178

A bit of detective work. The website lists no names for the firm. Any business, doctor, lawyer, etc, is at least going to tell you who the main partners are. The site itself looks like a generic framework with literally no content, just placeholders. A web designer's first pass for a client. But not a real site. The website for the building at that address ...


164

Can I be debt free or should I file bankruptcy There's no reason to file bankruptcy with $64k in debt and a $80K net salary. You can get out of debt in 1-2 years if you're willing to sacrifice. The harder you sacrifice, the less time it will take. Please advise me how to reduce my debt. Stop creating any more debt. Cut up all credit cards Put $1,000-2,...


120

You need to change the way you think. First, understand compounding. Not just intellectually, but viscerally. You need to develop an aversion to spending borrowed money. A debt with 22% APR doubles every 38 months. Every dollar you pay down your debt, cuts the total length of time you will be paying that horrible interest. Every $1 you spend now ...


60

"Can't declare bankruptcy" isn't the same as "can't default". Bankruptcy is a specific legal process for discharging or restructuring debts. If Illinois can't declare bankruptcy, that means it will still owe you the money for the bonds no matter what, but it doesn't guarantee that it will actually pay you what it owes. If Illinois should run out of money ...


60

Unfortunately this is going to land in her mother's lap. Since she is a cosigner on the lease she is just as responsible as your girlfriend for paying the return value. Both of them would have to declare bankruptcy to get the debt discharged. If I were in her situation, and I could not get a loan for the remainder, I would work out a deal with my mother to ...


54

When a company files for bankruptcy there is no guarantee that they will be able to satisfy any of their debts. Assuming chapter 7 bankruptcy, the employees with unpaid wages become creditors. Assets will be liquidated and creditors will be paid based on priority. Employees with unpaid wages are high on the priority list, but not always at the top. If the ...


52

My income is 78K to 80K after taxes and insurance. I pay $1,500 for rent+utilities, $150 for phone bill, $450 for auto loan, $300 for auto insurance (for two people; I am helping a friend who can't pay auto insurance), $750 for a personal loan and $750 to $1,000 for credit card. I also need to send $100 to $200 to my home country. Total monthly expenses ...


44

Purely FWIW, "Does this sound legitimate?" The company no longer trades on any stock market as it is in receivership. There is no administrative board to contact, and it doesn't even have a valid corporate ID any more, therefore research options are very limited,as you can imagine. Upon receipt of your signed documentation, I will put you in the ...


38

Time-Barred Debts and STATE STATUTES OF LIMITATION ON COLLECTING DEBTS are good places to start on the issues of what can be collected and for how long. What seems to be at issue is bankruptcy vs. time-barred debts vs. what creditors (original debt owners, not collection agencies or those who buy debt) can do. You should also check out The Fair Credit ...


38

Definitely a scam. Some warning signs in the email: Please find attached the documents pertaining to the investment that you made in XXX Investment currently known as XXIT (XXX XXX Investment Trust) several years ago. Legal letters are usually very precise in their wording. I would expect a real lawyer to specify exactly which documents are attached. Not ...


36

If Illinois cannot go bankruptcy This is missing a few, very important words, "...under current law." The United States changed the law so as to allow Puerto Rico to go into a form of bankruptcy. So you cannot rely on a lack of legal support for bankruptcy to protect any bond investments you might make in Illinois. It is entirely possible for the ...


28

The assumption is not necessarily correct. While the seven years affects the credit report, the statute of limitations for collections may be different and is based on the State law where the debt was given (or a Federal law for NA banks). Keep in mind that the creditor can reset the clock any time by taking legal action, for example filing a lawsuit in a ...


27

Under U.S. Bankruptcy Code Chapter 11, the company attempts to reorganize its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court. Under U.S. Bankruptcy Code Chapter 7, the company stops all operations and goes completely out ...


24

One thing that I don't see addressed in the other answers is this: I am helping a friend who can't pay auto insurance You MUST stop this. While I understand, and applaud, the desire to help a friend, you are not in a financial position to do this. An analogy is a toddler who wants to help carry in the groceries and tries to carry in a gallon container ...


