Thread: liquidating my assets.

I'm going entirely, 100% off government money right now, and I'm over $10k in debt. I still cringe at the very thought of bankruptcy, but since a good majority of these debts are from creditors who refuse to cooperate with debt negotiation companies, it doesn't seem like I have a whole lot of choice, here.

I understand everything about bankruptcy and how crippling it will be to my credit, but I just have one question: If I declare chapter 7 bankruptcy (all my debts, bankruptable or not, are completely unsecured), and the bankruptcy guy comes along to liquidate my assets, are there any assets, such as my one and only car, that might be safe from liquidation?

Also, would my clothes be game to be liquidated, due to the fact that they aren't exactly armonie suits (sp), but they are wrestling merchandise (that I bought when I was in good financial standing)?

It all really depends on what the judgement is in your bankruptcy case; if you are on fixed income the creditors by "law" have to work out a payment structure to work with you to pay them back, while not putting you in financial stress. I don't know what debt companies you are using, but most of them are scams. Contact them yourselfs, explain the situation and work out a total payment plan that is right for both you and the creditors.

Originally Posted by legalguy

It all really depends on what the judgement is in your bankruptcy case; if you are on fixed income the creditors by "law" have to work out a payment structure to work with you to pay them back, while not putting you in financial stress. I don't know what debt companies you are using, but most of them are scams. Contact them yourselfs, explain the situation and work out a total payment plan that is right for both you and the creditors.

Can I get some citation on this law that says the creditors have to work out a payment structure like that?

Not that I'm calling you a liar; in fact, it sounds too good to be true.