OK this question is merely theoretical BUT
I am curious at this idea that % of payback does not matter.
Suppose I owe $50,000 to creditors and declare bankruptcy. Then a rich uncle dies and leaves me $100,000 after taxes. Now suddenly I have $100,000 disposable income. Do the credit card companies get all $100,000? That seems a little crazy.
Can't I just pay what I owe and keep the rest? Or am I stuck in the weird scenario of a Chapter 13 for 5 years anyway and whatever windfall I have goes to credit card companies. If I win the lottery, THEY win the lottery. I am still broke.
I hope no one is annoyed at me for this question. Clearly, I've been thinking about bankruptcy WAY too much!!!
I don't believe in the lottery by the way. I will never inherit money. This is all hypothetical...To me, there are many things about the bankruptcy laws that aren't intuitive or logical and I just wanted to see how illogical they are.
I am curious at this idea that % of payback does not matter.
Suppose I owe $50,000 to creditors and declare bankruptcy. Then a rich uncle dies and leaves me $100,000 after taxes. Now suddenly I have $100,000 disposable income. Do the credit card companies get all $100,000? That seems a little crazy.
Can't I just pay what I owe and keep the rest? Or am I stuck in the weird scenario of a Chapter 13 for 5 years anyway and whatever windfall I have goes to credit card companies. If I win the lottery, THEY win the lottery. I am still broke.
I hope no one is annoyed at me for this question. Clearly, I've been thinking about bankruptcy WAY too much!!!
I don't believe in the lottery by the way. I will never inherit money. This is all hypothetical...To me, there are many things about the bankruptcy laws that aren't intuitive or logical and I just wanted to see how illogical they are.
Comment