BlendedFamily
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Reged: 10/28/04
Posts: 436
Loc: The "Sunshine" State
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In light of the Bankruptcy Act of 2005 that changed the time period of being able to file bankruptcy again from 6-8 years...is that retroactive to prior to Oct. 2005 or for anyone that files after Oct. 2005?
A friend of mine is going through a divorce and they filed jointly in the beginning of 2001 and now are planning on filing again.
-Can they file this year or do they have to wait til 2009 for a Chapter 7? Thanks.
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-Remarriage is an excellent test of just how amicable your divorce was- Margo Kaufman
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Gecko
Carpal \'Tunnel
Reged: 06/01/04
Posts: 19801
Loc: Third rock from the sun
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Hmmmmmmmmmmm...I couldn't find any information on that specific question. Consulting with a bankruptcy attorney is generally free...which is my suggestion.
I do know that a Chapter 7 bankruptcy can be filed every 8 years from a previous chapter 7 filing or 6 years from a prior chapter 13 filing, and that a Chapter 13 can be filed 4 years from a prior Chapter 7 filing or 2 years from a prior Chapter 13 filing.
So at worst...they could file a 13 and then convert to a 7 when eligable.
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If you air your dirty linen in public, expect people to comment on the skid marks!
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Miranda
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How on earth could they be filing again 6 years later? What credit/debt could they even possibly have? Wow, what a pickle...
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13.1...because I am only half crazy!
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rocketgirl
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I think they need to be trying to find a way to PAY the debts they've incurred AGAIN.. obviously they didn't learn very much the first time! Why should the taxpayers have to pay for their poor decisions more than once?
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Lisa
Diplomacy - the art of telling someone to go to hell, and them looking forward to the trip.
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Gecko
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Why should the taxpayers have to pay for their poor decisions more than once?
---> Huh? It's NOT the "taxpayers"...it's the creditors that take the loss.
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If you air your dirty linen in public, expect people to comment on the skid marks!
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rocketgirl
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Which, in turn, affect the taxpayers via higher interest rates, higher prices, etc...
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Lisa
Diplomacy - the art of telling someone to go to hell, and them looking forward to the trip.
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Gecko
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It effects the CONSUMER, NOT the taxpayer and yes, there is a difference because EVERYONE has to pay taxes, but NOT everyone is going to consume in the same manner.
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If you air your dirty linen in public, expect people to comment on the skid marks!
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rocketgirl
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I just see it differently... semantics, if you will.
As far as the creditors go... if they are credit card companies, they deserve every screwing they get by bankruptcy. It is the other people who suffer when someone files bankruptcy without even trying to pay their debts.
I know *I* sure took it without any KY when my ex did it.
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Lisa
Diplomacy - the art of telling someone to go to hell, and them looking forward to the trip.
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Miranda
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People like that should not be able to have anything for credit much less file BK twice in 6 years. RIDICULOUS!
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13.1...because I am only half crazy!
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Gecko
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People who file bankruptcy generally do so because of credit card debt or medical bills so I'm not sure who all the other "people" are who are suffering.
Some people who file, I feel geniunely sorry for, others (like my sister) I feel are screwing the system.
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If you air your dirty linen in public, expect people to comment on the skid marks!
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rocketgirl
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I feel that there should not be bankruptcy options for ANYTHING other than medical reasons... period.
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Lisa
Diplomacy - the art of telling someone to go to hell, and them looking forward to the trip.
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Gecko
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When I filed back in '86...I had better credit afterwards then before. But it doesn't work that way...you'll find people willing to extend credit, but you'll pay for it...BIG TIME.
But it's because of the losers that the BK laws have changed and it's not as easy to get a 7 like it used to be. The personal exemptions have been lowered to such an extent that you're lucky you get to keep your clothes and if you want to keep more, you'll have to go with a 13 and pay back as much of your debt as you can in five years.
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If you air your dirty linen in public, expect people to comment on the skid marks!
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rocketgirl
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And I think that is how it should be if we have to extend BK to anyone for anything other than medical reasons... it is just TOO, TOO easy to get out of paying debts that you have voluntarily run up!
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Lisa
Diplomacy - the art of telling someone to go to hell, and them looking forward to the trip.
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Gecko
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I'm getting ready to file bankruptcy for my Dad. He's got a bunch of bills that Medicare isn't going to pay for but mainly it's because of his truck. He still owes four payments on it and I don't have the money to pay off the finance company to get a clean title once he dies (I get the truck).
Frankly, he's trashed the truck and it's not worth a whole hell of a lot, but it's transportation. I could probably talk the finance into releasing the title because they've already charged off the balance, but I don't want the hassle. Hell...it was a nightmare just getting Dad's Medicare straightened out.
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If you air your dirty linen in public, expect people to comment on the skid marks!
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rocketgirl
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Loc: On the beach in 14 years...
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I don't blame you one bit.. I'd file too. I think THAT is what BK should be for, not for irresponsible people who can't get over their "instant gratification" bullshyt.
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Lisa
Diplomacy - the art of telling someone to go to hell, and them looking forward to the trip.
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BlendedFamily
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Reged: 10/28/04
Posts: 436
Loc: The "Sunshine" State
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Quite frankly... champagne taste on a beer budget. They live the "high" style but "rob Peter to pay Paul" to attempt to afford it.
Credit cards, medical bills and a home that is upside down now because of the current real estate market.
