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#1
11-22-2004, 12:33 PM
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Bankrolls and Bankruptcy
i work full-time, making a decent income. i've also been playing limit 5/10 online for some time now, bringing in a fairly decent supplemental income. however, it's not enough to replace my wife's income. she lost her job when we unexpectedly had our 2nd child and she hasn't been able to find another job.
the end result is that we're probably going to have to file bankruptcy. my first impulse is to grab my $5000 BR before it gets siezed. mowever, i also thought if i can show the courts that i'm "making money" doing this, so that it makes more sense to leave the BR alone. of course, this is pretty unlikely since i live in the US where online gambling is of questionable legality at best so i doubt that argument will fly. i guess the right thing to do is to just surrender my entire BR, but i'd really like to keep it and just agree to eventually payout the BR amount in winnings. even plus interest would be fine. does anyone know if there's any way to do this? doing it legally would also be a good thing. 
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#3
11-22-2004, 01:02 PM
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Re: Bankrolls and Bankruptcy
If you are making a decent income, I'd respectfully suggest looking to non-bankruptcy options if at all possible (which I suspect you have).
Oh, and welcome to 2+2.
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#4
11-22-2004, 01:23 PM
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Re: Bankrolls and Bankruptcy
Get off to a fresh start and do the right thing. When you file for bankruptcy you're defaulting on obligations to others. You're taking real money away from others, surrender your BR so they can get something.
Aside from the ethical issue, I hope you have gotten some professional advice on this and done everything to avoid it. Best luck...
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#5
11-22-2004, 01:54 PM
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Re: Bankrolls and Bankruptcy
Lol, he probably owes it to credit card companies and the like, whose modus operandi is to screw everyone they can get away with. In this day and age a corporations sole purpose is to make as much money as possible, and any consumer who beleives paying them when facing bankruptcy is a moral responsibility is a sucker.
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#7
11-22-2004, 02:18 PM
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Re: Bankrolls and Bankruptcy
[ QUOTE ]
If you are making a decent income, I'd respectfully suggest looking to non-bankruptcy options if at all possible (which I suspect you have). Oh, and welcome to 2+2. [/ QUOTE ] thanks for the welcome. here's the problem. i have 2 houses (don't ask - i've been trying to sell one for over a year -- even willing to take a loss). in the meantime, ringing up creditcards to try to make ends meet, since my wife and i were both out of work for a while. creditcard companies somehow catch wind of this and jack all interest rates into the 20%+ range. at the end of the day, i went to a lawyer, he looked it over and said "you need to file." don't get me wrong -- i don't want to "hide" money to keep from paying it. in fact, my wife even wants to pay off some of the discharged debt because we both feel bad about filing. however, we have 2 kids and we want to keep our house for them to grow up in. the creditors would be much better off if they took the $400/week profit I make playing 5/10 instead of the $5k. does that make sense? maybe it's just a 'bird in the hand' thing for them.
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#8
11-22-2004, 02:20 PM
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Re: Bankrolls and Bankruptcy
[ QUOTE ]
How do credit card companies screw their customers? Do they force people to buy a bunch of stuff they don't need? Somehow that's never happened to me. [/ QUOTE ] they offer low interest rates and then raise them arbitrarily. you could probably say that you knew this going in, but that's like saying that loan sharks are ok because you know they might break your leg.
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#10
11-22-2004, 02:29 PM
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Re: Bankrolls and Bankruptcy
"When you file for bankruptcy you're defaulting on obligations to others. You're taking real money away from others, surrender your BR so they can get something."
I don't get this idea at all. Bankruptcy, by it's very nature, is a state sanctioned screwing of your creditors. The degree of the screwing seems to have GoSox on a soap box. I say it's a digital thing. Since you've decided to screw someone, go all the way. Turn that BR into C notes and bury it in the yard.
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