Fallen on Bad times: request help

[LIFERBABE]

Thank you Ducklite for all the info.

Very interesting and most of us do have preconceived notions of what bankruptcy is that are not fact based at all.

Not something they teach you, really.

 

[ducklite]

I'd also like to share two cases I worked on.

One was an 80 year old lady who filed chapter 7 to keep the power on in her apartment. She had less than $2000 in cash and assets, and a $3600 electric bill, and $800/mo in income. The electric bill was the only debt listed on her BK petition.

The other was a couple with two young children. Their daughter had undergone open heart surgery not once, but twice as an infant, and I can't recall what the issue was with their son, but he also had significant medical bills.

Their entire petition was $150K in medical bills, $80 on a Citibank Visa, and $16 to Readers Digest. Hardly people living beyond their means.

While I filed for many spendthrifts who had poor financial management and weren't learning a lesson, I also filed for many "hardship cases" where the financial burden was not created due to living beyind ones means.

That said, I recall one case of a woman--I still shake my head on how she was abusing the system. Her husband lived ina nursing home due to a medical condition, and she was taking his SS checks and depositing them, and not paying the home. She had been in Chapter 13--just kept refiling with new creditors for probably eight years running. Because it was a public nursing home they couldn't kick him out, and she would just refile regularly to get them and everyone else off her back. She was living large with their daughter, had every cable pay channel, ate out 2-3 times a week, well dressed, you name it. Talk about abuse. She just didn't see anything wrong with what she was doing.

Anne

 

[CarolA]

I guess my concern on the DVC is that the loan repayment and fees aren't the total cost.... you hve to get to Disney, buy tickets, buy food etc....DVC is not a cheap vacation option under most circumstances.....

It would probably torture me more to own DVC and NOT be able to use it then to just sell and plan to buy again.....

 

[shantay1008]

I would like to gently remind everyone that the OP wasn't asking whether or not he should sell DVC. He was asking specific questions about the logistics of selling it to relatives. (Sorry...judgements always make me squirm a little: "Judge not lest ye be judged" and all that. )
Shannon

 

[greenban]

Wow!

OP I hope things get better for you. I also don't think the trending of the bankrupcy good/bad debate is actually aimed at you (and you shouldn't care even if it is!), but was spurred by your story.

Life and many things in it are a bell shaped curve, with 'outliers' on both ends. There are plenty who abuse any system (bankrupcy, SSI, medicare/medicaid) and plenty who 'deserve' the benefits but never claim them.

I hope you recover quickly, life improves for your child and your family, and that you get to keep the 'luxury' of the DVC, either directly, or to answer your question through your family member in a ROFR waived transfer. I recommend you call your DVC-Advisor and ask for help in getting waivers.

Again, G-d bless,

-Tony

(And yes I realize this is the internet, and nothing here is necessarily real, or accurate, but what harm does good wished to a fellow human do?)

 

[ducklite]

I guess my concern on the DVC is that the loan repayment and fees aren't the total cost.... you hve to get to Disney, buy tickets, buy food etc....DVC is not a cheap vacation option under most circumstances.....

It would probably torture me more to own DVC and NOT be able to use it then to just sell and plan to buy again.....

However a bankruptcy doesn't last forever, and during the term of the Chapter 13 the points can be rented out with the proceeds being put towards the repayment plan. THAT is a win/win situation for all concerned, and would be something to investigate.

Anne

 

[CarolA]

However a bankruptcy doesn't last forever, and during the term of the Chapter 13 the points can be rented out with the proceeds being put towards the repayment plan. THAT is a win/win situation for all concerned, and would be something to investigate.

Anne

I wasn't really commenting on the financial aspect. For me that would not be a win/win. If I can't use it, it would just torture me.....

 

[Judique]

Wow!

OP I hope things get better for you. I also don't think the trending of the bankrupcy good/bad debate is actually aimed at you (and you shouldn't care even if it is!), but was spurred by your story.

Life and many things in it are a bell shaped curve, with 'outliers' on both ends. There are plenty who abuse any system (bankrupcy, SSI, medicare/medicaid) and plenty who 'deserve' the benefits but never claim them.

I hope you recover quickly, life improves for your child and your family, and that you get to keep the 'luxury' of the DVC, either directly, or to answer your question through your family member in a ROFR waived transfer. I recommend you call your DVC-Advisor and ask for help in getting waivers.

Again, G-d bless,

-Tony

(And yes I realize this is the internet, and nothing here is necessarily real, or accurate, but what harm does good wished to a fellow human do?)

What a nice post!

 

[Blue&Gold]

I would like to gently remind everyone that the OP wasn't asking whether or not he should sell DVC. He was asking specific questions about the logistics of selling it to relatives. (Sorry...judgements always make me squirm a little: "Judge not lest ye be judged" and all that. )
Shannon

Seems to me you're making a judgement there...

This is a public forum. If folks aren't prepared to read opinions they shouldn't post.

 

[shantay1008]

(And yes I realize this is the internet, and nothing here is necessarily real, or accurate, but what harm does good wished to a fellow human do?)

This is the one of the best things I've ever read on here. Thanks, Tony!

 

[manning]

I believe the bankruptcy laws have been significantly changed late last year. I believe it would be wise for the OP to get professional counseling based on current law.

This is what I found regarding the changes:

"Here are some of the major changes you should know about.

Now that the new bankruptcy law is in effect, the landscape has changed for those who are considering bankruptcy. All debtors will have to get credit counseling before they can file a bankruptcy case -- and additional counseling on budgeting and debt management before their debts can be wiped out. Some filers with higher incomes won't be allowed to use Chapter 7, but will instead have to repay at least some of their debt under Chapter 13. And, because the law imposes new requirements on lawyers, it will be tougher to find an attorney to represent you in a bankruptcy case.

Here are some of the most important changes.

Counseling Requirements
Before you can file for bankruptcy under either Chapter 7 or Chapter 13, you must complete credit counseling with an agency approved by the United States Trustee's office. (To find an approved agency in your area, go to the Trustee's website, www.usdoj.gov/ust, and click "Credit Counseling and Debtor Education.") The purpose of this counseling is to give you an idea of whether you really need to file for bankruptcy or whether an informal repayment plan would get you back on your economic feet.

Counseling is required even if it's obvious that a repayment plan isn't feasible or you are facing debts that you find unfair and don't want to pay. You are required only to participate, not to go along with any repayment plan the agency proposes. However, if the agency does come up with a repayment plan, you will have to submit it to the court, along with a certificate showing that you completed the counseling, before you can file for bankruptcy.

Once your bankruptcy case is over, you'll have to attend another counseling session, this time to learn personal financial management. Only after you submit proof to the court that you fulfilled this requirement can you get a bankruptcy discharge wiping out your debts. (The website above also lists approved debt counselors.)"

 

[GoofyGolferGirl]

Why don't you see if your in-laws can take over payments for you, I think this is what you are wanting to do anyway. It looks to me like anyone would look upon that favorably because you are trying to solve some of your problems! Hope that makes sense, whatever the outcome I wish you the best of luck!

 

[mickey91701]

Tony.

Thank you for your kind words. This is probably the toughest time of my life.
Trying to get back on my feet, taking care of everything, and keep my head above water financially is almost impossible. I am just trying to get good information and trying to see if I could keep my club membership.

Bless you for your kind words Tony.

 

[MojitoMiss]

What a nice post!

I thought the same thing when I read it. These days, when people seem so polarized on every issue, it's nice to see a caring, middle-ground voice of reason.