[ARCHIVED THREAD] - Bankruptcy (Page 1 of 3)
Posted: 7/25/2009 12:06:30 PM EDT
| Due to the economic conditions, losing job, divorce,loss of retirement, savings gone, ect. How many ARFcommers have had to file bankruptcy in the last 2 years or will do so in the next year? I will put up a poll so that you don't have to post. Feel free to post something though to keep it at the top, so we can get an accurate representation of AR15.com's bankruptcy percentage. |
I know of a few people that are gonna file. 
Credit cards are the debbil. and especially with all the idiotic banks raising interest rates on good credit people because of once again... greed, they will have to work there asses off just to stay in the same financial spot they are in.... FOR YEARS! We have a couple of credit cards with LOW balances... the way I like it....I know my limitations and giving me a high balance credit card is like saying "Who gave the gun to the baby?" I just wish them all good luck and their lives are gonna suck for a few years in case they want to buy a new car or home... but the way I see it, this country is so screwed for the next few years, it isnt gonna matter much. |
|
I have a pretty bad feeling about the job situation...not for me personally but for America in general.
I think a hellovalot of people have yet to lose there job...but they will before the economy improves. That means a lot more bankrupcies over the next few years...and tons of foreclosures on mortgages that aren't even delinquent yet. |
|
I thought I was going to but then found new work. No longer have to but still want to if that makes sense. I used to think I would never do it but honestly, the country is so fucked up now I don't know anymore. I would not judge someone if they did. I just see it as more paperwork at this point. No more emotional than a 1040ez.
Forgot to add, I know people who filed chapter 7 early this year. They already have credit cards with better rates than mine. |
| I had to file. I owned my own trucking company with 3 trucks. I hauled steel for auto industry and the price of steel bottomed out then auto industry collapsed and the company my trucks were leased onto let me go. I tried to lease my trucks on to other companies but no one would talk to me because I have only run in ohio even though I would run as many miles a day as otr truckers they claimed I didnt have enough experience. I had to give my trucks back to the bank and move out of my $300k log cabin. I went from making $200k+ a yr to making $55k yr so I had to file bankruptcy. Thank god my wife has a good job with a major health ins. company but with obamas health care plan I dont know how long her job is safe. |
|
Quoted:
I know people who are really hurting right now. One of my relatives is going to get screwed out of his retirement that he has been working on for 25 years. Mostly due to greed. My uncle had that happen recently. He was four years from retirement and lost it all. He had to move out of state, take a lower paying job and start over from scratch. Tough times abound for lots of folks sadly. I filed bankruptcy eight years ago. One of the hardest things I ever had to do but when backed into a corner with a layoff, daughters illness that happened right after and no insurance and a lously local job market I had no choice. The sad part is when my company announced they were closing the doors they brought in HR people from HQ to discuss severence. They offered me a COBRA package for the low price of $900 per month for healthcare. $900 per month to a guy who just got laid off is a sick joke. 
|
|
Quoted:
Quoted:
I truly do not understand the purpose of the poll or the OP's reasoning behind such. He wants to file. He believes (like millions of Americans) that if enough people file it can't be held agaisn't him in the future. Because "everyone" is doing it. Good luck with that argument. |
|
Quoted: Quoted: I know people who are really hurting right now. One of my relatives is going to get screwed out of his retirement that he has been working on for 25 years. Mostly due to greed. My uncle had that happen recently. He was four years from retirement and lost it all. He had to move out of state, take a lower paying job and start over from scratch. Tough times abound for lots of folks sadly. The really fucked up thing is that the retirement account has had millions of dollars paid in it a for years. It is currently 40 million a month going in it now, company is going to stop paying into in or go bankrupt. If that happens, all the guys who are drawing and retired are going to lose thier montly check, also, the guys who are eligible for retirement are going to lose, and the guys who arent eliglble becuase they arent old enough or havent worked enough years lose everything too. The whole thing is fucked up becuase of mismanagement of the retirement fund. One word, greed. Any of you guys been following YRC Worldwide. One of the biggest trucking company in the world on the verge of bankruptcy. |
|
Quoted:
Quoted:
I truly do not understand the purpose of the poll or the OP's reasoning behind such. He wants to file. He believes (like millions of Americans) that if enough people file it can't be held agaisn't him in the future. Because "everyone" is doing it. I managed to rebuild my credit quickly afterwards. Its really not the end of the world. However I filed a chapter 13 and not a 7 so that may have helped. |
|
Quoted:
Quoted:
Quoted:
I truly do not understand the purpose of the poll or the OP's reasoning behind such. He wants to file. He believes (like millions of Americans) that if enough people file it can't be held agaisn't him in the future. Because "everyone" is doing it. I managed to rebuild my credit quickly afterwards. Its really not the end of the world. However I filed a chapter 13 and not a 7 so that may have helped. Question for you. The difference between 7 & 13 is that 7 your debt is gone where 13 is basically telling the creditors "Back off for now, you will get your money eventually?" Or am I wrong? |
