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Message: <blockquote data-quote="ggroy" data-source="post: 4966604" data-attributes="member: 83805">I knew of one person who did something like this, where this person was already in over their heads in heavy debt from other stuff like credit cards, defaulted mortgage, behind on car payments, etc ...  Turns out the out-of-court settlements they agreed to pay the other parties, was an unsecured debt.  (Apparently the other parties neglected to check this person's credit and outstanding debts).When this person finally filed for chapter 7 bankruptcy (ie. liquidation), they essentially had very little of value.  Besides the house being foreclosed and the car being repo, the only other assets was largely useless junk like several VCRs and dvd players which didn't function properly anymore, a dying plasma TV, furniture, a library of paperbacks (ie. Star Trek, Star Wars, Stephen King, etc ... novels), and other random useless crap like old computers collecting dust in the closet, 10 year old college textbooks, several music cds, etc ...For somebody who owns very little of value and were completely in over the heads with tons of heavy debt, they had nothing to lose by filing for chapter 7 bankruptcy.  All the out-of-court settlement debts, were expunged along with all their other debts.</blockquote>