Financial disaster!

Discussion in 'General Off-Topic Chat' started by Sonicslasher, Mar 10, 2008.

  1. Sonicslasher
    OP

    Sonicslasher In Law we trust.

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    Dec 5, 2005
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    Richmond, VA
    In 8 months (give of take one) my family will most likely have to declare bankruptcy. And from what I have been reading that means everything we own will become the bank's (or credit card company's, not sure) Now all I want to know is what items I am allowed to keep. Because I have three things I NEED ( or just one, but the other two are nice to have) :
    1. My PC
    Well I do all my school on it, so if it's gone, I'm screwed!

    2. My DS
    I [​IMG] mah DS

    3. My PSP
    [​IMG]
     
  2. FAST6191

    FAST6191 Techromancer

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    Bad luck, it is not all bad though and if you act you can limit the damage or even negate it entirely. If it has not started yet act very quickly and calmly as you are still in a position to accomplish a lot.

    I am not completely familiar with the US laws in this matter, much less the Virginia ones (and they can even vary by county and credit agreement) but I would read very carefully what is what version of bankruptcy is being declared and what is the position of you owning. Sale/redistribution of assets is normally overseen by a judge unless part of a creditors agreement.

    Also it may depend on what age you are: at 16 in many regards you are a legal adult (18 even more so, at 16 you can also emancipate yourself http://alexandriava.gov/jdrcourt/info/defa...ms=emancipation which means you are a legal entity to yourself) so anything you own (of that has been gifted to you) is yours and not the responsibility of your family.

    Also you can enter the very murky territory of sales to friends/family: it is "their" DS for example. Several people I know have given their homes/businesses to their kids when a situation like that you find yourself in. It is strongly advised you do this before proceedings are started.

    I suggest you talk at great length with your family and read as much as you can about the law before consulting a lawyer/legal expert (they are expensive so if you know you can ask questions) to validate your theories (they can not tell you how to break the law and some of the things you can do are very grey area).

    Good luck.
     
  3. Sonicslasher
    OP

    Sonicslasher In Law we trust.

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    God dammit! My mom's in so much denial right now. She's pulling out the good'ol religious card and saying that god will fix everything. So in essence, she ain't planning jack shit.
     
  4. laminaatplaat

    laminaatplaat GBAtemp Advanced Fan

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    Subprime mortgage crisis has another victim [​IMG]

    Good luck !
     
  5. Regiiko

    Regiiko GBAtemp Fan

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    Örebro
     
  6. Moots

    Moots The Incredible Sulk

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    Awsome joke, one of my favs. Also delivers a good lesson.
     
  7. nintendofreak

    nintendofreak Around. Shoot me a PM.

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    i would sell/giveaway some things. cant take what you don't have!! (sell to close friends for $1)

    Not too sure if it'll help, but i suppose its better than doing nothing in the end.