|
Quoted:
Quoted:
Quoted:
Quoted:
I truly do not understand the purpose of the poll or the OP's reasoning behind such. He wants to file. He believes (like millions of Americans) that if enough people file it can't be held agaisn't him in the future. Because "everyone" is doing it. I managed to rebuild my credit quickly afterwards. Its really not the end of the world. However I filed a chapter 13 and not a 7 so that may have helped. Question for you. The difference between 7 & 13 is that 7 your debt is gone where 13 is basically telling the creditors "Back off for now, you will get your money eventually?" Or am I wrong? A chapter 7 wipes the slate clean. However you lose everything. Your home, your cars and they will even come into your home and take funiture, jewelry, tools, guns, electronics, clothing anything of value and sell it at auction. The money will be divided among your creditors. A chapter 14 is a structured payment plan where you get to keep your stuff and your creditors agree to accept reduced payments, interest free over a period of five years (five years for me although that may vary from state to state). The bankruptcy laws have changed since we filled though. |
|
It should also be noted that under a structured repayment plan like a chapter 14 the final settlement is lumped together into one monthly payment to a court appointed trustee. The trustee then distributes the monies to your various creditors. Student loans, lawsuit settlements and taxes are not covered under either a chapter 7 or a chapter 14 however so you still owe them the full amount plus any interest of penalties.
IIRC our attorney charged us $1,800 for his services which was also lumped into our monthly payment. |
|
Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
I truly do not understand the purpose of the poll or the OP's reasoning behind such. He wants to file. He believes (like millions of Americans) that if enough people file it can't be held agaisn't him in the future. Because "everyone" is doing it. I managed to rebuild my credit quickly afterwards. Its really not the end of the world. However I filed a chapter 13 and not a 7 so that may have helped. Question for you. The difference between 7 & 13 is that 7 your debt is gone where 13 is basically telling the creditors "Back off for now, you will get your money eventually?" Or am I wrong? A chapter 7 wipes the slate clean. However you lose everything. Your home, your cars and they will even come into your home and take furniture, jewellery, tools, guns, electronics, clothing anything of value and sell it at auction. The money will be divided among your creditors.Not correct, there are exemptions that allow a person to keep exempted property, your house, vehicle, personal items, furniture, electronics are exempt, the $$ amount varies by state, but there are exemptions. For example Oklahoma has a $125,000 home stead exemption, a persons home is exempt from forfeiture in a chapter 7 if the person is not behind in payments and re affirms the loan. Now secured items that the debtor chooses not to exempt will be turned over to the creditor. A chapter 14 is a structured payment plan where you get to keep your stuff and your creditors agree to accept reduced payments, interest free over a period of five years (five years for me although that may vary from state to state). The bankruptcy laws have changed since we filled though.Chapter 13 is where the trustee puts in place a re payment plan from 3 to 5 years, in which the debtor has to make a monthly payment to the trustee who will then distribute the funds to creditors. Yes the laws have changed but there is also a means test and if the persons income is below the median income for his state, and fails the means test he can file a chapter 7 and have the unsecured debts wiped clean. The debtor can also choose to turn over the mortgage to the house and walk away if the debtor chooses not to re affirm the loan. Most debtors would be better with a chapter 7, than a 13. There is no shame in it, again it is there to use, has there been abuse, sure there has been but not every one who files is abusing the system. Sometimes bad things happen to good people. |
|
I'm very lucky, the economic crisis has not yet affected my wife and I in any negative way. Our finances are structured in a way that works very well in these times, but maybe wasn't as lucrative as it could have been when times were better.
I'd love to say we had it all planned out this way, but it's been more dumb luck than anything. I certainly don't look down on anyone filing bankruptcy now.. It's the option built into the system for dealing with exactly the kinds of crises that many are finding themselves in now. People are getting screwed over coast to coast because banks and creditors and such are exercising options that were always there.. They could cut you off anytime or raise your rates whenever they wanted to. They're not shy about it either, and nobody's crying themselves to sleep at the credit companies because they're squeezing your family for every dime. Bankruptcy is our option.. The option that we can exercise when we need to so as to put the screwing back in the other direction to some degree. I'd feel as much guilt in doing so as the credit companies do upping rates and canceling cards. Perhaps the system IS fucked, but just feeding yourself to it without using the options at hand to fight back a little aint gonna make it any less fucked. Can you really afford to have more scruples than the entities trying to rape you? They sure hope you think so.. |
|
Quoted:
I know of a few people that are gonna file.
