Personal Bankruptcy with $840 monthly car payment

[dtech]

Anyone on here ever declare personal bankruptcy or know of someone who did ? My sister and her (useless) husband did some 25 yrs back, 2 years later he was back buying a Larson with twin 350 engines, a Mercedes , this after being allowed to wipe out a huge amount of debt, I realize personal bankruptcy was created for a good reason but in the end responsible consumers ultimately pay for these incidents.

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[KJRR]

But think about how cool he looks. Looking cool doesn't come cheap. Aren't you all impressed!?
And don't worry he will be bailed out like many others who get stupid loans and can't pay them off.
I know a few who have declared bankruptcy just to get themselves in trouble again. They have nicer stuff for sure but I'll be able to retire early and comfortable.
Sometimes I think I'm the stupid one for being financially responsible and teaching my kids the same.
It's all really simple, wants and needs and there are only 3 needs.

 

[mtsoxfan]

A good friends brother has file bankruptcy at least 6 times. That's how he rolls through life. Never was willing to do anything to change, calls himself a victim. Nice guy, you would never know that about him.

 

[Langwilliams]

I worked with a guy that filed once about 10 years before retiring. He lived without credit for a few years until his credit recovered. He retired (while not in any shape to retire), sold his house an bought a 30 ft motor home to travel the country. He ran up credit cards living it up, eating at steak houses all the time in the RV. Bought a new Colorado to flat tow behind it. Gas shot up when you know who came into office, he decided living the rv life wasn't for him so he filed for bankruptcy again to get rid of the RV an credit card bills. He's been trying to milk as much disability out of the army he can to make up for his lack of preparedness for retirement. He posted on facebook "my bankruptcy needs to hurry up an finish so I can book my trip to Hawaii to go scuba diving! I don't think stories like this are rare though.

 

[ppfd]

I save, live well within my means, have almost no bills, and I pay them.
I have no idea how bankruptcy works. Yet I know people that attempt to impress others by spending more than they have.
I cannot understand paying more for something that it is worth. These dipshits paying add on dealer price for what? To say your a dumbass and bought the first year model or some with a limited production. Usually that limit is not making the vehicle more valuable, its the builder not making enough.
Houses are the same way, I don't get it. "Look at my house! Its fancy! I can't afford to put anything in it!"

I've worked young guys that "trade in" yearly. No idea how they do it.

But the same goes for cheap people. Guy I work with has money but pissed and moaned about buying a $50.00 battery weed eater.

 

[KJRR]

But the same goes for cheap people. Guy I work with has money but pissed and moaned about buying a $50.00 battery weed eater.

Hey, that weedeater was a birthday gift for my wife. And the corded one still worked so she was happy to get it.
Had to buy her a matching cordless blower for Christmas.

 

[MarioCart]

About 8yrs ago I lost my job and didn't think i could make ends meet.
I spoke to a bankruptcy lawyer about declaring.
The gist of it was simple, but the effects would affect my credit for 10 years.
Basically you wouldn't qualify for any credit for that period. no new credit cards, car loans or mortgages
How your BIL got into more credit in 2 years is impressive

 

[Augie81]

 

[MountainGoat]

"Clicks the link and sees a Dodge Charger"

Why do they like those things so much? Do they reflect the content of their character or is it something else?

 

[OFC Ranger]

About 8yrs ago I lost my job and didn't think i could make ends meet.
I spoke to a bankruptcy lawyer about declaring.
The gist of it was simple, but the effects would affect my credit for 10 years.
Basically you wouldn't qualify for any credit for that period. no new credit cards, car loans or mortgages
How your BIL got into more credit in 2 years is impressive

That lawyer was full of crap. There is always a predatory lender out there for even people with a 300 credit score.

 

[MarioCart]

That lawyer was full of crap. There is always a predatory lender out there for even people with a 300 credit score.

very true.

 

[Langwilliams]

That lawyer was full of crap. There is always a predatory lender out there for even people with a 300 credit score.

I worked selling cars briefly after leaving the navy an was hired at a dealership that just changed hands. The guys that had been there for a while were telling me about the deals they used to write when the previous owner had a lot of mostly beaters an offered "buy here pay here". Guys with multiple repo's. If any of them finished the payments they probably bought the car 3 times.

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