I aM gOING TO FILE BANKRUPTCY?

Question

IF I AM GOING TO FILE FOR BANKRUPTCY IN TEXAS ON WENDNESDAY, IF I GO AND BUY A TV ON CREDIT RIGHT NOW WHAT WILL HAPPEN WILL I HAVE TO GIVE THE TV BACK OR WILL IT BE TAKEN CARE OF THROUGH THE BANKRUPTCY

Answer 1

Bankruptcy occurs when ones liabilities (debts) exceeds ones assets (bank account balances). From a financial perspective, bankrupts is a bad thing, however, modern day laws make it easy, even fashionable to become bankrupt (especially in the state of California, Bankruptcy is the one chance you have to redeem yourself from you misdeed spending of the past. It gives you relief from the salacious credit card companies that are willing to give you huge credit lines independent of you ability to pay. This is your chance to get back at them. Go ahead. claim bankruptcy, the government will make them take the loss they deserve, but keep in mind, this is a one shot deal. You can't get credit cards, loans, etc. for quite a while. You've helped teach a lession to the credit card company, congrats!. Now get your act together and stop buying TVs. You won't have to give back the TV, but stop spending. This graciousness is a one time deal!!

Answer 2

Well, to answer your initial question of whether you should file bankruptcy or not is really up to you ultimately. I wouldn't advice it if your debt is less than 10K as generally a consolidation could get you out of the hole on that issue and you can rebuild your credit. The next issue since the laws have changed, do you qualify based on the income guidelines for your household? Chances are, it sounds as if you do, but then I don't know what you make or how many are in your household. Secondly, it's gonna cost you a grip to file now as what used to be $300-$500 to do several years ago will easily cost you $1500 or more. Plus you'll also have to seek credit counseling before you move forward in the process. As to your reference regarding the 7 yrs., it's not necessarily automatic as they go on the last date of activity on the account. This is how the creditors get you and have the ability to extend that 7 yrs. to an eternity. Now, you can always dispute any issues you have on your credit report, so don't be afraid to do so. They have to send you an address and contact number of the creditor within a reasonable amount of time or the credit bureau has to remove it from your credit report. Many people don't know this, but it's how so many people are able to have some things removed, because they fail to research the info in a timely fashion. This can be good for you if that's the case otherwise you may be stuck with some things on the report. I hope this helped. Good luck!

Answer 3

With the new bankruptcy laws, if you do that you will have go give the tv back. Also its not that easy anymore. You have to go through court mandated credit counseling and budgiting classes before you can file, your debt to income has to be at a certain level

Chapter seven would seem like the best way for everyone to escape their debt problems, but it isn't that simple. Chapter seven bankruptcy isn't available to everyone. You will now be allowed to file for chapter seven bankruptcy if you've:
Received a bankruptcy discharge in the last eight years
If you could complete a Chapter 13 repayment plan based on debt and income

Answer 4

The new bankruptcy law makes it easier for a trustee or creditor to show that you fraudulently incurred debt prior to bankruptcy. If you purchased luxury goods worth $500 (down from $1,225) within 60 days (down from 90 days) prior to filing bankruptcy, or if you took cash advances of $750 (down from $1,225) within 60 days (down from 70 days) prior to filing there is a presumption that these debts are not dischargeable.

if the creditor decides to take legal action against you, you would have an uphill battle on your hands to avoid paying the debt on the TV. The creditor can file an action in your bankruptcy called and adversary proceed. If the creditor can prove that you borrowed the money without the intent of repaying it, then the debt will survive the bankruptcy.

Answer 5

whatever you do, do not buy anything right now if you intend to file bankruptcy. i am in the process of doing the exact same thing. best thing to do is pay cash, so there is noe way they can trace it when you do file, because the trustee of the court will see that you just baought something on credit, and ask if you can buy that, why cant you pay your bills.
i just lost my 2004 car i drove off of the showrom flor because i wanted to re-affirm the car to keep it. my lawyer told me that the trustee would ask me that, and in not so many words told me to save up my money, buy another car with cash, and let the 2004 go back, and it would also help my bankruptcy by having a major financed purchase be repossessed as my credit was already shot.
yes, your new tv will be taken care of in bankruptcy, when the trustee tells you to either sell it and use the money to pay part of your bills, or to give it back.
best thing is, if you need a tv that bad, get a decent one at a pawn shop and wait til after your bankruptcy clears, to get you a new one.
i dont know your circumstances but i have no choice but to file as about a year ago, i became disabled and have incurred approxiamtely 40K worth of med bills that i cant pay, plus my car that was another 26K, plus other bills. i had a good job, had a lot of company stock i had to sell to pay for medicine, and even with the insurance i had, i still had to pay $1657.00 a month for 4 injections that i give to myself. now i have no income, and a non profit organization is paying for my medicine, and a friend of mine is letting me live with him for free as long as i do what chores i can around the house for him.

Answer 6

The laws on bankruptcy changes often, so ask your lawyer. It is irresponsible of you to file bakruptcy and then make purchases on credit. Some people won't accept your credit.

You need a plan for your life. I recommend "Financial Peace University". It is a thirteen week program produced by a man who was a millionaire, went bankrupt and now is a multi-millionaire again.

Answer 7

you will not be allowed to list the debt for the tv on your bankruptcy petition. i would NOT do this. wait till you have the cash to buy it. this may cause you problems in your bankruptcy. consult your attorney for details

Answer 8

Why are you going to buy a TV when you clearly have no intention of paying for it? I don't know the answer to your question, but what you are doing is just wrong....I hope you have to return it...

Answer 9

There is some useful advice here.

Answer 10

Well that sucks for u. I can't help u there sweetheart