Drewhop Posted May 13, 2008 Report Share Posted May 13, 2008 Are you kidding me. This system is so insanely fucked up i can't even begin to try and figure out what we as a country can do to fix it. Can anyone explain how you can be allowed to file bankrupcty on a debt....... then default on that debt (chapter 13) then be allowed to go an entire year without paying on that debt, then be allowed to file bankrupcty on the same debt again with no reprocussions other then having to pay a lawyer. I understand bankruptcy helps and some people do honestly follow thru and improve there situation while changing there life style. To anyone who incurs debt (purposely) with the only intention being to file bankrupcty on it i say FUCK YOU and CUT YOURSELF! Quote Link to comment Share on other sites More sharing options...
Rhett Posted May 13, 2008 Report Share Posted May 13, 2008 Soon to come: New fully built motor, big power adder, new tranny, new suspension, 4 sets of wheels and tires (the best money can buy), A new motor for the Civic. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ All on Credit cards..... ...... Shortly after Bankruptcy, now that I know how to play the game. Quote Link to comment Share on other sites More sharing options...
Hwilli1647545487 Posted May 13, 2008 Report Share Posted May 13, 2008 I have a coke habit, and thus am not responsible for my actions. Quote Link to comment Share on other sites More sharing options...
Drewhop Posted May 13, 2008 Author Report Share Posted May 13, 2008 I have a coke habit, and thus am not responsible for my actions. See i like that answer honesty is ok. I just guess i want more honesty thx Howard its all clear now. p.s. I miss you Quote Link to comment Share on other sites More sharing options...
Casper Posted May 13, 2008 Report Share Posted May 13, 2008 Are you kidding me. This system is so insanely fucked up i can't even begin to try and figure out what we as a country can do to fix it. Can anyone explain how you can be allowed to file bankrupcty on a debt....... then default on that debt (chapter 13) then be allowed to go an entire year without paying on that debt, then be allowed to file bankrupcty on the same debt again with no reprocussions other then having to pay a lawyer. I understand bankruptcy helps and some people do honestly follow thru and improve there situation while changing there life style. To anyone who incurs debt (purposely) with the only intention being to file bankrupcty on it i say FUCK YOU and CUT YOURSELF! You can only file bankruptcy once every 7 or 10 years. It was 7, but I think they made 10 last year under the new laws. Quote Link to comment Share on other sites More sharing options...
Drewhop Posted May 13, 2008 Author Report Share Posted May 13, 2008 You can only file bankruptcy once every 7 or 10 years. It was 7, but I think they made 10 last year under the new laws. You can only file chapter 7 once every 7 years. Chapter 13 is completely different. Chapter 13 is when the bankruptcy court decides how much a person is going to actually pay back on there debts. For instance i have a customer who pays 23 dollars per month on a 2000 Dodge Durango with 85k miles on it. The bankrupcty court decided how much he should be paying on the vehicle. Now he stopped paying on his chapter 13 on january 27, 2007. Case was not dismissed until 2 weeks ago. I want to repo the vehicle. He has a lawyer on retainer and is refiling his bankrupcty. If i take that vehicle soon as i recieve the papers stating that he is in chapter 13 again. I physically have to take the vehicle back to him or compensate him with another vehicle. Here is the best part of that scenario. When they refile he will not file on the amount that is actually owed on the vehicle. He will get to file on a depriciated market value of that vehicle. So yet again bankruptcy court decides what he gets to pay back. As the law stands me as a creditor I have no legal ground to defend against ANYONE doing this. Quote Link to comment Share on other sites More sharing options...
Avenger1647545502 Posted May 13, 2008 Report Share Posted May 13, 2008 compensate him with another vehicle. An 85 Accord (for example) with a persistent mis-fire is, technically, another vehicle. I'm betting the actual legal language is something along the lines of "Equal or equivalent value" though. It'd be nice if you could stick a deadbeat with a dog-turd all nice and legal though..... Quote Link to comment Share on other sites More sharing options...
Mensan Posted May 13, 2008 Report Share Posted May 13, 2008 As the law stands me as a creditor I have no legal ground to defend against ANYONE doing this. Well, kudos to you for obeying the law. I punish debt collectors who don't. Quote Link to comment Share on other sites More sharing options...
Jelloman4571647545499 Posted May 13, 2008 Report Share Posted May 13, 2008 I punish debt collectors who don't. True story. Quote Link to comment Share on other sites More sharing options...
Rustlestiltskin Posted May 14, 2008 Report Share Posted May 14, 2008 Well, kudos to you for obeying the law. I punish debt collectors who don't. any stories? Quote Link to comment Share on other sites More sharing options...
Cordell Posted May 14, 2008 Report Share Posted May 14, 2008 It'd be nice if you could stick a deadbeat with a dog-turd all nice and legal though..... Deadbeat huh?!? Obviously you have never had money problems. I have been down this road and it was not because I wanted to. However I recovered from this horrible situation and have remained debt free. Might decide to buy a house but that is about it. Not everyone is a deadbeat. I had my Camaro during the bankruptcy and beleive me I was paying way more than 20 some dollars, don't remember exatly how it broke down but it was more like 200+. Quote Link to comment Share on other sites More sharing options...
