge debt with the intention of just defaulting is fucking pathetic.

What the fuck are you talking about. You can't get rid of student loans by declaring bankruptcy and my post was a joke. I have no intention of racking up credit card debt and filing bankruptcy. I thought that was pretty clear from my posts earlier in this thread. Siiiiigh

Oh and I wouldn't consider you having "saved up 50k) when 30k was meant for taxes. You had 20k saved up, not nearly enough to be buying cars and houses, IMO

you pay quarterly, and my quarterly payments were low... and i had an amazing 2009 so at the end of the year i owed another 30k. got on a payment plan since i didnt wanna write that check but the mortgage company insisted i pay it all off in full before theyd approve my loan so that the irs wouldnt have lien priority or something like that. one of many hoops i had to jump through when trying to get our house.

and i know you cant get rid of student loans with bankruptcy dolphin... but you jumped in saying all bankruptcies were bs from morons who cant manage money and obv jokingly said you should just run up a bunuch of debt and file and keep all the shit you bought. all because someones inquiring about bankruptcy and student loans. like the two are similar in any way. thats why i called you a self-righteous cunt.
pay attention

 

Originally Posted by dolphin13

Man. I should just go nuts and take out A shit load of of credit cards and just start buying shit. Then file bankruptcy. I have no need for loans in the future so it's a win win

incorrect. a bankruptcy court will not allow that. If they see you just did this, they will throw out the request, and you'll have to pay it.

that's just what i heard.

btw, having a bbq this weekend?

You can come pick up some of that liquor I have laying around.

I just bought a little kiddie pool for dolphin junior. So excited for it to heat up. I like this weather but not really pool worthy.

 

Originally Posted by AMARTIN1181

sign up for OT and start asking respected members about their taxes

whoa whoa whoa. Let's not get carried away

:)

 

Originally Posted by markeckert2000

oh nice. we've been meaning to get a little pool. the heat is coming again next week, so you won't have to wait long.

13 bucks at target. It's a crab and it's like half covered. Position it right and don't have to worry about the sun. And there's some kind of built in sprinkler. Man I love being a dad. More fun then I ever could have imagined

MIND UR BEESWAX FUCK STICK

 

Originally Posted by dolphin13

Who the fuck cares if you lost your job. I lost my job and didn't get a full time job for two years. But I went out and made money doing side gigs and just straight hustling. And I never bought shit I couldn't afford or refinanced my mortgage to take equity out of my house to buy a boatbor go on a lavish vacation.

The company i work for now is On the verge of collapse and I might lose my job again. But I don't have credit card debt (no smartperson should have cc debt unless it's 0 percent interest and they have the means to pay when the rate goes up) and I'll be just fine. Cuz I'm a winner :)

Disagree

 

Originally Posted by Mr Galt

If you can live off of cash and have no ambition to be a corporate officer or work in a regulated industry concerning money, bankruptcy is a legit option for those facing dischargable debts over $30k. Don't forget that it costs money to file and there are fewer exemptions thanks to the reform act. Some states have generous laws like Florida that protect even very valuable real estate interests.

Not trying to be a dick but are you kidding? FL is one of the worst states for protecting assets, they have a $1k wildcard exemption if you are declaring the homestead exemption (if you own real property, you have to apply homestead exemption even if there is no equity) and their vehicle exemption is like $2k. Check out California 703 or the Federal set if you want to see generous exemptions. FL and IN are some of the worst imo.

The reform act didn't change the exemptions, it changed the Means Test and got rid of the "super-discharge" (student loans, taxes, etc). Exemptions are changed regularly by the individual state governments.

 

Originally Posted by TwystedPair

Why do 70% get dismissed? Because people don't make payments to the plan?

Yeah, clients not making plan pmts accounts for about 80% of dismissal, usually in the first year post-filing.

A ch13 is basically like re-financing* all your debt; if the debtors couldn't/didn't make their payments pre-bky, those habits carry over...

 

Originally Posted by markeckert2000

incorrect. a bankruptcy court will not allow that. If they see you just did this, they will throw out the request, and you'll have to pay it.

that's just what i heard.

btw, having a bbq this weekend?

False. If you are referring to 707b presumption of abuse, that is a different ballgame. Most attys know to wait until the purchase/preference payment window has passed before they will file the case. If they don't , they won't be practicing very long.

My parents had to declare bankruptcy due to 8M in hospital bills. Well, technically somehow only my father declared bankruptcy even though it was my mother's hospital bills. They took the cars that were under his name, but not his house b/c there was some sort of formula of money owed vs worth to figure out if it had to be taken. I'm pretty sure there are different kinds of bankruptcies, but I don't know enough about it. All I know is that his credit is screwed for 7 years from the day he filed the papers. It used to be easy(er) to fix your credit in a more timely manor years ago, but I'm pretty sure that people were abusing the whole purpose of declaring bankruptcy and that isn't the case anymore. I feel pretty bad for him because he's a hard working man who got screwed by a company who stole insurance money and my father got footed with a bill that most of the world couldn't pay, and he still has like 4 more years before he can buy anything with any means besides cash. It's really difficult to rebuild (with a family to support) after declaring.