Blessed are the Job Creators, hallowed be their bames

Fail!

(Featured Partner)

I wish I knew this when I was agonizing over buying the large size container of threadlocker instead of multiple smaller rip-off containers.   22 bucks??!!!

Give this fella the Hero tag!

She was stupid to #1 take the house (debt) and not the income (business).  She also should have cancelled every credit card that they shared.  Yes he's screwing the system, but she is no financial wizard.

Citrate1007: She was stupid to #1 take the house (debt) and not the income (business).  She also should have cancelled every credit card that they shared.  Yes he's screwing the system, but she is no financial wizard.

She probably took her half of the family debt and is trying to pay it off.  He is just blowing his off.  I know my ex did blew his cc bills off, but I am paying mine.  So she gets to pay her fair share, while he blows it off.  I hope she doesn't have the creditors calling her house for him as well. It sucks.

Got divorced, we were ordered to pay any debts that were for our benefit, and split any others.

Fast forward a couple years, I am buying a house, she hasnt paid her stuff....And in order to close the deal....I have to pay all of her debt to clear up my record.

Thems the breaks

"As long as I am bankrupt, nobody will bother me. They can't touch me," Morrell told Go Public. "As soon as it gets discharged, all the lawyers and vultures will come after the money."

Bankruptcy does not work that way. It absolves you from your debt (or erases it, makes it go away, etc whatever term means that), not gives you a 4 year vacation from creditor phone calls.
Bankruptcy is also expensive, not everyone can afford it.

As well, bankruptcy is weird here in Canada. When I was growing up, the word of mouth was that you would be in ruins for 7 years, almost a decade of shaming. And horrible credit for the rest of your life, because you went BANKRUPT you heathen.

However as an adult, I know of a few people who have gone bankrupt and have kept their:
-newer cars recently purchased
-their homes
-their belongings

So I'm not exactly sure what bankruptcy actually does. They create a payment plan that lasts anywhere from 2-4 years, and after that it's all gone or something.

Average joe does this, and he's vilified.

CEO does this, and he's given a bonus.

Seems to me either the courts or the creditors are the ones screwing up here.  Dude spent money on credit after he filed for bankruptcy which automagically kicks his case into the court system for a judge to overhear.   The case was adjourned 3 times, which probably means a representitive for the creditors didn't show up (if it's $100k spread across lots of creditors it's not surprising as paying a lawyer to show up is probably more than each creditors share).

Doesn't sound like he's STILL taking the trips, etc.  Just that he did, and until the court gets shiat straight no one can do anything to him.   He seems to understand once the court pulls its head out of its ass, he's going to be FUBAR.

Am I the only one who thought this shrill needs to declare bankruptcy herself instead of blaming her ex?

*Generally* speaking (not my area), a Bank won't look at you for credit of any kind for 7 years after a Bankruptcy.

It doen't matter if you have 11-ty billion in cash either.

NostroZ: Am I the only one who thought this shrill needs to declare bankruptcy herself instead of blaming her ex?

She's a normal person who's been indoctrinated that declaring bankruptcy is something you avoid at all costs.  In this case declaring bankruptcy and providing the proof that it was her ex-hubby going on a spending spree that caused most of the debt will probably win her some sympathy(and relief) from the court.

I was thinking the same thing, by the way.  She needs to bite the bullet and file.  Worst case she gets a payment plan that can help her keep her business if the debt is part of what's dragging her down.

(Not work safe audio)

https://www.youtube.com/watch?v=Cd6QpD-6Foo&t=1m40s
 Obligatory

Dammit wrong thread. Sorry everybody. I need more caffeine.

Morrell of the story, don't be a Dickey.

FTFA:  "He filed for bankruptcy soon afterward, while going on spending sprees, which is against the rules."

I will enjoy the "Man Charged With Fraud, Learns Bankrupcty Does Not Work That Way" follow-up article.

You can't blame the water for finding the hole in the boat.

GOOD!