Drewhop Posted May 14, 2008 Author Report Share Posted May 14, 2008 Deadbeat huh?!? Obviously you have never had money problems. I have been down this road and it was not because I wanted to. However I recovered from this horrible situation and have remained debt free. Might decide to buy a house but that is about it. Not everyone is a deadbeat. I had my Camaro during the bankruptcy and beleive me I was paying way more than 20 some dollars, don't remember exatly how it broke down but it was more like 200+. See this is the situation that does not bother me that the debt is being paid on. The problem i have with it is people who abuse the system like the example i posted. If Eli protects people like that i am sure he has a reason. He is probally doing a job that helps protect people from debt collectors who are honestly trying to screw people over. There are many debt collectors who are very shady in there practices and need to be dealt with. I just felt like ranting and gettin some outside opinions. Eli what do you do for a living i am sure you have some good war stories. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted May 14, 2008 Report Share Posted May 14, 2008 My wife is a bankruptcy attorney and her practice is booming now and has been for two years, so I hear all kinds of stories. bottom line here as we see it is two fold. 1. Given what you described, this person isn't likely at all out to hurt you the car dealer. In fact, it's very likely what he's doing has something to do with no wanting to lose a home vs a car. 2. My wife is a bit biased against lenders, as am I in many cases. Not directed at you, I know you know this as we've spoken live, but in general, most lenders/dealers dealing with high risk clients often times charge outlandish rates and generally accept the good with the bad. What you describe just happens to be the bad for your dealership, but in the end, your dealership extended the credit to a high risk client and new what the deal was going in. In other threads, folks blame the person not being able to afford the home or the loan, but this is a classic example of the lender taking the risk by swimming in waters they know are not of the best conditions. Chances are your dealership has made by far more on the clients that don't default vs the losses on the ones that do. Otherwise, you wouldn't be in business. It comes with the territory as they say. See this is the situation that does not bother me that the debt is being paid on. The problem i have with it is people who abuse the system like the example i posted. If Eli protects people like that i am sure he has a reason. He is probally doing a job that helps protect people from debt collectors who are honestly trying to screw people over. There are many debt collectors who are very shady in there practices and need to be dealt with. I just felt like ranting and gettin some outside opinions. Eli what do you do for a living i am sure you have some good war stories. Quote Link to comment Share on other sites More sharing options...
Drewhop Posted May 14, 2008 Author Report Share Posted May 14, 2008 My wife is a bankruptcy attorney and her practice is booming now and has been for two years, so I hear all kinds of stories. bottom line here as we see it is two fold. 1. Given what you described, this person isn't likely at all out to hurt you the car dealer. In fact, it's very likely what he's doing has something to do with no wanting to lose a home vs a car. 2. My wife is a bit biased against lenders, as am I in many cases. Not directed at you, I know you know this as we've spoken live, but in general, most lenders/dealers dealing with high risk clients often times charge outlandish rates and generally accept the good with the bad. What you describe just happens to be the bad for your dealership, but in the end, your dealership extended the credit to a high risk client and new what the deal was going in. In other threads, folks blame the person not being able to afford the home or the loan, but this is a classic example of the lender taking the risk by swimming in waters they know are not of the best conditions. Chances are your dealership has made by far more on the clients that don't default vs the losses on the ones that do. Otherwise, you wouldn't be in business. It comes with the territory as they say. Most intelligent post so far. I am just venting out of all my bankruptcy customers the example i am stating is only one that irritates me cause in all honesty the guy when filing bankruptcy had actually called to brag about how he could use the system to do this. 95% of my bankruptcy clients i get paid fairly and on time. But im sure you know there are some loopholes in the system that could use some restructuring but for you and your wife that would not be the greatest for business. As a business we are actually booming in times of credit crisis buy here pay here thrives. My only problem business wise right now is getting cars in fast enough for market segment demand. Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted May 14, 2008 Report Share Posted May 14, 2008 I completely understand. Believe me, the attorney's don't want clients bucking the system on 13's either. 13's typcially pay 2-3x what a 7 does and usually the first 6 or so payments go to the attorney to cover their fees....so we love when they pay on time and in full I actually prefer her to convert folks to 13's. That's residual income and it's not small coin. Overall though, the change in the laws, which were supposed to benefit creditors more, aren't likely helping anyone IMO. I am just venting out of all my bankruptcy customers the example i am stating is only one that irritates me cause in all honesty the guy when filing bankruptcy had actually called to brag about how he could use the system to do this. 95% of my bankruptcy clients i get paid fairly and on time. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted May 14, 2008 Report Share Posted May 14, 2008 i do collections and i hate bankruptcy with a passion. but, it seems with all these economic stimulus checks, A LOT of people are being responsible *gasp* with it...usually, a good monday and tuesday, i can bust out $1500-2000. this week, after those 21-75 last 2 digits got theirs, ive picked up 7,400 in the last 2 days, for this month alone...in my department, thats pretty f'n good for 2 days (im sure CJINOHIO will chime in) Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted May 14, 2008 Report Share Posted May 14, 2008 they may as well.....lots of folks are finding out the hard way through their Bankruptcy attorneys that the Trustee's are going to get the money, so don't even think about spending it. same with any tax refunds. it kills me that so many folks think just because they are going belly up that they would be entitled to keep that money i do collections and i hate bankruptcy with a passion. but, it seems with all these economic stimulus checks, A LOT of people are being responsible *gasp* with it...usually, a good monday and tuesday, i can bust out $1500-2000. this week, after those 21-75 last 2 digits got theirs, ive picked up 7,400 in the last 2 days, for this month alone...in my department, thats pretty f'n good for 2 days (im sure CJINOHIO will chime in) Quote Link to comment Share on other sites More sharing options...
