The Bankrupt Demographic

[empowered]

No doubt many of you have noticed this same thing, but when I filed my Chapter 7 I seem to have instantaneously become part of a new market demographic: the bankrupt.

When I went to check my P.O. Box for the 341 notice, I suddenly found myself being solicited for pre-discharge counseling, credit cards and car loans. All for the fashionably bankrupt. I'm looking forward to the Bankrupt Like Me line of clothing, which I expect will be unveiled any day now.

For some reason I escaped this when I filed in CA through an attorney. Or maybe that mail went to the P.O. Box of the friends that I was using....

[NoTomatoCan]

As you probably already know, there is no one better to lend money to than the recently bankrupt!

First off, they have very little debt - it was all discharged in their bankruptcy! Second, you can charge them higher interest rates because their credit is shot. Third, they have limited options, so they will take any reasonable offer. And finally, best of all, they can't escape your debt for almost a decade!

LOL

[kartoons19]

I expected all of the offers for car loans and credit cards, but I have been getting a ton of advertising for the post-filing class. It is amazing how quickly these mailings started after filing. Although I do prefer this type of mail versus the collection letters and calls!

[empowered]

I just didn't expect it to be quite so instantaneous or to be so clearly tied to the filing itself. I figured that anything that would happen would be the result of notations to the credit report or something, though I have in the past not permitted merchants and other creditors with whom I'm not already doing business to make inquiries into my report.

This was within a week of my filing. I had in my P.O. Box one communication from the court, one returned creditor notification that I've pretty much remedied already, and at least four solicitations for business!

They must be mining Pacer or something.

[wonderingrov]

I know I had completed the pre-discharge class just a couple of hours after receiving my case number from the attorney, and I still had several advertisements in the mail for pre-discharge classes. Those finally stopped coming about a week after my 341 meeting. I'm not certain which system they look for bankruptcies in, but they must mine that system and automatically send the advertisments when they see someone has filed.