[jasonraymondson]

Sounds like a good deal to me.

I need $50,000 dollars.. I have been wanting to go to vegas for a long time!

[smallpoxgirl]

$this->bbcode_second_pass_quote('DeLosMuertos', 'W')rong. 50K is the amount of equity that is exempt. If you have more than 50K in equity the bankruptcy trustee will sell your house, cut you a check for 50K and give the remainder to your creditors.

[Emma]

Burtondir, I read somewhere that there are FBI agents roaming Canada. Not sure if they follow up on bankruptcy.
Why not europe, australia, nz..?

[smiley]

$this->bbcode_second_pass_quote('', 'W')rong. 50K is the amount of equity that is exempt. If you have more than 50K in equity the bankruptcy trustee will sell your house, cut you a check for 50K and give the remainder to your creditors.

[smallpoxgirl]

$this->bbcode_second_pass_quote('smiley', 'I') bet that only accounts for equity which is not mortgaged. Otherwise you could just buy a house fully mortgaged, declare bancruptcy and earn a cool 50k in the process. I guess the banks would not allow that.

[burtonridr]

$this->bbcode_second_pass_quote('Emma', 'B')urtondir, I read somewhere that there are FBI agents roaming Canada. Not sure if they follow up on bankruptcy.
Why not Europe, Australia, nz..?

[JoeW]

Besides your property, they might also be able to garnish your wages and federal income tax refunds.

This is definitely the case for non-custodial parents paying child support! I have seen it happens to more than a few people. If you are "in arrears", as they say, they just take your money before you even get it.

I don't know if they can do that to enforce other debts, but when you give a judge a gavel, I'll bet anything is possible. If they order your employer to withhold a percentage of your wages and send it to your creditor, they would have to do it, right?

I'm no lawyer. Just trying to think of what else they might be able to take from you. I don't think the hassle is really worth it over a couple of thousand dollars. If you took on the debt, you should pay it back. It's the honorable thing to do.

[Pretorian]

$this->bbcode_second_pass_quote('smiley', 'I')f I interpret this correctly: unless you live in 50k shack, you're better off moving to Brazil and not leaving a forwarding adress.

[paimei01]

$this->bbcode_second_pass_quote('burtonridr', ' ')I believe if you borrow something you should pay it back.

[Cid_Yama]

If it is your Primary Residence and it is owned they can not take it from you. If it is not owned outright, but you continue to make your mortgage payments, they cannot take it from you. If you are in default on your credit cards they will call. Get a caller ID, it always says 'unknown name' or the name of some company, you will know if you know them or not. There is even a gadget you can get where you can enter a phone number, and after that, it will ring on their end but not on yours. Eventually, they will quit calling until they send it to another collection agency. Usually, it is not profitable for them to force you into bankruptcy unless the debt is very large. In Texas they cannot garnish your wages as a private company. Only the Federal and State Govt. can. (taxes, student loans) Garnishment is limited to 15% of disposable wages. Exemption is made for bills. Thus, garnishment might be better for you as it could be less than what you are now paying. Once you are in garnishment, no one else can touch you. Quite liberating actually. There is a pecking order for garnishment in states other than Texas. Fed, then State, then all others. Example, if you are being Garnished for non-payment of a Student Loan, The Dept of Education has first dibs on your 15%(unless you owe the IRS, they get first dibs over the Dept of Education). If you owe your state they cannot collect until the federal agencies have been paid off. Anyone else you owe waits further down the line. Assets like cars, you are entitled to keep one, and your wife can keep one. Boats and other assets can be lost in a Bankruptcy judgement, but YOU are not required to file and like I said above, most creditors will not do it themselves. They will keep sending it on to the next colllection agency until they finally write it off or it hits Statute of Limitations which are different by state. New bankruptcy laws exempted Credit Cards from S of L, but not retroactively. Statute of Limitation Clocks start over if you make a payment, so if you are going that route, don't make another payment.