#1
i just overheard my parents on the phone to some bank guy and they're gonna declare bankruptcy, i'm sixteen and i'm really worried at the moment, i think we could lose alot, even our house
do any of you have any experience of this sort of thing? is this really something to worry about? i'm really scared, so please don't post anything stupid, i'm being dead serious
#3
Quote by 90skid@heart
i just overheard my parents on the phone to some bank guy and they're gonna declare bankruptcy, i'm sixteen and i'm really worried at the moment, i think we could lose alot, even our house
do any of you have any experience of this sort of thing? is this really something to worry about? i'm really scared, so please don't post anything stupid, i'm being dead serious


http://en.wikipedia.org/wiki/Chapter_7%2C_Title_11%2C_United_States_Code

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#4
im in the same thing. my dad has 6000 dollars left to his name and no job
I'm Steve
#5
All I know is that:

You stop paying taxes and you're not allowed to borrow money for... a while
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#6
It just means they can't pay off theeir debt so their having the government do it, and they wont be able to borrow money for about 10 years or so.
#7
it doesn't seem so bad when you put it like that, obviously there's more to it, but i hope it isn't too serious
#8
Give a bunch of your stuff to your friends so it can't be sold, then take it back when things get better.
#9
I know that if I were in this situation I would deffinately be talking to my children about it. Are you not able to talk to your parents about this and what it means to each of you? They would be the people really to fully let you in on what the situation is all about. Good luck, sincerely.
#10
bankruptsy is pretty serious, and is only really a last resort to bad monetary problems.

though theres not alot you can do about it, just try and make the best of the situation that you're put in.
Bam
#11
Quote by pwrmax
Give a bunch of your stuff to your friends so it can't be sold, then take it back when things get better.


+1

My parents declared it when I was 12. And before they did we made sure to give anything of value to our friends and family, because by law you have to sell anything you have of value that you dont absolutely need to live to pay the government back. And you're parents won't be able to get loans or credit cards for quite a while. But it's honestly not as bad as it sounds, just get ready for things to get kinda tight money-wise.
#12
Well we're in a crap load of financial problems, it's pretty horrible.
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#14
going through the same **** for the second time, 10years ago was the first, dont trip dude they will get through it just like we did and will.another thing,you are just begging for smart ass mother ****ers to come on here and talk ****.....
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#15
my dad filed bankruptcy quite a while back and nothing horrible happened, but im pretty sure all that stuff is fairly well over considering my dad has taken out a loan earlier this year but yeah. its not taht bad unless like your parents dont have a job
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#16
Remember, try to help your parents in whatever way you can, you will make it better for the whole family, hell, get a job if you can so that you can help with house income. This is not easy, specially for your parents to even confront you with such a situation so be a champ and go to you father and tell him that you overheard him and that you would do anything in your power to help him out. This should give your parents a moral push and let them know that you guys are a team and that you are going to hopefully get through this.

Best of Luck.
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#17
You don't pay the government back, you sell off your assests to pay off your debts, and if you still can't pay everything back, too bad for whoever you owe money to.

But to TS: I think you're allow to keep one car and a house (though you might have to move to a smaller one) Best of luck to you, if things go ok, you'll be back on your feet soon.
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#19
Quote by metaldud536
I let my parents borrow around $700 that the school gave me. It sucked becuase they didn't pay me back until about 6 months later.


When my mum was seeing a bloke from america after my parents divorced, I lent her £400 for a plane / hotel etc and i never got it back


As for financial situations, I dont know much about bankruptcy.
I took out a loan to pay for a few things *cough*holiday*cough*newplacetolive*cough*laptop*cough*TV*cough*PS3*cough*.
I pay out £220 a month in loan repayments, £200 rent (I split it with my partner), £100 for my web server, £30 for SkyTV among other stuff, usually around £200 tax,

Its a pretty shitty situation to be in, and its easily done. Even though I get roughly £5-600 after deductions, It can get pretty hard to live on. At the moment, I'm living on microwave meals.

Tasty.
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#20
i declared bankruptcy and then got a home loan 1 year later. it,s not that bad. they even let me keep our 05 mitsu lancer. worst that happens is when you try and get a loan or credit card you will have to pay a higher interest rate or apr.

jym
#21
Quote by meh!
All I know is that:

You stop paying taxes and you're not allowed to borrow money for... a while

you can still borrow money but no one will give it too you because of your ****e credit score. This crap credit score comes from the bankruptcy..

You could get a loan for a new house with a giant deposit or you could do a contract for deed. A contract for deed is someone else getting the loan and you paying them back..

I know this cos my stepdad is filing bankruptcy and my mom is a real estate appraiser.
#22
Bankruptcy laws in the US have changed in the last few years. Although they're considering bankruptcy now, they'll have to go through some sort of credit counseling first. And from there, they'll have to go through an analysis of their debt. Good news is, if the debt is high enough a lot of lenders are willing to restructure how much they owe. Bankruptcy isn't the end of the world, especially if you're not in too deep.
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#23
yeah, unless you are like a few million in debt it's not that horrible, it just totally wrecks your credit for a long time.
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