open87

iTrader: (2)

i thought the govenment changed the bk rules. i thought it used to be if you went , what was it ,13 you didn't have to pay anyone back , and the 7 , was you were given releif and promised to pay back..either way you did the 7 years and stayed on your credit for 10 years

and now the new rules are you have to pay back ...regardless of 7 or 13.

Chris Sunkin

One is reorganization, one is liquidation. If you have the ability to become liquid with some extensions, reductions and partial forgiveness, you can reorganize. If you're beyond hope, they take all but some personal items, auction it all off and send the proceeds to your creditors.

The rules have changed making it somewhat harder- basically it affects how you can walk away from unsecured debt- primarily credit card debt.

Bankruptcy reorganization is basically a joke unless you have significant assets. One fellow I was after just told the court that everything they owned belonged to his wife- they pay almost no attention. When I sent a voice recording made by a PI where the scumbag openly admitted scamming bankruptcy, as well as a sworn affidavit from the PI to the court, they did absolutely nothing. This was assets over $200K.

fountain4play

I agree with what Chris and some others have been saying and it does bother me the way some people work the system to their advantage at the expense of others.

That does not mean I don't feel for people through no fault of their own are put in a situation where bankrupcy is the only option.

As for people who take no responsibility for there overspending and digging themselves a huge hole they are the ones who don't garner a whole lot of sympathy from me.

Personally I'm very conservative and don't buy anything that I can't purchase outright, this isn't something new but has been the same way since I was making $10.00 an hour till now. If I could afford it and wanted it, I'd buy it, but not until then.

People have to put their priorities in order and make sure their wants don't trump their needs. It seems people these days don't want to take any responsibilities for their actions or spending habits.

Like it or not buying a boat, any boat is not a necessity it's a luxury and should be put off until all personal finances are in order.

SUNSATION 25

I did ch. 7 a few years back due to emergency surgery and lost time from work! Drained my savings and still ended up in a heap of debt! I had debt prior due to "living beyond means" I contacted all of my creditors immediatly and explained the situation and asked if they would work with me until I was back on my feet! THEY SAID NO! Do I feel bad for the creditors? NO! would I do it again in a similiar situation? YES! I was not only able to erase all my debt but still kept my 3 year old boat and my house.
I have since sold my boat and bought another. It is very hard after a B/K (4yrs) noone wanted to touch me eventhough I had perfect credit before B/K and after reestablishing...great income...great debt to income...etc... I tried a few big companies including some advertised here and was turned down....went into my credit union and walked out with 5.5% on a 12 year old offshore boat........Proving it's not impossible...
B/K has made me wiser and now I watch my finances for the future and don't live in the now...

irepo

Isn't the risk for the lender to decide? Most of our work comes from companies that finance sub prime loans on autos. They make up for their losses on the very high interest rates they charge. Anyone who files BK, has a charge off account, a repossession etc., knows that the beating you take on your credit score makes securing new credit difficult. So if you are out of BK and you are thinking of buying a boat and can find a lender willing to give you that loan, by all means have at it. It's called a market. For everyone else, it's really none of their business what you do.

ikanscuba

put alot of money down and get a co-signor... If the bk is truly no fault of your own getting a co-signor should not be an issue..


BTW way...irepo thats one hell of a creepy avatar....