Mensan Posted May 14, 2008 Report Share Posted May 14, 2008 ...If Eli protects people like that i am sure he has a reason. He is probally doing a job that helps protect people from debt collectors who are honestly trying to screw people over. There are many debt collectors who are very shady in there practices and need to be dealt with... Eli what do you do for a living i am sure you have some good war stories. It has nothing to do with what I do for a living; I am suing a debt collector pro se. These people are trash and have contacted me about fraudulent debt. I will post details after they settle. They will settle. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted May 14, 2008 Report Share Posted May 14, 2008 It has nothing to do with what I do for a living; I am suing a debt collector pro se. These people are trash and have contacted me about fraudulent debt. I will post details after they settle. They will settle. which agency is it? Quote Link to comment Share on other sites More sharing options...
Mensan Posted May 14, 2008 Report Share Posted May 14, 2008 http://www.budhibbs.com/debtcollectorpages/portfolio_recovery_associates.htm Quote Link to comment Share on other sites More sharing options...
evan9381 Posted May 14, 2008 Report Share Posted May 14, 2008 "Portfolio Recovery Associates, (PRA) bottom feeders with deep pockets, have apparently figured out how to get blood from a turnip" lol. i always loved at my old job when people would say "you cant get blood from a turnip"...our calls werent monitored/recorded there, so i would always tell them "well sir/maam, all a turnip is is a dead beet"...it'd take them a second, then theyd get pissed, and hang up. it was quite effective if i was sick of dealing with them. Quote Link to comment Share on other sites More sharing options...
Got-Boost? Posted May 14, 2008 Report Share Posted May 14, 2008 Soon to come: New fully built motor, big power adder, new tranny, new suspension, 4 sets of wheels and tires (the best money can buy), A new motor for the Civic. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ All on Credit cards..... ...... Shortly after Bankruptcy, now that I know how to play the game. I realize you were kidding but didn't they change the law to say Credit Card debit wasn't covered. House, cars, etc...are but you are still stuck with CC debt... A lot of people were working the system in the past which warranted the changes... Quote Link to comment Share on other sites More sharing options...
TTQ B4U Posted May 14, 2008 Report Share Posted May 14, 2008 true, but there are still tons of people working the system. basically all it's done is force folks to pay more to go bankrupt, which is fine, my wife makes more too. they upped the 30mo payout on a 13 to 60 months where needed and they worked out new formulas related tot he median income but with todays cost of living those changes have all be negated by the rising cost of energy and food in the past year. in the end, if you spend more than you make and don't pay for it, you will eventually pay for it in some way. the sad thing is more and more people are accepting of the shit life they will live afterwards and consider it the norm. it's the same underpinnings that got htem there to begin with...$600 mo. car payments, $3k mortgages and tons of excess spending are okay....so what if I have debt...I'll just go belly up and live the dream over again A lot of people were working the system in the past which warranted the changes... Quote Link to comment Share on other sites More sharing options...
Cordell Posted May 14, 2008 Report Share Posted May 14, 2008 true, but there are still tons of people working the system. in the end, if you spend more than you make and don't pay for it, you will eventually pay for it in some way. the sad thing is more and more people are accepting of the shit life they will live afterwards and consider it the norm. it's the same underpinnings that got htem there to begin with...$600 mo. car payments, $3k mortgages and tons of excess spending are okay....so what if I have debt...I'll just go belly up and live the dream over again Not everyone works the system, I just wish people wouldn't. I hope no one goes through what I went through, but if you are working the system they should just deport you, and help honest hard working, "gun packin", americans. :bangbang: Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted May 14, 2008 Report Share Posted May 14, 2008 they may as well.....lots of folks are finding out the hard way through their Bankruptcy attorneys that the Trustee's are going to get the money, so don't even think about spending it. same with any tax refunds. it kills me that so many folks think just because they are going belly up that they would be entitled to keep that money Not true if you spend it on necessities, like replacing bald tires, food, medications, ect... You just have to provide the receipts. Quote Link to comment Share on other sites More sharing options...
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