WildmaN

As it states, I filed for bankruptcy today. Because of my overwhelming credit card debt. I qualified for a chapter 7. Which means, after it is over. I wont owe anybody anything. Of course, I have to pay all the fees up front in full. Which right now, will take 6 months.

Anyway I could be carless, minus my Neon. So I could lose all my Z's, and Firebird. And could possibly lose my place too. I have been down, since I got all the news, and stipulations. My head is a mess, I am depressed, and feel like crap. That is where it is at at the moment.

SportBikeMike

Oh man sorry to hear it WildmaN. Do you know for sure you'll lose the Zs? My cousin filed for bankruptcy a few years back, and they let him keep his Corvette. I would definitely check into this. Are they saying you can keep the Neon because its your daily driver....but you can't have any "play" cars? Hopefully not. Anyway hope everything turns out OK in the end, and keep us posted.

WildmaN

^ If they feel, they can take them, and sell them for money. They may do that. I am hoping they don't. I would be down for a while. I had big plans for my 2 Z's, I wanted to keep. The Neon, probably because it is my only means of transportation.

I thought about making my Z's look like they really weren't worth anything. (take fenders, tires and wheels, interior parts etc...) so they would leave them alone. And I still am worried about losing my house. I need to call my seller, and explain the situation. And see what he says, about it. While begging him, to let me keep my place.

snwbrderphat540

you should just sell them to someone for 1 dollar a piece you trust. then when things lay low, buy em back for a dollar.

mayitin

Get legal advise,Do what snwbrderphat540 advised. Talk to you lender tell them you are planing in keep the house ( I hope you have not missed any payments ) and you want to continue making payments. I know you feel like caca right now but soon will be over and the weight of debt will be gone. Is going to take some time you can borrow again but that is ok, cash only. You will have money to save and not to pay bills. Credit cards rips us off they increased the % so much the late fees are not to help you but to destroy you. Some thing needs to take place with these Credit cards. I try not to use them but the system forces you to use them, you can not rent a car with out one etc. good luck man, keep you head up.

280zx2by2

get a lawyer or advisory, can save you a lot of money in the long run

and as far as i knew the only things that could be "repossessed" are things you bought with that credit card... but there are several different types of bankruptcy so idk


PS. really with the supra wing? haha

PurePontiacKid

that's not a Supra wing...

WildmaN

No it is not a Supra wing. It is a F-40 wing. And bankruptcy is different now. Things have changed in the law. They make it quite difficult to go through everything.

Yzzerdd

Wow man that really sucks, sorry to hear it. My grandmother filed bankruptcy 2 years ago. She had a lawyer, had to pay fees, but they didn't take a single thing from her. She kept the house(she paid cash for it), the car(which was in her husbands name), everything. Hope you don't lose too much. But in the end, it'll be a huge relief for you to not owe a dime to creditors.

--Ryan

Bleach

I knew someone that was going through the same thing. They were worried that they would lose assets they owned in full but later found out that creditors had no power to take those items. If you are making payments on a car and your payments are current then the car stays with you as well.

The problem is you won't be able to get a credit card, car loan, or home loan after this point for quite some time.

NismoPick

About 7 years I think....

SHADY280

my friend went bankrupt, he sold his cars (12 of them, all muscle cars) to his dad and friends, they couldnt touch them, just do it now before they look for them, that way they cant come back on it. also the cars need to be registered in that persons name, if they dont, they are still yours. just tell them you sold them some time ago for grocery money. his story sucks too, he had about 300,000 in debt after his extra large busness went for a dump. one large customer left and didnt pay 2 months expenses.

Bleach

There are professional inspectors that in many cases will search out all your assets and the history of what you did. If they buy your story then you're good but if they see you're trying to stockpile things that should have not been then you pay for all the legal expenses still and do not get the bankruptcy protection. Don't do anything shady.

280zx2by2

thats what this guy probably says too

NismoPick

^^^ Don't be such an uber n00b. It's the F40 wing sold by MSA.

snwbrderphat540

cant we just ban him for ignorance?

z-hag

uhoh. not pretty.even bubba agrees not purrrrty.....he screamed and ran away----has good taste in cars...too bad my kat has mo bedda taste in cars than the owner of the above ,,LOL---sorry i hope i didnt step on any toes--snowy, is this your new car???.

280zx2by2

don't be mad that you put that mistake on your car too

WildmaN

^ Hardly a mistake. And please stop with the off topic crap on my thread. Especially putting a gay Honda on it. Thank you.

ZBRICK

Zhag is an awesome woman

z-hag

aaron, i hope all goes well for you---is another year coming now and should be a better one..........