dropping the bomb

[yourfired]

hello
noob here
i am going to be filing a chapter 7 as soon as i can. now i am wondering what kind of questions i should be asking a bk attorney??? i also have a payday loan with ace that i'm going to put a stop payment on. i know they will get nasty with me. should i tell em to go pound sand and that i will be dropping the bomb on them and nuking them in my bk??? just need time to get the $$$ together and file

[shipo]

The answer is a definite "NO", do not tell them. If you do then they will most likely race to the court house and attempt to get a judgement against you before you even have a chance to file. Many aspects of financial judgements cannot be discharged through a bankruptcy.

[bcohen]

The answer is a definite "NO", do not tell them. If you do then they will most likely race to the court house and attempt to get a judgement against you before you even have a chance to file.

Some creditors will do this, especially if you own a home or vehicle(s) which are worth enough to bother placing liens upon. I do not think a payday lender would attempt such a thing, because these type of businesses operate on shaky legal ground as it is. However, you have nothing to gain by telling any creditor that you're going to declare bankruptcy, as lots of people consider filing but never do. Only tell your creditors once you have already filed and received your case number--because at that point, the automatic stay is in effect.

Many aspects of financial judgements cannot be discharged through a bankruptcy.

This is actually not true. Unless a judgment lien has attached to some asset (typically real estate or a motor vehicle), if the underlying debt is dischargeable, the fact that a creditor has obtained a judgment changes nothing. The debt will be discharged, and the judgment will be marked as "satisfied". A judgment for a discharged debt cannot attach to property which you acquire after the debt was discharged.

The problem is that a recorded judgment lien will survive bankruptcy unless it impairs an exemption, and you file a motion to set aside the judgment during your bankruptcy. In other words, if you live in a rented home, own an old car of negligible value, and have nothing for a lien to attach to, then it makes no difference if any of your creditor(s) are able to win a judgment before you can file.

[shipo]

This is actually not true. Unless a judgment lien has attached to some asset (typically real estate or a motor vehicle), if the underlying debt is dischargeable, the fact that a creditor has obtained a judgment changes nothing.

LOL, that is what I was referring to, so, yes, it is actually true.

[flashoflight]

Stop payments aren't as reliable as you think. It depends on the person at the bank doing the stop payment. Ideally, the bank will have the exact name of the payee from a previous payment and do a proper copy/paste that doesn't truncate any characters. If there is any misspelling even due to an abbreviation, the payment will go through.

Before you file, make sure your income/expenses going forward are sustainable with no reliance on credit. You don't want to drop the nuke bomb and then be behind on rent the very next month. You don't get to drop the bomb again for 8 long years. If you are on an eviction moratorium, you need to move first and make rent at the new place prior to filing.

[bornfree2]

The first rule of BK filing is there is no BK filing. ;)

[shipo]

The first rule of BK filing is there is no BK filing. ;)

Ummm, what?

[Franco]

hello
noob here
i am going to be filing a chapter 7 as soon as i can. now i am wondering what kind of questions i should be asking a bk attorney??? i also have a payday loan with ace that i'm going to put a stop payment on. i know they will get nasty with me. should i tell em to go pound sand and that i will be dropping the bomb on them and nuking them in my bk??? just need time to get the $$$ together and file

Don't rush into a Bankruptcy. Take time, save some cash for attorney fee's, food, rent etc. The essentials. It took 10 months for Ford to sue me and serve me papers after my car was repossessed and sold at auction, even my motorcycle was repossessed. I filed for my BK a few days after getting served papers for court. Just a heads up, don't make any purchases 3-4 months on stupid stuff like a big screen tv, or jewelry before filing...DON'T withdraw cash from any credit sources either right before filing.

READ REVIEWS on the Attorney you pick, Trust me on that!

Godspeed!

[yourfired]

i have to be honest i have dropped the bomb so far it seems to be in my benefit since most of my creditors ran like roaches since they know there not getting another penny out of me

[yourfired]

Don't rush into a Bankruptcy. Take time, save some cash for attorney fee's, food, rent etc. The essentials. It took 10 months for Ford to sue me and serve me papers after my car was repossessed and sold at auction, even my motorcycle was repossessed. I filed for my BK a few days after getting served papers for court. Just a heads up, don't make any purchases 3-4 months on stupid stuff like a big screen tv, or jewelry before filing...DON'T withdraw cash from any credit sources either right before filing.

READ REVIEWS on the Attorney you pick, Trust me on that!

Godspeed!

i am thinking the same thing about rushing to file. i'll let them spend there money on getting judgments. i also have to see how many will use illegal tactics to scare me so i can sue them!!!! i am not spending money on stupid stuff like big screen t.v.s ect ect. i cut up the credit cards to be honest. i just opened up another bank acct keeping very little money in it a 50 bucks tops and cancelled my direct deposit and went to paper checks for now till this is over..

[justbroke]

i have to be honest i have dropped the bomb so far it seems to be in my benefit since most of my creditors ran like roaches since they know there not getting another penny out of me

A sophisticated (or otherwise smart) creditor would run to the courthouse steps to obtain a judgment and then record a judgment lien. Depending on your property and State, it could attach to all your personal (and real) property. A judgment lien can be more difficult if there are no exemptions to protect you from the reach of a judgment lien. That is why you should never tell any creditor that a.) you'll pay soon, b.) you want to pay them, and, especially, c.) you're going to file bankruptcy.