2006-08-04 11:01:19 · 4 answers · asked by lorraine 1 in Business & Finance ➔ Personal Finance
nothing. that is unsecured debt.
essentially, you keep everything -- it's all free. The banks took their chances by loaning (investing) to you, hoping for a 10% or 15% return on their investment, and lost. No investment is risk free.
You screw your credit (oooooooh scary!) for ten years.
There are a few things of truth in the other answers. If you intentionally charge up cards intending to file, yes, that is illegal. The trustee will question you if you made any major purchases in the last few months. I had purchased a car a year before which I reaffirmed (agreed to keep paying) in the bankruptcy.
a bankruptcy or otherwise lousy credit history _might_ keep you from getting a mortgage, or getting an apartment lease, but nothing talks like cash. And when you have no payments, and a stable job, you can save money. I guarantee, a year's rent in advance will get you an apartment ANYWHERE.. 50% down will get you the best rate on a mortgage, ANYWHERE.. as long as there's a person deciding, and not a friggin computer looking at a fico score.
again, if you have $20,000 of various purchases on credit cards, they WILL NOT come looking for them in bankruptcy.
What are they going to repo.. that dinner way back when? that bar tab? a 3 year old TV? A set of bedsheets? The brakes on your car? Oooh yeah.
2006-08-04 11:07:16 · answer #1 · answered by kvuo 4 · 1⤊ 1⤋
You would get to keep the crap you bought from the catalogs. Unfortunately if you file bankruptcy you will have a hard time for the next 10 years to secure a home or auto loan, apartment lease, and credit cards. It is also illegal to buy things on a credit card KNOWING it is your intention to file bankruptcy. A judge will question your purchases before you filed bankruptcy especially if there is a large amount of purchases before your filing date. It would be smarter to pay off your debt, quit spending and don't use bankruptcy as a quick fix.
2006-08-04 19:00:58 · answer #2 · answered by sukditup 3 · 0⤊ 0⤋
I don't beleive that all of your assets, including things you've bought in catalogues, are safe if you are bankrupt. Just because you claim bankruptcy does not mean you are no longer liable. If you owe a bank or some other institution money, they may have the right to sell off the things in your possesion in order to pay off your debt.
2006-08-04 19:04:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Probably nothing, but you need to wake up, bankruptcy is serious, on your credit report for 14 years !
2006-08-04 18:16:13 · answer #4 · answered by The Advocate 4 · 0⤊ 0⤋