Buying boat after BK
12-22-2007, 04:25 PM
#11
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This is why you operate as a C corp instead of Sub S. Don't ever hang 250K personal liability on yourself for ANY customer. No way to call "beyond my control" on this one.
12-23-2007, 10:27 AM
#14
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Maybe never is a bit strong..... but is see so many living a lifestyle beyond their means....they don't care about who they burn, so I have no sympathy. I don't care who you are....like that should make a difference??
12-23-2007, 06:55 PM
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There is some company out of Florida, called International Marine 'something-or-another.'
They go down the list of the OSO classifieds, and call the private sellers offering to mate them with "buyers with past credit hurdles who will take over payments for two years" then take over the note.
That's all I know about them. Perhaps someone else would have some info. I have no idea how this works exactly, nor any idea how 'safe' this practice is for the owner/seller of the boat.
They go down the list of the OSO classifieds, and call the private sellers offering to mate them with "buyers with past credit hurdles who will take over payments for two years" then take over the note.
That's all I know about them. Perhaps someone else would have some info. I have no idea how this works exactly, nor any idea how 'safe' this practice is for the owner/seller of the boat.
12-24-2007, 04:40 PM
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Hmmm wow, I have know known many good people that have filed BK due to Job loss, out of control medical bills... issues that were totally out of their control. I would not have any issues loaning these folks money as they are very credit worthy.
As far as NEVER allowed to get back on your feet after a devasting life issue is totally insane. After all we live in America right? Well at least I do, not sure what country CNC is from...
CNC
12-25-2007, 08:34 AM
#17
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You should NEVER be allowed to own a luxury item like a boat, RV etc. after a bankruptcy. How much were your creditor screwed out of? Maybe after your creditors were payed back. Having been "SCREWED" out of THOUSANDS by people that bailed I'm bitter. Lets bring back debetor prisons.
12-25-2007, 08:37 AM
#18
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That's a slim fraction. Most have irresponsibly buried themselves in credit card and home equity debts. The up-and-coming one is going to be all the amateur real-estate geniuses who were going to get rich buying a huge house and flip it "just like on TV!"
12-25-2007, 10:05 AM
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I agree.... I have been avoivding this but here goes, There are some of us that have been forced into this due to things beyound controll or outside influince's. I spent the last year and half trying to dig out myself, and yes I know it was me that dug the hole and I was doing fine (very well actully) untill the corperate bean counters came in and changed everything to there liking and yanked the rug out from under me and not just me but hundereds of others. I am 52 and have always had a very high credit score and now I have to start over and did this to protect my family and home. While I agree that trying to run out and get some big ticket debt right after BK is kinda silly I hope that all the nay sayers on here will just sit back and think for a second that there may be more to the story and offer some positive advice instead of just slamming the guy.
12-25-2007, 01:49 PM
#20
BK sucks for all involved but a new boat added to the financial mix doesn't seem real smart. I agree with Chris on this one, on occasion the health issues/job loss sends someone down the BK road but it has been my experience it was mostly self generated debt, flipping houses that buried most BK cases. It comes down to math, if you make 40K a year you shouldn't be buying a 200K house with zero down, an interest only or better yet negative amortization loan jsut because someone you know flips houses and makes a killing.
I had an employee trying to do this last year, luckily he never got a contract written because he would be a statistic this year. I told him for months to wait, get more cash to put down, pay down existing debt but he felt he was missing the gravy train. This year my lesson came true and he saved himself about 50K (1/3) on looking at the same houses he was trying to buy last year. 50K off is quite a bit on starter homes for a first time buyer.
Whatever the case maybe, when the time comes for a toy like a boat, bike etc.........................PAY CASH and enjoy your new financial freedom.
I had an employee trying to do this last year, luckily he never got a contract written because he would be a statistic this year. I told him for months to wait, get more cash to put down, pay down existing debt but he felt he was missing the gravy train. This year my lesson came true and he saved himself about 50K (1/3) on looking at the same houses he was trying to buy last year. 50K off is quite a bit on starter homes for a first time buyer.
Whatever the case maybe, when the time comes for a toy like a boat, bike etc.........................PAY CASH and enjoy your new financial freedom.