Harry Freakstorm: Canadian bankruptcy laws. Sure you can run up debt and dodge creditors for years. But try and buy a Tim Horton donut with one of your credit cards. The guy behind the counter will kindly ask you to leave the establishment. That is as violent as they get up there but there is no cruller fate that can befall a Canadian.


Fixed that for you, ya hoser.

sandi_fish: I hope she doesn't have the creditors calling her house for him as well. It sucks.

Five years post divorce, I still get phone calls and mail for my ex. I have moved to another state. He has never been on any of the bills at the new house, yet the creditors still attempt on my phone and address. Anytime they call and ask if I know where he is, I say "nope but if you find him tell him his kids would like to talk to him too". It usually works so I don't get a repeat call (from that company at least!)

ObscureNameHere: *Generally* speaking (not my area), a Bank won't look at you for credit of any kind for 7 years after a Bankruptcy.

That is a common misconception. I was able to finance a car 2 years post bankruptcy and a house less than 4 years post bankruptcy. It really depends on what your credit picture, job situation looks like afterwards. I had to bankruptcy because I was stupid in my 20s and allowed my ex to put all of our debt in my name. Even though the divorce paperwork says he is responsible for half the debt, the creditors don't really care if my name is the only one attached. I was single mom of two children, receiving no child support, and trying to pay off over $100,000 in debt. Bankruptcy was my best option. Four years later, I own a home and a car and have less than $1000 on a credit card.

My only wish is that I could have discharged my student loan debt. That stays with you for life!

Under Bush, BK was made more difficult and expensive for the poors. And all corps are not the same. If your small C or S Corp BKs, the credit companies will put you, personally, on the hook. Only if you're a CEO are you absolved of all problems.

God Bless America!

jfbnr24: ObscureNameHere: *Generally* speaking (not my area), a Bank won't look at you for credit of any kind for 7 years after a Bankruptcy.

That is a common misconception. I was able to finance a car 2 years post bankruptcy and a house less than 4 years post bankruptcy. It really depends on what your credit picture, job situation looks like afterwards. I had to bankruptcy because I was stupid in my 20s and allowed my ex to put all of our debt in my name. Even though the divorce paperwork says he is responsible for half the debt, the creditors don't really care if my name is the only one attached. I was single mom of two children, receiving no child support, and trying to pay off over $100,000 in debt. Bankruptcy was my best option. Four years later, I own a home and a car and have less than $1000 on a credit card.

My only wish is that I could have discharged my student loan debt. That stays with you for life!


Yeah, I understand.

In my 20s, I racked up about 30K in credit card debt with my ex wife.

We divorced, and I had to switch jobs and move to another city. Took a big pay cut; everything was in a shambles. I was sending about 40 percent of my income to five different credit card companies, and it wasn't even making a dent in the debt load. After three of four years of this, I got tired and stopped sending them money.

The banks were quick to strike back. They called me, and family members, dozens of times a day for months. Finally, they offered to settle with me. I told them that I could send each of them 50 bucks a month, pretty much forever. But, no -- they each wanted hundreds each month, or thousands up front. They wouldn't take what I was able to pay, and lawsuits, wage garnishments, bank account seizures were looming....

I finally sought out a bankruptcy attorney. The credit card companies never stop piling on interest and fees. It just NEVER ends, and eventually, you reach a point at which it's impossible to ever pay them off...especially if you have no hope of ever earning more than about 30-35k a year, as I do in my poorly-chosen field.

Bankruptcy is no simple solution, though. I still can't find a safe apartment, buy a car, or so much as have phone or internet hooked up without jumping through a hundred hoops and paying extra. Life sucks.

/I will never borrow money again.

//Debt is dumb; cash is king!

jfbnr24: ObscureNameHere: *Generally* speaking (not my area), a Bank won't look at you for credit of any kind for 7 years after a Bankruptcy.

That is a common misconception. I was able to finance a car 2 years post bankruptcy and a house less than 4 years post bankruptcy. It really depends on what your credit picture, job situation looks like afterwards. I had to bankruptcy because I was stupid in my 20s and allowed my ex to put all of our debt in my name. Even though the divorce paperwork says he is responsible for half the debt, the creditors don't really care if my name is the only one attached. I was single mom of two children, receiving no child support, and trying to pay off over $100,000 in debt. Bankruptcy was my best option. Four years later, I own a home and a car and have less than $1000 on a credit card.