Credit cards are the debbil. and especially with all the idiotic banks raising interest rates on good credit people because of once again... greed, they will have to work there asses off just to stay in the same financial spot they are in.... FOR YEARS! We have a couple of credit cards with LOW balances... the way I like it....I know my limitations and giving me a high balance credit card is like saying "Who gave the gun to the baby?" I just wish them all good luck and their lives are gonna suck for a few years in case they want to buy a new car or home... but the way I see it, this country is so screwed for the next few years, it isnt gonna matter much. Thanks... I told you all that in confidence...
Eric 
Just kidding you schmuck!! Call me about your killing video!! 
|
|
Quoted:
Thank you Glockfan for clearing that up for me. Now does that leave a bad ding on your report like a CH 7 or not? OH and I am not thinking of filing bankruptcy, this is just for my own curiosity. I have been out for three years and had no trouble getting a car loan at a decent interest rate recently. My credit was near 750 before the filling however I dont know what it is now. |
|
Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
I truly do not understand the purpose of the poll or the OP's reasoning behind such. He wants to file. He believes (like millions of Americans) that if enough people file it can't be held agaisn't him in the future. Because "everyone" is doing it. I managed to rebuild my credit quickly afterwards. Its really not the end of the world. However I filed a chapter 13 and not a 7 so that may have helped. Question for you. The difference between 7 & 13 is that 7 your debt is gone where 13 is basically telling the creditors "Back off for now, you will get your money eventually?" Or am I wrong? A chapter 7 wipes the slate clean. However you lose everything. Your home, your cars and they will even come into your home and take furniture, jewellery, tools, guns, electronics, clothing anything of value and sell it at auction. The money will be divided among your creditors.Not correct, there are exemptions that allow a person to keep exempted property, your house, vehicle, personal items, furniture, electronics are exempt, the $$ amount varies by state, but there are exemptions. For example Oklahoma has a $125,000 home stead exemption, a persons home is exempt from forfeiture in a chapter 7 if the person is not behind in payments and re affirms the loan. Now secured items that the debtor chooses not to exempt will be turned over to the creditor. A chapter 14 is a structured payment plan where you get to keep your stuff and your creditors agree to accept reduced payments, interest free over a period of five years (five years for me although that may vary from state to state). The bankruptcy laws have changed since we filled though.Chapter 13 is where the trustee puts in place a re payment plan from 3 to 5 years, in which the debtor has to make a monthly payment to the trustee who will then distribute the funds to creditors. Yes the laws have changed but there is also a means test and if the persons income is below the median income for his state, and fails the means test he can file a chapter 7 and have the unsecured debts wiped clean. The debtor can also choose to turn over the mortgage to the house and walk away if the debtor chooses not to re affirm the loan. Most debtors would be better with a chapter 7, than a 13. There is no shame in it, again it is there to use, has there been abuse, sure there has been but not every one who files is abusing the system. Sometimes bad things happen to good people. Thanks for clearing that up. This was all to my recollection I am certianly not an expert. |
| It looks like I will have to file this year. After getting laid off from a GM dealership back in Dec ( I was there for 10 years) and being unemployed for 3 months, it has taken it's toll. Luckily I was rehired at my dealership, and now have an entry level management position but also took a 35k a year paycut, but it's a job and stable for now. I cashed out my 401k back in Dec to keep up with the bills but now have run out of money. It really sucks and I am embarrassed about it. I've always had good credit and paid my bills, but I guess shit happens. |
|
Quoted:
Quoted:
I know of a few people that are gonna file.
Credit cards are the debbil. and especially with all the idiotic banks raising interest rates on good credit people because of once again... greed, they will have to work there asses off just to stay in the same financial spot they are in.... FOR YEARS! We have a couple of credit cards with LOW balances... the way I like it....I know my limitations and giving me a high balance credit card is like saying "Who gave the gun to the baby?" I just wish them all good luck and their lives are gonna suck for a few years in case they want to buy a new car or home... but the way I see it, this country is so screwed for the next few years, it isnt gonna matter much. Thanks... I told you all that in confidence...
Eric
Just kidding you schmuck!! Call me about your killing video!!
Hey! YOU were the one who asked "Please dont tell the arfcommers that you and I are friends" YOU just let the cat out of the bag bitch!
