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Author Topic: Personal Bankruptcy  (Read 2752 times)
Medford
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« on: March 04, 2007, 03:55:20 PM »

anyone here ever think about it or actually go through it?
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« Reply #1 on: March 04, 2007, 06:08:20 PM »

Just a spectator sport for me. Gonna do it? Make it worth it.  Mess up your credit.
Done right I believe its said you can bankrupt 10 linked corps and still be driving a Caddy & living in a fine home. Wont make you very popular  with guys like me who have money coming. Might consider WHO gets paid and who don't first. Grin
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« Reply #2 on: March 04, 2007, 06:14:05 PM »

If you owe a lot of money, do it. Pay your lawyer with one of your credit cards, it's not like you are gonna pay it back Wink If you want to buy a house, or refi yours if you own one now, pm me five months after your discharge date, you can close on the day it becomes 6 months old. Smiley
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« Reply #3 on: March 05, 2007, 12:19:10 PM »

If you owe a lot of money, do it. Pay your lawyer with one of your credit cards, it's not like you are gonna pay it back Wink If you want to buy a house, or refi yours if you own one now, pm me five months after your discharge date, you can close on the day it becomes 6 months old. Smiley

Rule of thumb, don't file unless you have something to lose.  In other words if you owe and you don't have any money, property or assets it doesn't make sense to file bankruptcy since no one can get anything anyway.  It is when you have something they can take to satisfy the debt is when you file.  You don't want to lose your house, and other possessions.  Rich people file bankruptcy because they have something to lose. 
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« Reply #4 on: March 05, 2007, 02:29:03 PM »

I recently did a search of discharged bankrupticies in the month of Sept 2006 in one area code and exchange ie: (555) 555... there were over 93,000.  Shocked  Shocked  Shocked  Shocked  Shocked  I literally couldn't believe my eyes.
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« Reply #5 on: March 05, 2007, 10:11:58 PM »

one has to wonder how these banks can sustain that many defaults.

oh yeah... all the interest they charge everyone else.
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« Reply #6 on: March 05, 2007, 11:49:10 PM »

I recently did a search of discharged bankrupticies in the month of Sept 2006 in one area code and exchange ie: (555) 555... there were over 93,000.  Shocked  Shocked  Shocked  Shocked  Shocked  I literally couldn't believe my eyes.

Hawaii has more bankruptcies per captia than any other state.
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« Reply #7 on: March 07, 2007, 06:01:27 PM »

yeah....I'm gonna be stickin it to the Man!
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« Reply #8 on: March 18, 2007, 12:20:43 PM »

If you owe a lot of money, do it. Pay your lawyer with one of your credit cards, it's not like you are gonna pay it back Wink If you want to buy a house, or refi yours if you own one now, pm me five months after your discharge date, you can close on the day it becomes 6 months old. Smiley

I assume you're in the mortgage business based on that comment. Why not offer a bankruptcy buyout loan for a chapter 7 instead? That is, if it's a refinance situation.
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« Reply #9 on: March 18, 2007, 12:22:15 PM »

Hawaii has more bankruptcies per captia than any other state.


I've never been there. Why is that?
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danielson
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« Reply #10 on: March 18, 2007, 12:24:18 PM »

I assume you're in the mortgage business based on that comment. Why not offer a bankruptcy buyout loan for a chapter 7 instead? That is, if it's a refinance situation.

She wasn't inquiring about refinancing though, I was just reassuring her that she could file and still purchase a home in the near future.
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« Reply #11 on: March 18, 2007, 12:30:03 PM »

Gotcha. Are you in the mortgage business?
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danielson
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« Reply #12 on: March 18, 2007, 12:30:37 PM »

Gotcha. Are you in the mortgage business?

Yeah I am a broker, you?
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« Reply #13 on: March 18, 2007, 12:42:30 PM »

Yeah I am a broker, you?

Used to be years ago.

You should get singed up with Equifirst down in North Carolina. (not sure if you're on East Coast) Excellent b paper lender. They just did away with 100% stated loans but that goes for almost everyone.

Number is 877-775-8787 account rep's name is Dirk. Just tell him you heard of him through advertisement. Getting signed up with him is easy. Good guy and goes to bat for you on tough loans in underwriting. Highly recommended.
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« Reply #14 on: March 18, 2007, 12:46:46 PM »

Used to be years ago.

You should get singed up with Equifirst down in North Carolina. (not sure if you're on East Coast) Excellent b paper lender. They just did away with 100% stated loans but that goes for almost everyone.

Number is 877-775-8787 account rep's name is Dirk. Just tell him you heard of him through advertisement. Getting signed up with him is easy. Good guy and goes to bat for you on tough loans in underwriting. Highly recommended.

Thanks, I might try it, many of our subprime banks have closed lately, just using First franklin and Argent pretty much cuz our reps are pretty cool. I don't think we could get Dirk cuz I am sure they appoint reps based on location but I will definitely give them a call and see how aggressive they are, I desperately need a few more good non-conforming banks. Are they lenient on appraisal reviews do you know?
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« Reply #15 on: March 18, 2007, 12:55:34 PM »

Non-conforming such as ALt-A?  Try Wilmington Finance. Their rep is Craig Rothstein. I will get the number tomorrow and post it here for you.


