QUESTION
How can I trash my credit, file bankruptcy and get away with everything?
Asked on Feb 06th, 2016 on Bankruptcy - Michigan
More details to this question:
I know the bankruptcy courts and creditors look for things like this, so you have to go about doing it a certain way, but in my eyes I think I could get away with it. I would like your opinion on this as well. Let's overlook certain character traits such as ethics and morals, responsibility and character and let me ask you if you wanted to go out and trash all of your credit cards over a long span say, a year-and-a-half to two years knowing very well your intention of doing it is to file bankruptcy, do you think you still could get away with it? The general rule of thumb is anything charged 90 days before bankruptcy is looked upon as being fraud so I'm thinking I could stretch that out four to five times longer and continue making minimum payments during that time (using the cash advances from the cards, of course). I've got around $275,000 in purchasing power on all of my credit cards combined. I don't need credit anymore at my age, so I figure I might as well go out in style and make one good hit at the end of my life span and enjoy life to the max. I think I could sleep well at night and have a clean conscience because I see what the big banks do to the little people so I have no compassion for the banks themselves to do the same thing to them, so if properly thought out, could this be done?
5 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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If this is a party-then-suicide plan. Talk to a counselor, as a bankruptcy attorney, I know that a lot of people follow the spending part then get cold feet at the suicide part. Then they are screwed up financially and depressed. If you're just planning to spend big then die naturally. Why bother to file bankruptcy? If you're going to be dead, your creditors won't bother you much in any of the major religions. I believe Bernie Sanders believes he can collect taxes from the great beyond (because there isn't anywhere else the money is going to come from once his plans crater the economy). As a rule, intent isn't a consideration in bankruptcy. If you truthfully fill out the credit application and don't spend money on luxuries in the 90 days before filing bankruptcy, then you can discharge the debts in bankruptcy. You have to avoid buying assets and just blow the money. If you buy a car or other assets, the court will seize those to pay your creditors.
Answered on Mar 10th, 2016 at 3:30 AM
Unfortunately for you, I am not unable to overlook ethics & morals. For more information, I suggest searching online for the phrase REAL HOUSEWIVES BANKRUPTCY. Should open your eyes.
Answered on Mar 09th, 2016 at 4:53 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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Dear Sir: Whether you have compassion for the banks or not, I cannot assist or advise you in undertaking a course of action which is fraudulent and illegal. One of the grounds for denial of discharge of particular debts is that they were incurred with the intention of discharging the debt in bankruptcy. So your plan could very well lead to denial of discharge of those debts, meaning you'd have spent the money and still be liable to pay it back. Arguably you would also be violating two or three criminal laws. Don't do it. If you need a bankruptcy, fine, file a petition. But it should be honest and complete.
Answered on Mar 09th, 2016 at 4:53 PM
The Bankruptcy Code is intended for the "honest" debtor. I have seen more misfortune then I care to recount. I would counsel you to reconsider.
Answered on Mar 09th, 2016 at 4:53 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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I refuse to participate in an immoral and illegal, criminal conspiracy.
Answered on Mar 09th, 2016 at 8:37 AM