Comments on: Bankrupcty paperwork and business update http://www.debtkid.com/bankrupcty-paperwork-and-business-update Debt Kid - I'm Getting Out of Debt Sat, 21 Nov 2009 02:42:10 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: dz http://www.debtkid.com/bankrupcty-paperwork-and-business-update/comment-page-1#comment-10482 dz Wed, 13 Aug 2008 02:22:58 +0000 http://www.debtkid.com/bankrupcty-paperwork-and-business-update#comment-10482 1. If you have a job, does the court allow you to fill Chapter 7 to wipe out all credit-card debt? 2. After filling PB, why not consider to move aboard to start a new life. I heard that PB only affects personal credit score in US. 1. If you have a job, does the court allow you to fill Chapter 7 to wipe out all credit-card debt?

2. After filling PB, why not consider to move aboard to start a new life. I heard that PB only affects personal credit score in US.

]]> By: debt kid http://www.debtkid.com/bankrupcty-paperwork-and-business-update/comment-page-1#comment-1118 debt kid Thu, 12 Jul 2007 05:40:26 +0000 http://www.debtkid.com/bankrupcty-paperwork-and-business-update#comment-1118 Vinnie, The money that I "owe" my mother is a self imposed debt. It's real, but not "legal" real. I traded away my mothers accounts, she did not lend me mother, I just traded (without her permission). Hope that makes sense! Vinnie,

The money that I “owe” my mother is a self imposed debt. It’s real, but not “legal” real. I traded away my mothers accounts, she did not lend me mother, I just traded (without her permission). Hope that makes sense!

]]> By: vinnie http://www.debtkid.com/bankrupcty-paperwork-and-business-update/comment-page-1#comment-1117 vinnie Thu, 12 Jul 2007 04:51:43 +0000 http://www.debtkid.com/bankrupcty-paperwork-and-business-update#comment-1117 You can't wipe away the debt and leave your obligation to your mother in tact. As far as the law concerns, she's just another unsecured creditor to you. You may feel obligated to pay her back, but the LEGAL OBLIGATION will be wiped out by a Chapter 7 bankruptcy. After that, any money you give to her is considered a gift, with a 12k per year limit after which you must pay a gift tax (Yes, the GIVER, not the receiver, pays the tax on gifts). You can’t wipe away the debt and leave your obligation to your mother in tact. As far as the law concerns, she’s just another unsecured creditor to you. You may feel obligated to pay her back, but the LEGAL OBLIGATION will be wiped out by a Chapter 7 bankruptcy. After that, any money you give to her is considered a gift, with a 12k per year limit after which you must pay a gift tax (Yes, the GIVER, not the receiver, pays the tax on gifts).

]]> By: Zintradi http://www.debtkid.com/bankrupcty-paperwork-and-business-update/comment-page-1#comment-1087 Zintradi Wed, 11 Jul 2007 04:49:31 +0000 http://www.debtkid.com/bankrupcty-paperwork-and-business-update#comment-1087 It's all about taking steps in the right direction to get you closer to where you're going.... I know, heard it a thousand times... but you're not going to get out overnight aside from the following possibilities: 1. win the lottery(but a type of gambling got you into this mess) 2. Nuclear war and all bank records are lost (not good for anybody:-)) 3. a wealthy benefactor reads your blog, doesn't want their deadbeat children to have any of his/her money and decides to leave all their millions to you. 4. you find a buyer for the Circus Circus casino in Las Vegas and cash in on the $15mil finders fee (oh wait, Casey Serin has that one already...) Anyway, you're doing the right thing, and remember, you can always give those creditors something in the future when you have more money if you feel so inclined. It’s all about taking steps in the right direction to get you closer to where you’re going…. I know, heard it a thousand times… but you’re not going to get out overnight aside from the following possibilities:
1. win the lottery(but a type of gambling got you into this mess)
2. Nuclear war and all bank records are lost (not good for anybody:-))
3. a wealthy benefactor reads your blog, doesn’t want their deadbeat children to have any of his/her money and decides to leave all their millions to you.
4. you find a buyer for the Circus Circus casino in Las Vegas and cash in on the $15mil finders fee (oh wait, Casey Serin has that one already…)

Anyway, you’re doing the right thing, and remember, you can always give those creditors something in the future when you have more money if you feel so inclined.

]]> By: B http://www.debtkid.com/bankrupcty-paperwork-and-business-update/comment-page-1#comment-1073 B Wed, 11 Jul 2007 01:58:00 +0000 http://www.debtkid.com/bankrupcty-paperwork-and-business-update#comment-1073 What about the disadvantages of bankruptcy? Likely to hinder future income? What about the disadvantages of bankruptcy? Likely to hinder future income?

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