Bankruptcy question

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You Bet!

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Just sat down with a bankruptcy company to go over my options and I had a question I wanted to ask you geniuses.

within the last year I purchased some "collectibles" via ebay/paypal. As a collection, it is worth about 8 grand but done in small $150 purchases. These items are so far off the radar that you would have a hard time finding them even with the keys to my house.

Will the credit card companies dig through 8 month old records to look for ebay purchases and then ask questions about them? The statements just show $150 to joe blow via ebay/paypal.

Should I declare these things?

why bankruptcy? the usual reasons.

anyone with insider knowledge?
 
Say it was all E-bay junk and you threw it away :D

8 months isn't that long ago.

You need to ask the pros, I just seen in the USA if you own more than 1 house, bankruptcy only takes the first house. I thought they clean up the loop holes?
 
I would go with the story that you "sold them for cash for groceries."

You likely sold a bunch of stuff anyway. Who is going to notice a few extra things?
 
I'm not one for saying things like this, but I think you could "forget" to state these purchases. Even if you got caught, the credit card companies etc... are so used to having people "hide" things it probably won't matter. Sorry about your situation.
 
I went through the bankruptcy process last September. I have a few insights for you:

a). What they will look for (in most cases) is your credit-card expenditures during the past 3 months. More than a few people drain their credit resources, and then almost immediately declare bankruptcy in the hope of de-frauding their creditor/s. As long as you did you DIDN'T do this, you should be in the clear. Also, right up until my bankruptcy, I kept one credit-card in good standing which had nominal purchases on it, right up to the very-end. Those debts (which were about $1000) will be discharged. God-bless unsecured credit.

b). If/when you declare bankruptcy, you would/will have to sign a sworn statement declaring the value of all of personal assets. But, when I did it, all they asked for were aggregate amounts.

c). If/when you sign-off on the bankruptcy application, you have to make sure everything is "right", since it is no longer a civil-law matter...it steps into criminal law (e.g. bankrupcty fraud).

Shoot me a PM, and I can further explain the nuts-and-bolts of how all of it works.


Cheers
 
poonhunter said:
Thanks for sharing, i've always been curious but again i suppose the "steps" are different on a per case basis? **luckily i'm not even near any sort of bankruptcy proceedings** but do know a few who have been through either personal or corporate and wish to leave it at that, all i can say is some have gone on to lead prosperous lives afterwards and were thankful it wasn't happening in the USA which supposedly can be life changing?
Click to expand...

Sure, no problem. Even though everyone's circumstance is different when they file, the Bankruptcy Act ensures that the law is applied equally in all cases, and that there is a process that is unified.

Even though I went bankrupt in September 2008, my trustee told me that filings (including consumer proposals), started going through the roof in January of 2008. And 2009 is going to make 2008 look like childs-play.


Cheers
 
If you decided to file bankrucptcy or consumer proposal they will ask you if you have collectables on the in-take form.

Depending on who you are dealing wtih they might ask you to sell them off. and use that money to pay them their fee.

I filed consumer proposal it's a litlte different but I am discharged in 3 years instead of the bankcruptcy process.
 
Just a thought...

Maybe your priorities are fucked up. You're worried about some "collectibles" when you haven't got money to live on?

I think you need some financial counseling while you're at it. Your sense of priorities might need some adjustment. Meanwhile, the rest of us are paying for your mismanagement through higher borrowing costs!

I'm sorry for your situation, and I am not unsympathetic, but it sounds to me like you are already laying the foundation to a repeat performance!
 
Stoo said:
Maybe your priorities are fucked up. You're worried about some "collectibles" when you haven't got money to live on?

I think you need some financial counseling while you're at it. Your sense of priorities might need some adjustment. Meanwhile, the rest of us are paying for your mismanagement through higher borrowing costs!

I'm sorry for your situation, and I am not unsympathetic, but it sounds to me like you are already laying the foundation to a repeat performance!
Click to expand...

+1 on Financial counseling and planning.
 
You are obliged to disclose all of your assets truthfully. It appears that your question is really what might you get away with not disclosing and what are the chances of getting caught if you fail to disclose. Failure to disclose or lying on the disclosure are criminal offenses under the Bankruptcy and Insolvency Act and accordingly as interesting as everyone's personal stories may be you should not be encouraged to break the law. You may have the benefit of a few exemptions and you should speak to your Trustee about them.
 
You Bet! said:
Just sat down with a bankruptcy company to go over my options and I had a question I wanted to ask you geniuses.

within the last year I purchased some "collectibles" via ebay/paypal. As a collection, it is worth about 8 grand but done in small $150 purchases. These items are so far off the radar that you would have a hard time finding them even with the keys to my house.

Will the credit card companies dig through 8 month old records to look for ebay purchases and then ask questions about them? The statements just show $150 to joe blow via ebay/paypal.

Should I declare these things?

why bankruptcy? the usual reasons.

anyone with insider knowledge?
Click to expand...

Bankruptcy office will ask you sell off assets it's better to ask the trustee office when I filed I had no assets so they had nothing to collect from me.

So I ended up in proposal instead where I paid a portion of my debts.
 
Be careful about what you say to the trustee. Most are very nice and want to help you, but they are officially representatives of your creditors and and are strictly governed. If you want to know what's in your interests, as opposed to what your legal obligations are, talk to a lawyer or a friend who knows the ropes.

-LW.
 
A little heads up here....15 years ago I filled for bankrupsy.... I had someone else pay the trustee.....we got that money back........
Not sure if things are the same but thats the way it was then...someone else pays, the trustee must pay that person back once things are settled:D
 
You Bet! said:
within the last year I purchased some "collectibles" via ebay/paypal. As a collection, it is worth about 8 grand but done in small $150 purchases. These items are so far off the radar that you would have a hard time finding them even with the keys to my house. why bankruptcy? the usual reasons.
Click to expand...

So the criminal organization known as Ebay/Paypal put you into bankruptcy. Just proves my theory that Ebay/Paypal needs to be taxed and shutdown. I'll betcha if Ebay/Paypal wasn't around your collection would be worth $80,000, by stripping the ease out of the demand scale.

Ebay/Paypal has caused you to belly up. Sorry, but it's actually very true. They took away one of your exit strategies, by depreciating the value of your collection, including other items you never got from Ebay/Paypal, with the bootlegs that all the items compete with on their system.

Gyaos Baltar.
 
If they ask about them, just tell them you have already sold these items for groceries etc. Something like this that is not easily traceable. I filed for bankruptcy in 2002 and they did not come and check what I had in the house.
 
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