Bankruptcy

[Dan J]

Originally Posted by widebody911

I know of a guy who filed bankruptcy six times and made out like a bandit each time while the creditors were hung out to dry; people regard him as some sort of financial genius.

And now he's the adored president of Trumplandia

[Por_sha911]

Originally Posted by Dan J

And now he's the adored president of Trumplandia

DanielJacobsLLC.com

you're just jealous

Originally Posted by Dan J

And now he's the adored president of Trumplandia

He ain't sleepin' tonight.

[sc_rufctr]

And another thing...

My cousin declared bankruptcy about 15 years ago. He's generally a good guy but he's always been a "player". He did it to clear an $80,000 dept he incurred when his business failed. (He had a mobile phone accessory store located in the middle of a mall) This wasn't the full 7 year in "doo doo land" bankruptcy instead he did the 4 year lesser version. I'm not sure how that compares to the various "chapters" in the US. So his dept is cleared and he starting again from scratch.

About 2 years later he took deliver of a then new Mazda R8 on lease. I don't know how he pulled that off but I'm guessing he knew the right finance people.

Fast forward to today and he's married with 3 kids and has a new business that's barely keeping its doors open. It's not failing and he does have some income but he's always behind the 8 ball just trying to pay his bills. So he's not losing money but he's not making any either. He also has a large mortgage on a house in the nice part of town and an M3 on lease.

So you have a guy who thinks he's successful but in reality he's not and he doesn't have the talent to pull himself out of his predicament. (I saw him at a family event recently and he was wearing a replica Rolex) I've seen this many times over the years and it never ends well. Using logic only at some point everything will go South in a hurry.

Some people just can't accept their reality and live beyond their means. And they leave a mess for someone else to clean up behind them.

[Bill Douglas]

Originally Posted by sc_rufctr

and live beyond their means. [/B]

Yes, you named it.

[JackDidley]

Originally Posted by Bill Douglas

Yes, you named it.

I believe this. I do not understand it but I think it is true. I have known people that have to keep up with the Joneses or be the Joneses. I have a thought pattern that does not care about the Joneses. I am not easily impressed and I do not try to impress.

[petrolhead611]

When I started my first full time business( I had part- time ones alongside a managerial job before that), my bank manager advised me not to be the guy that got the fancy car, fancy office, and fancy secretary . I paid cash for the fancy car 7 years later,and still have it, but I was fortunate that the 3 depots I had bought( not rented) by then didn't need to be at smart addresses, and I had 13 staff, mostly nice people who worked hard .

[Dan J]

Originally Posted by Por_sha911

you're just jealous

Not at all

[Alan A]

Originally Posted by widebody911

I know of a guy who filed bankruptcy six times and made out like a bandit each time while the creditors were hung out to dry; people regard him as some sort of financial genius.

Sounds like Hershey.
Found that bit of his story troubling.

[drcoastline]

[QUOTE=biosurfer1;10655618]I think there is a limit, but he might not be close yet.

I knew a guy who long ago worked for the IRS and people would do this all the time to try and get out of paying back taxes. He just laughed because trying to outlast the IRS is an exercise in futility.[/QUOTE]

He laughed because IRS tax liens are not dischargeable by bankruptcy. The Government will always get its money.

[speedster911]

Originally Posted by sc_rufctr

And another thing...

My cousin declared bankruptcy about 15 years ago. He's generally a good guy but he's always been a "player". He did it to clear an $80,000 dept he incurred when his business failed. (He had a mobile phone accessory store located in the middle of a mall) This wasn't the full 7 year in "doo doo land" bankruptcy instead he did the 4 year lesser version. I'm not sure how that compares to the various "chapters" in the US. So his dept is cleared and he starting again from scratch.

About 2 years later he took deliver of a then new Mazda R8 on lease. I don't know how he pulled that off but I'm guessing he knew the right finance people.

Fast forward to today and he's married with 3 kids and has a new business that's barely keeping its doors open. It's not failing and he does have some income but he's always behind the 8 ball just trying to pay his bills. So he's not losing money but he's not making any either. He also has a large mortgage on a house in the nice part of town and an M3 on lease.

So you have a guy who thinks he's successful but in reality he's not and he doesn't have the talent to pull himself out of his predicament. (I saw him at a family event recently and he was wearing a replica Rolex) I've seen this many times over the years and it never ends well. Using logic only at some point everything will go South in a hurry.

Some people just can't accept their reality and live beyond their means. And they leave a mess for someone else to clean up behind them.

In the book" The Millionaire Next Door" they call the guy you describe - Big Hat, No Cattle.

[wdfifteen]

I understand that stuff happens even when you do your best. BK should be used to allow them to try again. Those who use BK as a business strategy are reprehensible abusers of the system.