23

If there is a cosigner, then bankruptcy on the part of your girlfriend won't be helpful: the mother will simply be fully responsible. The first option here should be to talk to the dealership/lessor. It's entirely possible they will be willing to work with your girlfriend in order to avoid a default. Lenders don't want defaults, they don't want to sell ...


18

In case I provide my bank account number (IBAN number in the EU), how will they be able to abuse this? There are multiple ways. In this case, it could be that once you give the details, they will mention that you need to pay something [lawyer fees, capital gains tax, other such items] before they release the funds to you. Further threatening you about ...


17

Safe deposit boxes are rented out to customers, and their content is not bank's property. Money deposits are not being taken by the creditors if a bank goes bankrupt, for the same reason - its not bank's money, it belongs to the depositors. However, frequently banks go bankrupt because they do not have enough cash at hand to pay back the depositors. In this ...


17

This is fraud and could lead to jail time. The vast majority of people cannot obtain such loans without collateral and one would have to have a healthy income and good credit to obtain that kind of loan to purchase something secured by a valuable asset, such as a home. Has this been done before? Yes, despite it being the US, you may find this article ...


16

You seem to think that stock exchanges are much more than they actually are. But it's right there in the name: stock exchange. It's a place where people exchange (i.e. trade) stocks, no more and no less. All it does is enable the trading (and thereby price finding). Supposedly they went into mysterious bankruptcy then what will happen to the listed ...


16

1: no. You are among the rabble. Because you are a contractor, i.e. another business. This is part of the deal of being a contractor - you control your busienss and are responsible for your risk. And yes, your risk includes your counterparty risk. Everything not in protected groups gets pooled and gets paid pro rata from the money left over after all people ...


15

California bankruptcy law requires disclosure of any gift made by the person declaring bankruptcy in the past 12 months, and any asset transfers in the past 2 years (with a couple of minor exceptions). This would most certainly include the car, if it is regifted back to you. Such a claim would likely be considered fraudulent, though this would be a matter ...


15

Looking back I have a car loan paid in full and even paid off early, and 2 personal loans paid in full from my credit union that don't seem to reflect in a positive way and all 3 were in good standing. But you also My credit card utilization is 95%. I have a total of 4 store credit cards, a car loan, 2 personal loans. So assuming no overlap, you've ...


14

This is called a fraudulent conveyance because its purpose is to prevent a creditor from getting repaid. It is subject to claw back under US law, which is a fancy way of saying that your friend will have to pay the bank back. Most jurisdictions have similar laws. It is probably a crime as well, but that varies by jurisdiction.


13

ETFs are legally separate from their issuer, so the money invested should (the lines can get blurry in a massive crisis) be inaccessible to any bankruptcy claims. The funds assets (its shares in S&P500 companies) are held by a custodian who also keeps these assets separate from their own book. That said, if no other institution takes over the SPY funds ...


13

If you give money to a person or entity, and they don't have the ability to pay you back, it doesn't matter if they are legally required to pay you.


13

This sounds like a scam, how really depends on the paperwork they want you to sign. Here is an additional piece that is cause for concern: I did a reverse imagesearch on their about picture and it is a placeholder. Now there might be a reason to choose a placeholder instead of showing your partners but its at the very least unusual. Also searching for ...


12

Assume that he reformed his ways. He stopped the destructive behavior (gambling) and had enough money from a job going forward to pay for all his future expenses. Then it is true the old debts will fade away both as being collectable, and as a source of a negative mark on the credit report. Also assume that the people or companies never figure out that the ...


12

Yes, you are. When someone is bankrupt their assets are being sold to satisfy the creditors. Your note is an asset, and will be sold. You'll be making payments to the entity that buys it.


12

Bankruptcy should be your last option, and you will find that BK will not resolve most of your problems, and create many more problems. There are two kinds of BK that are available to the average person, Ch13 debt repayment and Ch7 liquidation. Both have severe repercussions and lasting effects on your credit (7-10 years, after discharge). And the ...


12

How about suing the car thieves for restitution? Civil cases can stick even where criminal ones do not. This is a direct result of the car being stolen. Make them pay, literally!


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