My only wish is that I could have discharged my student loan debt. That stays with you for life!

Right!  Four years is what I hear from most folks who strategically BK and have jobs to rebuild their credit, etc.

This article sounded like someone complaining about the system, instead of using it for their favor.

NostroZ: Right! Four years is what I hear from most folks who strategically BK and have jobs to rebuild their credit, etc.

Yes, it definitely helped that I've worked for the same company for 13 years. Length of credit history, length and strength of employment go a long way in reducing the time it takes to repair after a BK.

NostroZ: jfbnr24: ObscureNameHere: *Generally* speaking (not my area), a Bank won't look at you for credit of any kind for 7 years after a Bankruptcy.

That is a common misconception. I was able to finance a car 2 years post bankruptcy and a house less than 4 years post bankruptcy. It really depends on what your credit picture, job situation looks like afterwards. I had to bankruptcy because I was stupid in my 20s and allowed my ex to put all of our debt in my name. Even though the divorce paperwork says he is responsible for half the debt, the creditors don't really care if my name is the only one attached. I was single mom of two children, receiving no child support, and trying to pay off over $100,000 in debt. Bankruptcy was my best option. Four years later, I own a home and a car and have less than $1000 on a credit card.

My only wish is that I could have discharged my student loan debt. That stays with you for life!

Right!  Four years is what I hear from most folks who strategically BK and have jobs to rebuild their credit, etc.

This article sounded like someone complaining about the system, instead of using it for their favor.

How do you strategically BK and are able to get loans after 4 years?

/honestly curious, have always heard the 7-10 rule.

jfbnr24: sandi_fish: I hope she doesn't have the creditors calling her house for him as well. It sucks.

Five years post divorce, I still get phone calls and mail for my ex. I have moved to another state. He has never been on any of the bills at the new house, yet the creditors still attempt on my phone and address. Anytime they call and ask if I know where he is, I say "nope but if you find him tell him his kids would like to talk to him too". It usually works so I don't get a repeat call (from that company at least!)

That's funny.  I used to tell them, let him know he owes me money too!

Oh, you're all broke up there! That's why you're forced to drink milk out of bags.

/Kidding. I'm in Michigan. We're the United States version of Canada.
//No milk bags, but lots of hockey and Tim Horton's.
///And some of us say "aboot".

File for bankruptcy as often as possible. If it's good enough for Job Creators like Donald Trump, it's good enough for regular folks.

cuzsis: NostroZ: jfbnr24: ObscureNameHere: *Generally* speaking (not my area), a Bank won't look at you for credit of any kind for 7 years after a Bankruptcy.

That is a common misconception. I was able to finance a car 2 years post bankruptcy and a house less than 4 years post bankruptcy. It really depends on what your credit picture, job situation looks like afterwards. I had to bankruptcy because I was stupid in my 20s and allowed my ex to put all of our debt in my name. Even though the divorce paperwork says he is responsible for half the debt, the creditors don't really care if my name is the only one attached. I was single mom of two children, receiving no child support, and trying to pay off over $100,000 in debt. Bankruptcy was my best option. Four years later, I own a home and a car and have less than $1000 on a credit card.

My only wish is that I could have discharged my student loan debt. That stays with you for life!

Right!  Four years is what I hear from most folks who strategically BK and have jobs to rebuild their credit, etc.

This article sounded like someone complaining about the system, instead of using it for their favor.

How do you strategically BK and are able to get loans after 4 years?

/honestly curious, have always heard the 7-10 rule.

Your credit rating may actually go UP after bankruptcy - my brother had new credit cards in one year, a new car loan in two.

cuzsis: How do you strategically BK and are able to get loans after 4 years?

/honestly curious, have always heard the 7-10 rule.

