4 ms·

If you get to 5, make sure you are judgement proof, and any loaned money is unsecured credit card money. I honestly couldn't care less about credit card money

If you get to 5, make sure you are judgement proof, and any loaned money is unsecured credit card money. I honestly couldn't care less about credit card money losses, but I've seen too many people with assets(home, profitable website, really good job, nice cars) get reamed in bankruptcy court. Or, they lie about assets. Lie about assets, but make sure they never show up anywhere. And just because you lied about your income on that cc form; in 99 percent of the time, it won't be mentioned in bankruptcy court. Credit card companies use your credit credit score to give you of money, and I believe they still redline(give more to certain individuals). Bankruptcy lawyers know most people lie on those cc applications. Yes, it's technically fraud, but try to prove it. They just don't. Nolo Press has a glaring error concerning income, fraud, and potential bankruptablity. It think newer editions corrected it? If you get onto financial troubles, try to be proactive. Learn about what assets are legal to transfer. Learn about statue of limitations. Protect yourself from these bottom feeders. (I don't want to debate anyone on the ethics of the cc industry. I just got a cc plea offering me a 29 percent offer, and if I could do it again, I would have ripped up that first cc card sent to me upon graduation, endorsed by my school.)

mkaziz 10y ago
Do you have any literature you can recommend for when one gets into financial troubles. I don't think I would ever feel comfortable using leverage, but would like to know what I'm up against if I get to medical bankruptcy, for example.
- icantdrive55 10y ago
  Medical bankruptcies are the number one reason people file for protection. Don't beat yourself up. I once got a hospital blood test, and they charged me $1100 dollars. When they found out I had insurance through my Union; that total bill went down to $90.00. That's the total price they charged my insurance company. My portion was $7.00. So the medical system is rigged. I find the system very unfair, and it doesn't make any sense economic sense. O.k., I am obviously not a lawyer, but have dealt with these individuals. If you think you get a funny feeling about your lawyer; walk--they are a dime a dozen. If you have nerves of steel, and are good at research it's not unheard of to do your own bankruptcy. Yes, I know the adage, just there's some people that can do some sophisticated legal work themselfs. Most lawyers offer a free first visit. See a few of them. Take notes. The slimey ones try to scare you. The moral ones are strait shooters. Double check verything they state. Try to get a money back guarantee. Back to you medical bankruptcy; hospitals, and doctors say they use the judicial system to get their overpriced fees only sometimes. They do go after thousands of people yearly though. They are basically lie. They get judgements, and force previous patients out of their home. Completely disgusting in my world. If I was a rich dude looking to donate money to a hospital, I would have one question, "Have you ever sued a patient for nonpayment? How many? What were the facts of the case? If you are forced into bankruptcy, and have a house there's a homestead exemption in most states. I believe it's $125,000. It's not much. I know in Texas it's basically unlimited--which it should be nationwide! No one should be able to touch your home, especially in a medical bankruptcy. Now if you have a house, and a bank account. String the creditors on for as long as possible. In the mean time, talk to a lawyer about getting rid of assets. You don't want hide assets, by illegial transfers, but it's complicated. Their are ways to hide that house, but it's tricky, but doable. Don't be the idiot that goes deep in collections, and transfers the home into a family members name, and then a week later file for a chapter 7. Again, talk to a lawyer if you have assets. The whole process scared me. Be strong! Everything will work out, especially in a medical bankruptcy. I was so scared over my financial difficulties at one point, I considered committing suicide. Talking to the right lawyer, a guy who basically told the truth--really settled me down. I knew he was my guy when he said, "All my clients lie about they annual income." (Don't take advice too seriously form Internet chat rooms, or even myself. There is still so much wrong information, even by porported lawyers. I didn't help you much, but you seem to have a straight forward bankruptcy. Don't let this ruin you life. I spent so many unneeded nights worrying. I won't even say good luck, I don't think you have a sticky bankruptcy. As to lituraure, Nolo Press is pretty good, but they too make mistakes. Learn how to do legal research. Become familiar with bankruptcy codes/procedures for your state.)
  - infinite8s 10y ago
    My comment is independent of your discussion of medical bankruptcy, which I find abhorrent. I take issue with your statement that housing should be exempted from bankruptcy. As someone who rents and doesn't own, and thus has a net worth that is more concentrated into savings/investments, why should a house be protected? I'm not protected from losing the savings that I haven't invested into a house.

mkaziz 10y ago

Do you have any literature you can recommend for when one gets into financial troubles. I don't think I would ever feel comfortable using leverage, but would like to know what I'm up against if I get to medical bankruptcy, for example.

icantdrive55 10y ago
Medical bankruptcies are the number one reason people file for protection. Don't beat yourself up. I once got a hospital blood test, and they charged me $1100 dollars. When they found out I had insurance through my Union; that total bill went down to $90.00. That's the total price they charged my insurance company. My portion was $7.00. So the medical system is rigged. I find the system very unfair, and it doesn't make any sense economic sense. O.k., I am obviously not a lawyer, but have dealt with these individuals. If you think you get a funny feeling about your lawyer; walk--they are a dime a dozen. If you have nerves of steel, and are good at research it's not unheard of to do your own bankruptcy. Yes, I know the adage, just there's some people that can do some sophisticated legal work themselfs. Most lawyers offer a free first visit. See a few of them. Take notes. The slimey ones try to scare you. The moral ones are strait shooters. Double check verything they state. Try to get a money back guarantee. Back to you medical bankruptcy; hospitals, and doctors say they use the judicial system to get their overpriced fees only sometimes. They do go after thousands of people yearly though. They are basically lie. They get judgements, and force previous patients out of their home. Completely disgusting in my world. If I was a rich dude looking to donate money to a hospital, I would have one question, "Have you ever sued a patient for nonpayment? How many? What were the facts of the case? If you are forced into bankruptcy, and have a house there's a homestead exemption in most states. I believe it's $125,000. It's not much. I know in Texas it's basically unlimited--which it should be nationwide! No one should be able to touch your home, especially in a medical bankruptcy. Now if you have a house, and a bank account. String the creditors on for as long as possible. In the mean time, talk to a lawyer about getting rid of assets. You don't want hide assets, by illegial transfers, but it's complicated. Their are ways to hide that house, but it's tricky, but doable. Don't be the idiot that goes deep in collections, and transfers the home into a family members name, and then a week later file for a chapter 7. Again, talk to a lawyer if you have assets. The whole process scared me. Be strong! Everything will work out, especially in a medical bankruptcy. I was so scared over my financial difficulties at one point, I considered committing suicide. Talking to the right lawyer, a guy who basically told the truth--really settled me down. I knew he was my guy when he said, "All my clients lie about they annual income." (Don't take advice too seriously form Internet chat rooms, or even myself. There is still so much wrong information, even by porported lawyers. I didn't help you much, but you seem to have a straight forward bankruptcy. Don't let this ruin you life. I spent so many unneeded nights worrying. I won't even say good luck, I don't think you have a sticky bankruptcy. As to lituraure, Nolo Press is pretty good, but they too make mistakes. Learn how to do legal research. Become familiar with bankruptcy codes/procedures for your state.)
- infinite8s 10y ago
  My comment is independent of your discussion of medical bankruptcy, which I find abhorrent. I take issue with your statement that housing should be exempted from bankruptcy. As someone who rents and doesn't own, and thus has a net worth that is more concentrated into savings/investments, why should a house be protected? I'm not protected from losing the savings that I haven't invested into a house.