[Serial_Worrier]

$this->bbcode_second_pass_quote('Cog', 'I') thought I would update this story a bit. My sister called today informing me that they would be declaring bankruptcy. She attempted to borrow some money from my father and that did not end well. --snip--
I hope that if they do move in with me, that they can appreciate a more simple lifestyle involving beans, rice, and not much eating out. It will also help to have a couple more people around to play pinochle and spades in the evening.

[Cog]

Update 2

They have consulted a bankruptcy lawyer but didn't ask the question that I would have asked. My sister thinks they will lose their current residence(one of two that she actually doesn't have a mortgage on)

She did ask me an interesting question. If she were to sell me her current house and the other house for next to nothing, could that possibly protect those from being seized in a bankruptcy? Another question for her lawyer, but just wondered if anyone here knew the answer.

I did tell her after she files bankruptcy to stop paying on those credit cards and anything else she thinks she is going to lose and keep whatever money she has in cash and not in the bank. Don't know if that is good advice but its sounds logical.

[Cog]

$this->bbcode_second_pass_quote('Serial_Worrier', 'D')o you honestly think they're going to accept beans, rice and pinochle in the evenings? Well, you better make them EARN their food, maybe some manual labor in your doom garden?

[Minvaren]

$this->bbcode_second_pass_quote('Cog', 'S')he did ask me an interesting question. If she were to sell me her current house and the other house for next to nothing, could that possibly protect those from being seized in a bankruptcy? Another question for her lawyer, but just wondered if anyone here knew the answer.

[the48thronin]

$this->bbcode_second_pass_quote('Cog', 'U')pdate 2: She did ask me an interesting question. If she were to sell me her current house and the other house for next to nothing, could that possibly protect those from being seized in a bankruptcy? Another question for her lawyer, but just wondered if anyone here knew the answer.
I did tell her after she files bankruptcy to stop paying on those credit cards and anything else she thinks she is going to lose and keep whatever money she has in cash and not in the bank. Don't know if that is good advice but its sounds logical.

[Grautr]

$this->bbcode_second_pass_quote('TWilliam', '')$this->bbcode_second_pass_quote('Cog', 'I') hope my sister isn't typical of the boomer generation who bought into the whole borrow and spend mentality but I'm afraid she might be.

[hope_full]

Okay, back up the money truck for a minute. It is NOT "the kid's inheritance," - it is the parent's money. I'm 100% for elders spending their money as THEY see fit and enjoying it - down to the last dime. For if they end up in a nursing home, every last dollar (well, down to $2000) goes right down the toilet so that elder can be fed beige-colored gruel and sit in their own filth in a wheelchair in a pastel-painted lobby with lots of white tiles on the floor.

Medicare does not kick in until the elder has spent down to $2000 of ALL assets.

Back in the day, wealth and assets were transferred from one generation to the next. Now wealth and assets are transferred from the elderly to the medical corporations, via nursing home expenses.

On another note, I am a baby boomer and the daughter of two parents who lived through the depression. You wanna talk about a "me" generation? Look at the young people - the teens, the 20-somethings and even the young 30-somethings. They think living under a cloud of perpetual credit card debt is a way of life. At their young ages, they've amassed more debt in a few years than I *ever* amassed. And for what? Trinkets and trash and trendy junk, and fancy meals that are now long gone.

I've always lived a very simple life and I will remember the lessons of my youth. The baby boomers with which I'm familiar are a lot smarter than the posters here seem to imply.

[Grautr]

Sure it was my aunt and uncles money but it was money they had set aside for the kids inheritance. Thats her words not mine.

[vision-master]

$this->bbcode_second_pass_quote('', 'B')ack in the day, wealth and assets were transferred from one generation to the next. Now wealth and assets are transferred from the elderly to the medical corporations, via nursing home expenses.

