It's guys like this who give bankrupts a bad name...

[Okla-homey]

:D


Under the totality of the circumstances, debtor filed his petition in bad faith and, thus, his case would be dismissed as an abuse of the provisions of Chapter 7, where, although debtor owed approximately $24,000.00 in unsecured debt and received, over a four-month period, a longevity bonus of $11,910.00, an annual bonus of about $1,250.00, and a federal income tax refund of an undetermined amount, instead of devoting any of these funds to payment of his debts, debtor decided to "treat" himself and spent much of the money on luxury items or on gifts to family members, including a new kennel and shock collar for his dog, a black powder muzzle loading rifle, a bowling ball and bag, hunting boots, a snowblower, a new washing machine and dryer, and a trip to attend a professional football game, all the while searching for an attorney to represent him in bankruptcy.
In re James, 345 B.R. 664 (2006)

[Oldnslo]

If he made wise decisions with his money, d00d wouldn't be bankrupt in the first place.

That being said, most bankrupcies are caused by divorce or medical bills.

[badger]

Ok, seriously... a bowling ball and a bag??? How much do these even cost, two dollah? Tree fiddy?! It's not like they were the Bakkers or anything with gold faucets and air conditioned doghouses.

I think if more people realized how beneficial it was to NOT declare bankruptcy (it seems so easy now), and how easy and fair alternatives can be, perhaps people would look to alternatives more.

Debt is very much a black hole that is difficult to get out of once you jump in. Harassing phone calls asking where the money is, foreclosure, repossession... I can't imagine, but face it, we're all one huge hospital bill away from it if our insurance turns out to be garbage.

[SoonerInKCMO]

I can't imagine, but face it, we're all one huge hospital bill away from it if our insurance turns out to be garbage.

So you're saying you support national health insurance? ;)

[Frozen Sooner]

Ok, seriously... a bowling ball and a bag??? How much do these even cost, two dollah? Tree fiddy?! It's not like they were the Bakkers or anything with gold faucets and air conditioned doghouses.

I think if more people realized how beneficial it was to NOT declare bankruptcy (it seems so easy now), and how easy and fair alternatives can be, perhaps people would look to alternatives more.

Debt is very much a black hole that is difficult to get out of once you jump in. Harassing phone calls asking where the money is, foreclosure, repossession... I can't imagine, but face it, we're all one huge hospital bill away from it if our insurance turns out to be garbage.

Chapter 7 bankruptcy is actually fairly hard for someone who makes decent money anymore.

But I'm still on my crusade that pension and 401(k) money should be on the table if someone's filing Chapter 7. You want to start over? Fine. But you don't get to walk away with $100k in assets.

[badger]

Of course I don't support national health insurance... unless there's a way to insure that people are entitled to it. You know, paying their taxes, child support and are law-abiding. If you just keep the medical care doors open to everyone, you'll have Michael Moore boating people in from Cuba (spek to those who get the reference... AWW, SNAP!!! ;)

As for bankrupcy, I think you get to keep assets, much like you keep your education and other things built up. I think the reasoning behind it is other's dependency, not just for the bum's pleasure. If OJ didn't have kids to support, I'd want his pension and assets going straight to Ron Goldman's family too. It's not junior's fault his daddy wanted some people dead and thus, is in a lawsuit the rest of his life.

[Taxman71]

That was my thought. I'll bet the case above predates the effective date of the reformed (BAPCPA) bankruptcy laws (October of 2006 IIRC). Chapter 7's are basically for those will hardly any income these days.

That said, I saw more a few people "plan" for bankruptcy prior to October 2006 by going on spending sprees.

[Frozen Sooner]

As for bankrupcy, I think you get to keep assets, much like you keep your education and other things built up.

You do not. You get to keep certain assets (such as a home up to a certain dollar amount) and household goods, but you do not get to file bankruptcy and keep non-retirement funds. The concept is ludicrous.

"Hey, judge, I know that I have $1MM in the bank, but I'm going to go ahead and just write off this $500,000 in credit cards, OK?"