Well last night I went out to dinner at a chain steak restaurant (don't wanna give free advertising, lol), and my part sat directly behind some "big-wigs" in the area. It was four men all in the mid 40s to 50s and job ranges from real estate, investment, insurance and I think city council. Anyhow they were talking for all to hear and the subject came up about bankruptcy and between the four of them there were seven bankruptcies. My party and I were just appalled because these men were more designer suit wearing 80,000 dollar car driving men. There were six Chap 7 and I believe one or two Chap 13's. Listening to their stories and how they were told sounded like a personal achievement.

I knew ppl file everyday but had no idea it was as "common place" as getting a value meal from a fast food rest. I definitely haven't filed but my cry might not be the same years later, who knows.

Bankruptcy to some is a way to get out of debt. Not that they still don't have to pay back all their creditors because they do but by going through bankruptcy, some people (not all) may think it's a way to get people off their back. Look at Kmart for example. I was watching one of those 20/20 type of shows and they had a story about a teenager that died in a Kmart store and how Kmart can't be sued because of their bankruptcy. Basically, from the way I understood it, the parents of the dead teen have to wait until the bankruptcy is cleared up to go after Kmart for a wrongful death suit. I was too mad to watch the whole story.

Originally posted by markblair
Bankruptcy to some is a way to get out of debt. Not that they still don't have to pay back all their creditors because they do Depending on the form of bankruptcy, they might not -- at least not in full. Bankruptcy sometimes involves a reorganization and a restructuring of debt; but sometimes involves a dissolution of assets with the proceeds going to creditors as only a partial, but final, payment of the debt.

fsn, were these people talking about personal bankruptcies (which would suprise me), or corporate bankruptcies?

Originally posted by JayC

fsn, were these people talking about personal bankruptcies (which would suprise me), or corporate bankruptcies?

I think two had filed personal bankrupticies but probably when they were in the 20s or 30s.

Sorry for being the ignorant one.

What is the difference between Chapter 7 and Chapter 13 basically?

I am not certain on this, as I believe I have read that they are (or have) been restructuring this, so people are accountable for their debts. But anyway on to my story, about 5 years ago a friend of mine got about 20 or so credit cards, maxed them all out through cash advances and such and declared bankruptcy and they were all wiped out. He was able to keep his house, car, EVERYTHING and if I remember correctly $60,000 or so in debts and got to keep all the cash he had pulled out and everything that he had bought with it. Clean slate. A year later, the new credit card offers started coming into him again, so the bs that you hear that it takes 7 years to repair your credit obviously isn't as vital as you hear. He heard about it how to do it from a bunch of guys he worked with and they all made out like banshees.

Was it kmarts fault the kid died?

Originally posted by davidb
Was it kmarts fault the kid died?

Was it Kmart's fault with what happened in Columbine? I think the answer to both (not necessarily knowing the full story of the one you asked about) is no. Yet Kmart was sued because someone at a store in Colorado sold the two killers of the Columbine massacre the bullets that they used. Unfortunately, I didn't see the entire story about the teens death at the store so I am not sure exactly. All I know is the family tried to go to court and was told that they would basically have to wait until Kmart was out of bankruptcy to pursue anything. :eek:

Gosh,

He doesnt even have to work if he keeps on doing that.
I always see the dark side of bankrupcy as what is depicted on TV.Sad, poor homeless people. Now I see some people actually benefits from bankrupcy.

Originally posted by JKLIVIN
I am not certain on this, as I believe I have read that they are (or have) been restructuring this, so people are accountable for their debts. But anyway on to my story, about 5 years ago a friend of mine got about 20 or so credit cards, maxed them all out through cash advances and such and declared bankruptcy and they were all wiped out. He was able to keep his house, car, EVERYTHING and if I remember correctly $60,000 or so in debts and got to keep all the cash he had pulled out and everything that he had bought with it. Clean slate. A year later, the new credit card offers started coming into him again, so the bs that you hear that it takes 7 years to repair your credit obviously isn't as vital as you hear. He heard about it how to do it from a bunch of guys he worked with and they all made out like banshees.