I've BEEN calling you and leaving messages. The video was cool...even the kids thought it was. I am so glad my kids know the difference between what should be a pet and what is hunted. |
|
Quoted:
Quoted:
Quoted:
I know of a few people that are gonna file.
Credit cards are the debbil. and especially with all the idiotic banks raising interest rates on good credit people because of once again... greed, they will have to work there asses off just to stay in the same financial spot they are in.... FOR YEARS! We have a couple of credit cards with LOW balances... the way I like it....I know my limitations and giving me a high balance credit card is like saying "Who gave the gun to the baby?" I just wish them all good luck and their lives are gonna suck for a few years in case they want to buy a new car or home... but the way I see it, this country is so screwed for the next few years, it isnt gonna matter much. Thanks... I told you all that in confidence...
Eric
Just kidding you schmuck!! Call me about your killing video!!
Hey! YOU were the one who asked "Please dont tell the arfcommers that you and I are friends" YOU just let the cat out of the bag bitch!
I've BEEN calling you and leaving messages. The video was cool...even the kids thought it was. I am so glad my kids know the difference between what should be a pet and what is hunted. You have to be carefull, DrFriDge likes to call late at night and breath heavy in the phone.... |
|
Quoted:
I do bankruptcy, I can tell you the number is way up even though the number of people eligible to file was tightened... Lots of people can still file even though were some changes, mainly you have to take a couple classes in which you are told what a bad person you are and they try to make you feel guilty.... |
|
Quoted: Quoted: Quoted: Quoted: A chapter 7 wipes the slate clean. However you lose everything. Your home, your cars and they will even come into your home and take funiture, jewelry, tools, guns, electronics, clothing anything of value and sell it at auction. The money will be divided among your creditors. A chapter 14 is a structured payment plan where you get to keep your stuff and your creditors agree to accept reduced payments, interest free over a period of five years (five years for me although that may vary from state to state). The bankruptcy laws have changed since we filled though. Not in Iowa. All of the above is BS here. |
|
Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
A chapter 7 wipes the slate clean. However you lose everything. Your home, your cars and they will even come into your home and take funiture, jewelry, tools, guns, electronics, clothing anything of value and sell it at auction. The money will be divided among your creditors. A chapter 14 is a structured payment plan where you get to keep your stuff and your creditors agree to accept reduced payments, interest free over a period of five years (five years for me although that may vary from state to state). The bankruptcy laws have changed since we filled though. Not in Iowa. All of the above is BS here. IIRC Bankruptcy is federal law––does Iowa have something at the state level? |
|
Quoted:
It looks like I will have to file this year. After getting laid off from a GM dealership back in Dec ( I was there for 10 years) and being unemployed for 3 months, it has taken it's toll. Luckily I was rehired at my dealership, and now have an entry level management position but also took a 35k a year paycut, but it's a job and stable for now. I cashed out my 401k back in Dec to keep up with the bills but now have run out of money. It really sucks and I am embarrassed about it. I've always had good credit and paid my bills, but I guess shit happens. You should feel as embarrassed about filing as the bank would feel to repo your house.. ie: not at all. Walk in the park, just another day at the office. Even John Wayne can't make a sandwich out of nothing but a good credit rating. |
|
Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
A chapter 7 wipes the slate clean. However you lose everything. Your home, your cars and they will even come into your home and take funiture, jewelry, tools, guns, electronics, clothing anything of value and sell it at auction. The money will be divided among your creditors. A chapter 14 is a structured payment plan where you get to keep your stuff and your creditors agree to accept reduced payments, interest free over a period of five years (five years for me although that may vary from state to state). The bankruptcy laws have changed since we filled though. Not in Iowa. All of the above is BS here. IIRC Bankruptcy is federal law––does Iowa have something at the state level? States can choose to set their own scheduales for bankruptcys, Oklahoma does. |
|
Quoted:
Quoted:
It looks like I will have to file this year. After getting laid off from a GM dealership back in Dec ( I was there for 10 years) and being unemployed for 3 months, it has taken it's toll. Luckily I was rehired at my dealership, and now have an entry level management position but also took a 35k a year paycut, but it's a job and stable for now. I cashed out my 401k back in Dec to keep up with the bills but now have run out of money. It really sucks and I am embarrassed about it. I've always had good credit and paid my bills, but I guess shit happens. You should feel as embarrassed about filing as the bank would feel to repo your house.. ie: not at all. Walk in the park, just another day at the office. Even John Wayne can't make a sandwich out of nothing but a good credit rating. Exactly, big business doe sit all the time, they screw over the little guy file for chapter 11, and gone on like nothing happened...they have no remorse why should anyone else. |