God, you use Argent? They are known for absolutely butchering appraisals in underwriting. It's almost common knowledge these days. I can distinctly remember losing a good half dozen loans due in part because of appraisal issues. Especially in light of the current state of the housing market, I would've never sent those guys a loan.

Dirk goes to bat for you when it comes to appraisals, asset verification, and leins on title.

If all you're limited to is First Franklin and Argent then I would do whatever it took to get signed on with Equifirst.

Just an opinion, hoss.
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« Reply #16 on: March 18, 2007, 01:11:51 PM »

Non-conforming such as ALt-A?  Try Wilmington Finance. Their rep is Craig Rothstein. I will get the number tomorrow and post it here for you.


God, you use Argent? They are known for absolutely butchering appraisals in underwriting. It's almost common knowledge these days. I can distinctly remember losing a good half dozen loans due in part because of appraisal issues. Especially in light of the current state of the housing market, I would've never sent those guys a loan.

Dirk goes to bat for you when it comes to appraisals, asset verification, and leins on title.

If all you're limited to is First Franklin and Argent then I would do whatever it took to get signed on with Equifirst.

Just an opinion, hoss.

True, Argent does knock down appraisals sometimes, but their VOE is pretty lenient, and drug dealers like to buy houses too, so when I do a stated loan and make up a job for someone, Argent is pretty good, plus our rep. knows the deal and moves them along pretty well. Now First Franklin has a little better pricing, but not like Ownit, Fremont and Popular did, but they all closed in the last 4 months Cry
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« Reply #17 on: March 18, 2007, 01:35:43 PM »

Well anyways....give Equifirst, a shot, danielson. Give Dirk a call. He's a southern boy so don't let the accent throw you off. He's a smart guy and knows his shit. Good guy to know.


By the way, you a Ralph Macchio fan or something?
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« Reply #18 on: April 12, 2007, 06:28:41 AM »

AVOID IT ALL COSTS..IT SEEMS EASY AND HARMFUL ONLY TO YOUR CREDIT...BUT TAKE IT FROM ME---I'VE SEEN FAMILIES AND INDIVIDUALS RUINED...SORRY FOR THE CAPS BUT THIS IS HOW I FEEL ABOUT IT.

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« Reply #19 on: July 19, 2007, 08:41:38 AM »

If you owe a lot of money, do it. Pay your lawyer with one of your credit cards, it's not like you are gonna pay it back Wink If you want to buy a house, or refi yours if you own one now, pm me five months after your discharge date, you can close on the day it becomes 6 months old. Smiley

you cannot pay a bankruptcy lawyer with a credit card.................... ............... Roll Eyes


I just went through chapter 7
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« Reply #20 on: July 19, 2007, 09:56:08 AM »

you cannot pay a bankruptcy lawyer with a credit card.................... ............... Roll Eyes


I just went through chapter 7

You can go to any bank and hand them your credit card and they will give you cash Roll Eyes I have had many people do it to get down payments on their houses or pay closing costs. If your card if maxed out, then you are fucked obviously.
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« Reply #21 on: July 19, 2007, 10:36:46 AM »

You can go to any bank and hand them your credit card and they will give you cash Roll Eyes I have had many people do it to get down payments on their houses or pay closing costs. If your card if maxed out, then you are fucked obviously.
Any charges made within 30-60 days of filing for bankruptcy are subject to being withheld at the courts discretion at the time of the bankruptcy just to avoid people running up a bunch of last minute debt.Bankruptcy courts consider that fraud, and you'll end up having to pay what you owe on the cards.
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« Reply #22 on: July 19, 2007, 10:53:38 AM »

You can go to any bank and hand them your credit card and they will give you cash Roll Eyes I have had many people do it to get down payments on their houses or pay closing costs. If your card if maxed out, then you are fucked obviously.

if you are at the point that you might need to declare chapter 7, odds are youre cardsa are maxed out.  There is a limit as to how much cash advance you can recieve.  Any decent bancruptcy lawyer will run you 1500 for the entire process.  you cannot get a 1500 dollar cash advance with a credit i dont believe
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« Reply #23 on: July 19, 2007, 01:15:58 PM »

if you are at the point that you might need to declare chapter 7, odds are youre cardsa are maxed out.  There is a limit as to how much cash advance you can recieve.  Any decent bancruptcy lawyer will run you 1500 for the entire process.  you cannot get a 1500 dollar cash advance with a credit i dont believe

Sure you can.
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« Reply #24 on: July 19, 2007, 01:17:21 PM »

Any charges made within 30-60 days of filing for bankruptcy are subject to being withheld at the courts discretion at the time of the bankruptcy just to avoid people running up a bunch of last minute debt.Bankruptcy courts consider that fraud, and you'll end up having to pay what you owe on the cards.

That makes sense. Then you should definitely use your credit card to advance the cash and then tell your lawyer to wait the necessary period to file.
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