In my experience, it's people who indulge themselves in personal extravagances by borrowed money that end up in bankruptcy. If you pay as you go, you have little chance of visiting bankruptcy court. A guy who just busted out and is now looking to borrow money for a toy doesn't strike me as a picture of financial responsibility.

You want a big boat? Save the dough and pay cash for it.
I'm not for debtor's prison for first-timers. Second-timers should definitely have to face harsh consequences.

cs- i thought you can only file bk once personally? but someone who has llc , the llc can go bk and that person just opens another llc , it's the llc that goes bk, not the person...


not bashing , just trying to learn....

You can go every seven years.

I agree with Chris Sunkin.............although its once in every eight years, which is seven years depending on how you look at it. Were not saying you shouldn't go out and be able to buy a loan, just not a loan for a boat immediately after BK. I didn't pay all cash for my boat, but if something happend to me I can sell it and get my equity out of it, which is why I buy used and look for great deals.

I work in bankruptcy and I see how bk's happen. 50% of all BK's are due to medical reasons. Probobly 25% comes from people getting screwed, and the rest from financial irresponsibility. The whole objective is to get people out of debt or in a position where they can handle their debt which usually comes at the expense of the creditors. So when I put forth the work to get someone out of debt and I watch creditors settle for 10% I shutter at the thought at anyone running to buy a boat afterwords. Clearly a lack of financial responsibility. If you really want to go boating I suggest starting out small and working your way up. For us true boaters, just being on the water is all that really counts. For everytime I see somebody in a jon boat with a 5hp merc they still share the same chit eating grin I have. I had a blast in this boat all summer and just ask lubejobs how he is enjoying his 16ft donzi compared to his 1 million dollar MTI.

Chris, I usually agree with and enjoy your post's and I agree with most of what you are saying anybody with mulitpul BK's shouldn't be able to get away with what they do. I guess I was looking for adivse and ideas on how you deal with the guilt and pressures that come with being forced into these things. Sometimes it is forced on you and there really is no choice and the out come is more of a burden than the debt was to start with.

I wish I could pay cash for a boat...

I can however afford to make payments so that is what I am doing- and loving every minute of it. Not the payments but the boat. I didn't want to wait until I was 50 so I could pay cash to be able to go boating or have to settle for a boat that I could afford to pay cash for. I know going in it is not an investment and am fine with that.

So for me if you have the EXTRA money to be able to enjoy boating then go for it- you only live once!

I also agree that getting a boat loan right after BK is not to smart..and some folks do not use credit wisely, however bad things DO happen to good people, but one should be able to get a loan for a new ride after about 2 years ...ONLY if credit score has improved above 650. If someone has demostrated the ability to rebuild then they have shown they can be responsible. How about this ... save up $20k go find a $50k ride then you only financing $30k managable payments and equity built into the loan..

In 2 years buying a new boat should be fairly easy.

I just noticed in your profile the "gone, thanks Snapon" and I know exactly what you've been through- I'm in a remotely related business in that industry and their tactics are legendary. There's little to be ashamed of when being taken by a true pro. There's also nothing shameful about failing in a legitimate enterprise.

If you're dealing with guilt and pressures then you're probably one of the small number that bankruptcy is truly intended for. There are so many others who visit regularly and know the ins and outs. The best recommendation I can give you is that once you're back on your feet, send some checks to some of those folks who lost out on your BK. That's a much more substantial sign of true charachter than someone attempting to borrow money for an expensive toy fresh out of dismissal.

Chris, There tactics were-- lets say less than honerable,after the years of service but I was low man on the pole. As to paying back I tried to reafirm on most of it but they wouldn't let me (courts) besides there wasn't that much anyway. It was all done to protect my house from cor-pirate greed. I have no plan or desire to go deep in dept for a boat or anything else for that matter.

I reply to every one of these threads with the very same thoughts.

I really enjoy having someone tell me that I'm a fool for making payments I can afford when they are able to pay cash for their boat. "We have a rule in our house. Cash only for toys". Another great quote here.

Doesn't mean the less financially fortunate can't enjoy some of the same spoils if they can make a payment. Any hard cash I have wouldn't be invested in a depreciating asset anyway.

Buck