|
Quoted:
It looks like I will have to file this year. After getting laid off from a GM dealership back in Dec ( I was there for 10 years) and being unemployed for 3 months, it has taken it's toll. Luckily I was rehired at my dealership, and now have an entry level management position but also took a 35k a year paycut, but it's a job and stable for now. I cashed out my 401k back in Dec to keep up with the bills but now have run out of money. It really sucks and I am embarrassed about it. I've always had good credit and paid my bills, but I guess shit happens. Don't feel bad. Your situation is beyond your control. It's the people that live beyond their means, then file, and keep all their shit that I look down on. |
|
Quoted: Quoted: It looks like I will have to file this year. After getting laid off from a GM dealership back in Dec ( I was there for 10 years) and being unemployed for 3 months, it has taken it's toll. Luckily I was rehired at my dealership, and now have an entry level management position but also took a 35k a year paycut, but it's a job and stable for now. I cashed out my 401k back in Dec to keep up with the bills but now have run out of money. It really sucks and I am embarrassed about it. I've always had good credit and paid my bills, but I guess shit happens. Don't feel bad. Your situation is beyond your control. It's the people that live beyond their means, then file, and keep all their shit that I look down on. How do you "keep all your shit" once you've filed? have sex with the trustee?  |
|
Quoted:
A local bank just did a forced eviction across the the street today. The bank, assisted by the local Sheriffs Office and a work crew threw all their belongings to the curb. Wonder how long I am going to have to witness this mess. It is even more fun when the tennant uses lipstick and writes on the eviction notice... "The landlord and cops can FUCK OFF" The Cape Coral cop asked me nicely to wait in my car while he cleared the house. I was actually amazed how little damage they had done.... Chris |
| I just need one more year and I won't owe any fucking body except my house. Then we will be able to easily live on one income. As long as the stupid ass Kenyan doesn't fuck health care up, we will be golden. My wife is a nurse and I am a project manager that specializes in the health care industry. |
|
Quoted:
It looks like I will have to file this year. After getting laid off from a GM dealership back in Dec ( I was there for 10 years) and being unemployed for 3 months, it has taken it's toll. Luckily I was rehired at my dealership, and now have an entry level management position but also took a 35k a year paycut, but it's a job and stable for now. I cashed out my 401k back in Dec to keep up with the bills but now have run out of money. It really sucks and I am embarrassed about it. I've always had good credit and paid my bills, but I guess shit happens. Nothing to be embarrassed about in your case. Don't worry though I'm sure some self righteous prick will come along shortly though and tell you how despicable you are for considering it however. Bad things happen to good people too. |
| Not me personally (knock on wood). But friends and family have recently and are going to. I use to really look down on people who filed but in these times it's a whole new world out there. Pretty much everyone I know who use to be 'rich' is now just getting by, not re-upping new leases on Mercedes/BMW/etc but buying 6-8yr old cheaper 3-series/ c-class drivers. Lots of people on the edge though. |
|
Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
A chapter 7 wipes the slate clean. However you lose everything. Your home, your cars and they will even come into your home and take funiture, jewelry, tools, guns, electronics, clothing anything of value and sell it at auction. The money will be divided among your creditors. A chapter 14 is a structured payment plan where you get to keep your stuff and your creditors agree to accept reduced payments, interest free over a period of five years (five years for me although that may vary from state to state). The bankruptcy laws have changed since we filled though. Not in Iowa. All of the above is BS here. This was in Illinois. I have no idea as to how it relates to Iowa.
|
|
Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: A chapter 7 wipes the slate clean. However you lose everything. Your home, your cars and they will even come into your home and take funiture, jewelry, tools, guns, electronics, clothing anything of value and sell it at auction. The money will be divided among your creditors. A chapter 14 is a structured payment plan where you get to keep your stuff and your creditors agree to accept reduced payments, interest free over a period of five years (five years for me although that may vary from state to state). The bankruptcy laws have changed since we filled though. Not in Iowa. All of the above is BS here. This was in Illinois. I have no idea as to how it relates to Iowa. Bankruptcy is FEDERAL not state. Same rules everywhere ETA: and it's chapter 13 not chapter 14... |
| I've been very fortunate, I'm actually closing on a house next Thursday. The couple I'm buying the house from are selling the place short sale, so I know they are bad off and I have a couple of friends who are contemplating bankruptcy due to credit card mess they got themselves wrapped up in. I had another friend who jacked up her credit card balance only to have the cc company more than double her interest rates. She was lucky in that she has excellent credit and was able to get US Bank to give her a 5.9% loan against her vehicle which was paid off and she will use the money to pay off her credit cards. One being a US Bank card! |