[Pretorian]

$this->bbcode_second_pass_quote('hope_full', ' ')You wanna talk about a "me" generation? Look at the young people - the teens, the 20-somethings and even the young 30-somethings. They think living under a cloud of perpetual credit card debt is a way of life. At their young ages, they've amassed more debt in a few years than I *ever* amassed. And for what? Trinkets and trash and trendy junk, and fancy meals that are now long gone.



I've always lived a very simple life and I will remember the lessons of my youth.

[PenultimateManStanding]

$this->bbcode_second_pass_quote('the48thronin', '')$this->bbcode_second_pass_quote('Cog', 'U')pdate 2: She did ask me an interesting question. If she were to sell me her current house and the other house for next to nothing, could that possibly protect those from being seized in a bankruptcy? Another question for her lawyer, but just wondered if anyone here knew the answer.
I did tell her after she files bankruptcy to stop paying on those credit cards and anything else she thinks she is going to lose and keep whatever money she has in cash and not in the bank. Don't know if that is good advice but its sounds logical.

[TWilliam]

$this->bbcode_second_pass_quote('PenultimateManStanding', 'I')'ve read that it is not common for creditors to sue in court on defaulted unsecured loans. Makes you wonder if it isn't smarter to just default and forget about formal bankruptcy. Default means no sworn testimony. Keeping cash on hand then involves no perjury. The court can send bailiffs to search the house for assets if there is a suit brought, but it doesn't commonly happen because it is a very slow and expensive process. I have a brother who defaulted back in the 80's and nothing ever happened to him.

[vision-master]

$this->bbcode_second_pass_quote('TWilliam', '')$this->bbcode_second_pass_quote('PenultimateManStanding', 'I')'ve read that it is not common for creditors to sue in court on defaulted unsecured loans. Makes you wonder if it isn't smarter to just default and forget about formal bankruptcy. Default means no sworn testimony. Keeping cash on hand then involves no perjury. The court can send bailiffs to search the house for assets if there is a suit brought, but it doesn't commonly happen because it is a very slow and expensive process. I have a brother who defaulted back in the 80's and nothing ever happened to him.

[Pretorian]

$this->bbcode_second_pass_quote('vision-master', '')$this->bbcode_second_pass_quote('TWilliam', '')$this->bbcode_second_pass_quote('PenultimateManStanding', 'I')'ve read that it is not common for creditors to sue in court on defaulted unsecured loans. Makes you wonder if it isn't smarter to just default and forget about formal bankruptcy. Default means no sworn testimony. Keeping cash on hand then involves no perjury. The court can send bailiffs to search the house for assets if there is a suit brought, but it doesn't commonly happen because it is a very slow and expensive process. I have a brother who defaulted back in the 80's and nothing ever happened to him.

[vision-master]

The story goes - call Fort Selling.

[PenultimateManStanding]

$this->bbcode_second_pass_quote('TWilliam', '')$this->bbcode_second_pass_quote('PenultimateManStanding', 'I')'ve read that it is not common for creditors to sue in court on defaulted unsecured loans. Makes you wonder if it isn't smarter to just default and forget about formal bankruptcy. Default means no sworn testimony. Keeping cash on hand then involves no perjury. The court can send bailiffs to search the house for assets if there is a suit brought, but it doesn't commonly happen because it is a very slow and expensive process. I have a brother who defaulted back in the 80's and nothing ever happened to him.

[Arsenal]

Or unless their employer checks their FICO score for a new job.

[Serial_Worrier]

Question for original poster - is your sister very out of shape? Well even so, doing that manual labor will get her in shape no doubt.

Make sure you let her know that she's going to have to earn her daily gruel, which means actual gruel and not Doritos.

[frankthetank]

Cog-

Sounds EXACTLY like one of my sisters and her husband. Except they don't make that great of money and have 3 vehicles, brand new house, brand new baby and live out in the sticks to top it off. They also travel all the time and spend like mad... I think they realize that foreclosure/bankruptcy is just around the corner...

[frankthetank]

My mother in law walked away from about $80K in credit card debt... was as easy as taking candy from a baby. I'd like to know how many of my wife and I Christmas presents were paid by taxpayers!