bankruptcy

[physics_ninja]

Well, looks like I may have to declare bankruptcy. So I was wondering if anybody had some general or specific advice before I actually took the plunge.

In particular I was wondering if I should sell all of my roleplaying stuff or just let them take them. As a related question, when they determine the value of my possessions do they use what I paid for it, the resale value (if any), or some sort of blue book value?

 

[Umbran]

I have no direct experience with the matter, so take more accurateinformation where you can get it. As I understand it, the whole point of personal bankruptcy is to get you into a liveable state with your creditors. That's mostly about major valuable posessions, structuring payments from your income, and such. It's about keeping you up and aroudn, working and earning money, because youre creditor's get zilch if you wind up on the street. I'm pretty sure they don't actualy come and take all your stuff, unless that stuff is particularly valuable.

Generally speaking, minor posessions (like used books of no collector's value) really aren't part of the equation. They simply aren't worth enough for the creditors to bother with. Now, you may move to a cheaper living space that doesn't have room for your books, and you might not be able to pay for storing stuff, but that's a separate issue.

 

[Varianor Abroad]

Have you spoken with a credit counselor? There are some decent not-for-profit agencies out there that will genuinely help. They may be able to salvage matters with a series of payment plans and tutoring on how to manage finances before you have to declare bankruptcy. I haven't had to declare it personally, but I know a couple people who did. It lingers for a very, very long time on your credit report. It's not insurmountable, but it is a big problem.

Whatever happens, I'm sorry to hear you're in that bad a situation and I hope it turns out well. I'd suggest talking to a bankruptcy lawyer first before starting to sell anything if you choose to go forward with the filing.

 

[JoeBlank]

Try reading thru some of the info on this site:

http://www.atlanta-bankruptcy-attorney.com/

I don't know what state you are in, but this should give you a general idea.

 

[Dungannon]

It also depends on if you file for a Ch. 7 or Ch. 13 bankruptcy. Several years ago I went through a Ch. 7 bankruptcy and didn't lose a single possession. Of course, they've tightened up the rules on what you can declare in a bankruptcy since then, so YMMV.

 

[Kormydigar]

Well, looks like I may have to declare bankruptcy. So I was wondering if anybody had some general or specific advice before I actually took the plunge.

In particular I was wondering if I should sell all of my roleplaying stuff or just let them take them. As a related question, when they determine the value of my possessions do they use what I paid for it, the resale value (if any), or some sort of blue book value?

Before taking the plunge you should research the new bankruptcy laws that just recently went into effect. In many cases, debt that used to be cleared still has to be paid under the new rules . It might be more worthwhile to get credit counciling if you would get stuck paying anyway.

 

[Dimwhit]

Ditto what Kormydigar said. You may not be able to clear all the debt. However, the likelihood of them going after stuff like your RPG material is slim. When looking at your assets, they generally look at big stuff like house, car, stocks...maybe expensive stuff like computers and TVs and such.

Talk to a bankruptcy lawyer. You should be able to get a free consult.

 

[Charberus]

One helpful tip: Try to find a Primerica office near you. They help in getting people out of debt and become financially independant. Tell them your situation, and they will do their best to help you.

 

[physics_ninja]

Thanks guys,

To answer some of your questions:

I'm in Arizona. In terms of stuff all I really have is a computer (with windows 98!), tv, vcr, dvd player ($30 from wal-mart) and about 12 dvd box sets. Plus my rpg stuff (about 25 linear feet on the book shelves).

It's not much, but I worry about the rpg stuff bc that would be the hardest to replace.

Any other thoughts?

 

[ssampier]

That's not a whole lot of stuff. Unless you own an island in the Carribean I assume you're safe asset wise.

In any case, we're here for you.