Bankrupt? tell me all you know about doing it?

[Elite Silkies]

Quote:
I wouldn't stress too bad. I was in court for about 5 minutes and it was over. They have so many to go through, they don't have much time to spend with each person's case.

But, I guess everyone's is different.

 

[sonew123]

Quote:
I wouldn't stress too bad. I was in court for about 5 minutes and it was over. They have so many to go through, they don't have much time to spend with each person's case.

But, I guess everyone's is different.

Man I sure hope your right!..Listen to this crap...One of our tenants called us tonight to ask us to start the furnance in the house we still own. Now mind you we filled the fuel tank and they still owe us for it-they owe us for the electric bills ( 2 months worth) and they had a dog that was against the lease rules!!! Flipping dog dug a massive hole in the back yard we just had repaired! Dh had to drive to town tonight to restart "our" furnace and told them under no circumstances are we footing the bill for fuel until they have paid off the last bill-they bought 5 gal containers and went down the street and bought fuel which DH put in for them. One of the 4th roomates moved out screwing us out of another 240$ a month! Im telling yah I just want this over with!!! Those people will be gone by the end of the month thank goodness-after that we are leaving the house up to the bank ( after we clean it of course:-( )

 

[jerseygirl1]

You are way too good to those tenants

 

[sonew123]

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we've been landlords for almost 15 years and very rarely do we get great tenants--this is another reason why we want out--we are very giving people because we believe in helping out like someone did to us starting out...I believe we have done our fair share so that is why we want out of this crap! I think we gave too much!

I love to give it makes me feel so good-I have learned to stick to small things though LOL...

 

[jerseygirl1]

We did the same thing, rented out for years and let every tenant slide for something, and there was ALWAYS something...............til the last tenant never told us there was a water leak................for like three weeks
Needless to say, we fixed then sold
Never will I be a landlord again

 

[sonew123]

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I dont ever want to be one after this whole mess. All though we do rent our cabin out for weekly renters vacationing

this will be the first summer doing that-

 

[jerseygirl1]

With that you get your security and rent paid for BEFORE, right??

 

[sonew123]

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deposit 30 days in advance and the rest the minute they arrive...We did rent it out 3x last year and everyone was great--they really weren't around much which was great-its mid summer and everyone goes boating-hikinh-fishing-shopping etc...

 

[Guinea Goonie]

Quote:
It all depends on WHO you get as your bankruptcy person. Some look at your case and push you right through and some look at your case and peg you for the "torture" as I call it.

This is why I STRESS TO YOU to be completely upfront about ALL your possesions, and I mean ALL, and list them carefully. Listen to a bankruptcy attorney and pay close attention.

Sure, some get lucky and spend little time in the clutches of the FEDERAL law. Others, find themsleves in a nightmare situation even though they have been up front and truthful with the people involved in your case.

AND YES it is a constant that an assesor WILL be sent to your home to look over what they can SELL OFF to pay your debts.

Be prepared, be in the know, get on the web and look up the horror some go through. BTW you will never hear anyone tell you how they got away with hiding their assests.
DO NOT HIDE YOUR ASSESTS, you may not get caught, but if you do it is like trying to get away with murder.

BTW, if the bankruptcy court DOES find assests they can take them just for the fun of it even though they may be far and above of what you may owe your debtors.

I am serious here, look to the web before you file. Pesonally, I would rather have the debtors after me than a bankruptcy judge.

 

[Katy]

Quote:
I dont ever want to be one after this whole mess. All though we do rent our cabin out for weekly renters vacationing

this will be the first summer doing that-

Ok...I've kept my mouth shut through this whole thread, but the comment about having a vacation cabin you rent out was the kicker for me.

Whatever happened to people living within their means?!? Time and time again I see people racking up bills that they have no prayer of paying whether it's credit cards or real estate. Meanwhile some of us buy what we can afford and pay our bills on time and don't spend more than we have. I'm sorry but I think bankruptcy is a cop-out. I've had family members who've declared it simply because they kept spending more than they made.....now they get a fresh start...How is that fair to the rest of us who don't buy everything we want, only what we can afford? I'd love to have a cabin to vacation in, but you know what I can't afford it so I don't.