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Most people -unlike some with Orange hair-- file out of need necessity- illness- job losses- tornadoes - hurricanes- accidents- disabilities - death in the family- the court is there to rule on the WHY-- are there schemers ? some but not most- most have to scrape just for the court costs...
Then they kick you for 10 years - with bad credit- cant get a good job- low pay insurance- and so forth- if you need a car its at 30% interest rate- they consider you dirt bag-- oh they hurt you alright- so yeah why not kick them some more--
Most of the people that I know that filed bankruptcy were not hurt by filing. Lived the same or better after filing.
If the father could only get by in life by using a CC up to $50k debt, how is he going to live without the CC?
Where will he get the money for his expensive tastes?
I don't know why they don't grab the used furniture. Sure it isn't worth much but I don't think the bankrupt person should keep it.
The bankruptcy laws are written so creditors can recover as much as possible from the debtor, while allowing the debtor to maintain a basic standard of living. They aren't written to punish the debtor.
I also do not think that installment loan is covered under a bankruptcy. I do not think that debt can be wiped clean.
The most common installment loan today is the car loan. Car loans are regularly discharged in bankruptcy, and the debtor surrenders the car. The debtor can also reaffirm the loan, if the payments are current.
I think they have the opportunity to repo the furniture or whatever was purchased. The loan is only secured by the items that were bought. From what I've heard, they usually elect not to repo because it would cost more than the furniture is worth, and it's also my understanding that they cannot continue to try to collect on the loan after a bankruptcy. It's take back the furniture or nothing for them.
Now this is based on info from my relatives-by-marriage hijinks back in the late 70's through the 80's and 90's. I recall them filing 3 times in that period. I know there was a bankruptcy reform in the meantime, so that may have changed though I doubt it.
A typical method is to sell the goods at a reduced value, and then sue the debtor for the difference. The judgment resulting from the lawsuit, may then be discharged in bankruptcy.
Most of the people that I know that filed bankruptcy were not hurt by filing. Lived the same or better after filing.
For those with high income that's probably true. For lower earners, who have subsidized their lifestyle with credit, a painful lifestyle adjustment awaits.
If the father could only get by in life by using a CC up to $50k debt, how is he going to live without the CC?
Where will he get the money for his expensive tastes?
If this guy is retired and is working minimally or not at all, there honestly isn't a lot for him to gain by filing. The debt will get charged off, and below a certain income, it's unlikely a judgment would be enforced.
If this guy is retired and is working minimally or not at all, there honestly isn't a lot for him to gain by filing. The debt will get charged off, and below a certain income, it's unlikely a judgment would be enforced.
If they sue, a judgment will be filed as a lien against his home. Won't hurt him, but whoever inherits would have to pay the debt when they sell the home.
while you're at it why don't you have them "grab" their used eyeglasses, hearing aids, wheelchairs, canes, walkers, and orthopedic inserts? geezzzzzzzzzzzzz
And a kidney. You only need one, the other should be sold to repay the debt.
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