It actually happened!!!!

[Spartan]

http://www.thesmokinggun.com/archive/0120051lotto1.html

A nice problem to have!!!!!!!!!!!


I am looking forward to getting this letter... http://www.thesmokinggun.com/archive...51lotto10.html

[Frank]

And then there's the reality.............

http://www.cbsnews.com/stories/2004/12/20/national/main662123.shtml

[HHM]

Sweet.

I hope he hires an attorney to defeat this motion (he can obviously afford to do that). I think the trustee's argument, on a legal basis, is fairly weak, but even the most reasonable judge may have a hard time granting a discharge to a lottery winner.

[CATCHMEIFYOUCAN]

Question:

Any person who hits a substantial amount of money that are able to pay their debts off. Does that person still have bad credit, since they already filed for BK or can they have the Credit Bureaus correct the report?

Catchmeifyoucan

[FoolAndHisMoney]

Question:

Any person who hits a substantial amount of money that are able to pay their debts off. Does that person still have bad credit, since they already filed for BK or can they have the Credit Bureaus correct the report?

Catchmeifyoucan

I think any and all the banks will issue a huge lotto winner all the credit they would need regardless of a bankruptcy filing.

It's kind of a moot point though since we pretty much need credit for things we don't have the cash for. If a lotto winner cares about a credit score then he needs to get a hobby and fast.

I don't really care who I insult, but any multi millionaire with substantial debt, except for business debt is a moron as far as I am concerned.

[CATCHMEIFYOUCAN]

I think any and all the banks will issue a huge lotto winner all the credit they would need regardless of a bankruptcy filing.

It's kind of a moot point though since we pretty much need credit for things we don't have the cash for. If a lotto winner cares about a credit score then he needs to get a hobby and fast.

I don't really care who I insult, but any multi millionaire with substantial debt, except for business debt is a moron as far as I am concerned.

I would have to agree ! Especially a lottery winner with millions and than goes broke ???

Catchmeifyoucan

[BK'd-Betty]

All very true - however, yes, the poor guy is still left with Bk on his credit report.

Even if a BK is dismissed and paid in full - it still stays on the report for the alloted period of time (7 = 10 years, 13 = years).

But, like you said, with 60 million - who cares?!

[whatamess]

I wish i wish

I wish I had this guys money problem..oh why NOT me????
I'd just pay it off and go my merry way. Its a small chunk it comparison.
Nobody in the world is going to care about his br now, he can buy what he wants now cash. Banks will be begging for his business. If I were him I'd tell 'em to bug off too.
WAM