I think it really depends on the situation. I didn't have a house when I did the BK. I sold my house in 2006 when I knew things were going downhill with my ex. I had been renting for two years when I did the BK. I also did a voluntary repo on my car before filing for BK. The remainder of the car loan was wiped out during the BK but the repo was before the filing and I think that affects the total package. I was able to keep one department store card who allowed me to keep it throughout the BK because it had a zero balance. I used that each  month and then paid it off every month to keep a line of credit open. I opened a low limit, high fee credit card a few months after the discharge and began using that every few months, again keeping it paid off and up-to-date. I put student loans in forbearance but their long credit history still helped even though I wasn't making payments. I kept taxes current and paid all other bills on time (utilities, rent, etc). It probably isn't true for everyone but it can be done so thinking you are screwed for 10 years if you BK, isn't true if you keep everything current and work your way back to a good credit score.

cuzsis: /honestly curious, have always heard the 7-10 rule.

7-10 is how long the bankruptcy stays on your credit report.  The important part is that there are companies that will still issue credit even if you have a bankruptcy on your record, just generally with more scrutiney.  You'll normally pay a point or two more, but it's still possible to get credit.

With strategic bankruptices, the idea is to file before you hit rock bottom, this generally allows you to keep more, as well as keep some lines of credit open - which keep building history.

jfbnr24: cuzsis: How do you strategically BK and are able to get loans after 4 years?

/honestly curious, have always heard the 7-10 rule.

I think it really depends on the situation. I didn't have a house when I did the BK. I sold my house in 2006 when I knew things were going downhill with my ex. I had been renting for two years when I did the BK. I also did a voluntary repo on my car before filing for BK. The remainder of the car loan was wiped out during the BK but the repo was before the filing and I think that affects the total package. I was able to keep one department store card who allowed me to keep it throughout the BK because it had a zero balance. I used that each  month and then paid it off every month to keep a line of credit open. I opened a low limit, high fee credit card a few months after the discharge and began using that every few months, again keeping it paid off and up-to-date. I put student loans in forbearance but their long credit history still helped even though I wasn't making payments. I kept taxes current and paid all other bills on time (utilities, rent, etc). It probably isn't true for everyone but it can be done so thinking you are screwed for 10 years if you BK, isn't true if you keep everything current and work your way back to a good credit score.

Dubya's_Coke_Dealer: cuzsis: NostroZ: jfbnr24: ObscureNameHere: *Generally* speaking (not my area), a Bank won't look at you for credit of any kind for 7 years after a Bankruptcy.

That is a common misconception. I was able to finance a car 2 years post bankruptcy and a house less than 4 years post bankruptcy. It really depends on what your credit picture, job situation looks like afterwards. I had to bankruptcy because I was stupid in my 20s and allowed my ex to put all of our debt in my name. Even though the divorce paperwork says he is responsible for half the debt, the creditors don't really care if my name is the only one attached. I was single mom of two children, receiving no child support, and trying to pay off over $100,000 in debt. Bankruptcy was my best option. Four years later, I own a home and a car and have less than $1000 on a credit card.

My only wish is that I could have discharged my student loan debt. That stays with you for life!

Right!  Four years is what I hear from most folks who strategically BK and have jobs to rebuild their credit, etc.

This article sounded like someone complaining about the system, instead of using it for their favor.

How do you strategically BK and are able to get loans after 4 years?

/honestly curious, have always heard the 7-10 rule.

Your credit rating may actually go UP after bankruptcy - my brother had new credit cards in one year, a new car loan in two.

Interesting...thank you for the input!

/thankfully not anywhere near BK, but I like to stay educated.

BarkingUnicorn: ObscureNameHere: *Generally* speaking (not my area), a Bank won't look at you for credit of any kind for 7 years after a Bankruptcy.


Who's more creditworthy, all else being equal:  a guy who can escape his debt through bankruptcy tomorrow or a guy who can't file bankruptcy again for 7 years?

Also can be look at as who's more able to pay their future bills:  The guy who just erased all his debt payments or the one still paying 10 credit cards?

I DECLARE BANRUPTCYYYY!!!