The amount of foreclosures are on the rise in our area because individuals didn't look into the future when their big, beautiful house ended up with double the payment they can't afford now that their ARM mortgages and such are rearing their ugly heads.
Thanks Gecko.. they have an appointment with an attorney next week, she was wanting the fast answer.
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-Remarriage is an excellent test of just how amicable your divorce was- Margo Kaufman
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Miranda
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Loc: North of Mexico
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Those ARM's are gonna get you!
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13.1...because I am only half crazy!
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BlendedFamily
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Reged: 10/28/04
Posts: 436
Loc: The "Sunshine" State
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That is generally what I tell most of my clients when I am showing them property and pre-screening their financing.
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-Remarriage is an excellent test of just how amicable your divorce was- Margo Kaufman
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Miranda
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Posts: 20822
Loc: North of Mexico
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We are military and usually do ARMs as we are never there more than 3 years. This time we got a fixed rate though as the ARMS were the same %.
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13.1...because I am only half crazy!
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preemiemom
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Quote:
Which, in turn, affect the taxpayers via higher interest rates, higher prices, etc...
Okay, duh, the people who FILE bankruptcy then are paying for their OWN bankruptcy since presumably THEY are still taxpayers themselves..
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preemiemom
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Quote:
I don't blame you one bit.. I'd file too. I think THAT is what BK should be for, not for irresponsible people who can't get over their "instant gratification" bullshyt.
Sorry, your views on this thread are just soooo far up your a$$ it isn't funny.
I've considered bankruptcy.. not because of "instant gratification" but because a) my stbx's FIRST wife f'd us ROYALLY financially when it turns out after she WAIVED child support in exchange for a their house, she never FINISHED their divorce. So our mortgage? Based on income we lost exactly 60 days after our closing. b) while I wouldn't have medical BILLS to go bankrupt on, I do have $40,000 in credit card debt.. which consists of the loss of $40,000 in MY income last year due to my daughter's premature birth and my stbx's inability to maintain a freakin' job and thus, the loss of $35K a year in HIS income. The little he did make? Went to his skank of an ex-wife.
Now, I'm stuck with a house I'm completely upside down in thanks to his stupidity and her being a "c" word and a massive pile of debt. If my renters don't pay me? I'm screwed to a wall. I'll be lucky if I don't lose my job since my daughter's been chronically ill since she started daycare, and then, well bankruptcy will definately be my only option...
Bankruptcy is there to protect people from all sorts of personal disasters, NOT just "medical issues".
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Gecko
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Reged: 06/01/04
Posts: 19801
Loc: Third rock from the sun
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Chill. RG's talking about people like my sister who can't control their spending...who dispite consolidation loans and credit counseling and what not...make it hard for the people who really need the help.
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If you air your dirty linen in public, expect people to comment on the skid marks!
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Miranda
Carpal \'Tunnel
Reged: 06/02/05
Posts: 20822
Loc: North of Mexico
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It would help if posters followed the subject matter of previous posts before posting. LOL...
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13.1...because I am only half crazy!
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rocketgirl
Carpal \'Tunnel
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Posts: 8562
Loc: On the beach in 14 years...
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The subject was bankruptcy, was it not?
Sorry.. the whole discussion of bankruptcy to get out of paying debts (SELF-IMPOSED debt, PM.. NOT like the ones you have) just rubs me the wrong way... maybe because I was totally and completely F#CKED over by my ex when he filed his... and he had less than 25K to file...
I tend to get bent out of shape when I hear of people who file on CC debt... cut the f'in thing up and pay your bills!
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Lisa
Diplomacy - the art of telling someone to go to hell, and them looking forward to the trip.
Edited by rocketgirl (03/15/07 10:32 PM)
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Miranda
Carpal \'Tunnel
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Posts: 20822
Loc: North of Mexico
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RG-
I was referring to PM going off on her own story and how multiple bankruptcy is not so bad, etc...
I was also screwed by my ex, but his moronic ass opened up the divorce decree and how he screwed himself as I was awarded a portion of that money back from the final settlement. Lucky for me his wife is a DOCTOR (of some sort) and he co owns the building her practice is in, their home, their cars, etc. Can you believe my LUCK! Seriously! **Rubbing hands together and plotting*** Not to mention back CS in to the tune of over 26K. I am so slapping liens on ANY and EVERYTHING I CAN. Ohh I cannot wait.
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13.1...because I am only half crazy!
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preemiemom
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... I didn't go "off" on a story. I was merely responding to the suggestion that the ONLY valid reason for bankruptcy SHOULD be medical BILLS. And I'd like you to point out where exactly I said "multiple bankruptcy is not so bad".
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The best we can do is live our lives with enlightened improvisation.
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Miranda
Carpal \'Tunnel
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Posts: 20822
Loc: North of Mexico
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Nothing like waiting 6 weeks to post on a dead thread.
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13.1...because I am only half crazy!
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preemiemom
Carpal \'Tunnel
Reged: 01/17/07
Posts: 19391
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What crawled up your butt? First, it's FOUR weeks.. I happened to see anther posting in the BK forum and was reading and noticed a reply on this thread. Since you specifically replied to MY posting AND misquoted what I said entirely.. like not even remotely close to anything I said, I felt the need to respond..
2nd, YOU just replied, so that makes you just as bad.
Someone got up on the wrong side of the bed today.
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