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06-29-2014, 02:17 AM | #11 |
Cobra Viper
Join Date: Sep 2008
Location: CA
Posts: 172
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Quote:
As for someone who has done chapter 7 before, OP do not worry about your collection . Creditors want a quick turnaround on cashflow and auctioning off joes is by no means a quick turnaround for them. You can literally tell them you have a collection and they will not care. Now if you have gold or another quick tangible asset that has a designated value to it, then they would recommend you pay up accordingly. Creditors cannot even touch your 401K if you have one just so you know. Last edited by rhodium1977; 06-29-2014 at 02:20 AM.. |
06-29-2014, 02:18 AM | #12 |
Crimson Guard
Join Date: Sep 2011
Location: new jersey
Posts: 1,050
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Quote:
A lawyer would LAUGH at you if you even mentioned about a G I Joe collection, they are not an asset of any kind. You would be better off not even mentioning it or leaving it at someone elses house and avoid making a FOOL of yourself by even showing a lawyer your collection. Saying someone would be irresponsible, or not paying their debts, by not showing a meaningless G I Joe collection, WHEN THEY ARE FILING BANKRUPTCY, would be like saying don't burn yourself with a match, when you are already DEAD. Last edited by Dunedain; 06-29-2014 at 02:36 AM.. |
06-29-2014, 02:22 AM | #13 |
Hisstank.Com General
Join Date: Jun 2008
Location: PA
Posts: 10,816
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Personally, I think anyone going bankrupt should have everything they own that's not nailed down repossessed. It wouldn't take much effort to take the collection to BBTS and get a quote from them on it. I hear they're offering $13 for SDCC Jinxes. We're all sharing the costs of someone else's irresponsibility when they go bankrupt.
Would the toys be sold in an estate sale, or would the receivers of the estate just throw them out? Whatever assets the person going bankrupt has should be taken and sold off the same way they would be in an estate sale. Last edited by JediJones; 06-29-2014 at 02:35 AM.. |
06-29-2014, 03:28 AM | #14 |
His Holy Amphibian
Join Date: May 2009
Location: Beyond the Pond
Posts: 777
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Quote:
Quote:
Personally, I think anyone going bankrupt should have everything they own that's not nailed down repossessed. It wouldn't take much effort to take the collection to BBTS and get a quote from them on it. I hear they're offering $13 for SDCC Jinxes. We're all sharing the costs of someone else's irresponsibility when they go bankrupt.
Quote:
My wife and I have come to the dreaded conclusion that, thanks to her enormous debt, we are going to have to file for Chapter 7. I have had to accrue some myself, but nowhere near hers, but we are having a son any day now and if we file we clear up at LEAST $2000 extra a month.
Have any of you out there had to file and, if so, how did it affect your collections, Joe or otherwise? I would like to pass them to my son when he's old enough to play with, and appreciate them, but I'm scared that the Trustee will see them and decide it'll be worth the effort to try and liquidate them. Quote:
They're all unboxed/uncarded. I tried that years ago when I was doing Star Wars figures and vehicles and room became a rare thing. We're in the early stages right now and haven't gotten around to the whole cataloging process. Hopefully they'll just look at them and say 'this would take too long to figure out' and move on.
Last edited by holyfrog; 06-29-2014 at 03:50 AM.. |
06-29-2014, 03:52 AM | #15 |
Banned
Join Date: May 2009
Location: gods waiting room
Posts: 2,356
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Quote:
I could not agree with you guys more. As somone who had over $20k in debt and PAID IT OFF I feel I have every right to tell the OP to grow up, be a man and pay your debt.
Your collection is so large that you hope they would say 'this would take too long to figure out' and you think it is ok to pass it on to your son? Like that would really happen. Anyone with such a large collection is not letting their kid play with it. It is selfish, irresponsible, and wrong to keep it. I'm sure some of "your" debet was accured getting this collection. I don't feel sorry for people like you who take advantage of the system. Why are you even having a kid if you can't afford it? Last edited by redx24; 06-29-2014 at 03:58 AM.. |
06-29-2014, 05:16 AM | #16 |
Banned
Join Date: Sep 2008
Location: Two steps ahead of you.
Posts: 4,120
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You have more pressing issues than your toys, for instance how bankruptcies basically destroy your credit ability. You will be paying 20% or higher intrest rates forever and buying a home will be out of the question for the next 15 or so years. You are better off liquidating all of your non essentials and fighting tooth and nail to avoid bankruptcy forget the collections think about your child's future he will need a college education and a roof over his head far more than a bunch of action figures.
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06-29-2014, 06:25 AM | #17 |
Social Distancing Expert
Join Date: Dec 2011
Location: In my basement changing O-Rings
Posts: 5,721
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Quote:
You have more pressing issues than your toys, for instance how bankruptcies basically destroy your credit ability. You will be paying 20% or higher intrest rates forever and buying a home will be out of the question for the next 15 or so years. You are better off liquidating all of your non essentials and fighting tooth and nail to avoid bankruptcy forget the collections think about your child's future he will need a college education and a roof over his head far more than a bunch of action figures.
__________________
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06-29-2014, 06:37 AM | #18 |
Crimson Guard
Join Date: Feb 2013
Location: Orlando
Posts: 2,545
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Brother sorry to hear about your problem.
Ive never had to file for bankruptcy. For those ive known who went through it...they kept thier 401K/ira/trust, and personal effects. I think you should be ok. When you fill out the paperwork, I would just be very conservative on estimating the value. And i would call them toys not a collection. Also ignore the judgemental tone in other threads, some people love to kick a guy when he is down. Last edited by stillagijoefan; 06-29-2014 at 09:21 AM.. |
06-29-2014, 06:37 AM | #19 |
SCHIZOID VIPER
Join Date: Mar 2012
Location: USA
Posts: 444
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Wow. So much empathy from some of these Tankers. With friends like these, who needs enemies ? To the OP, I myself went through bankruptcy. I also lost my house to foreclosure and spent some time sleeping in my car and in a homeless shelter. My wife and I were separated at the time so the ordeal was a real bitch. Unless you've experienced it, you can NEVER know the feeling of anxiety one feels when they come to the realization that they now have no roof over their head. That being said, there is a Bankruptcy (I forget which one) that, in our attorney's words..."Let's you keep all your toys." And she wasn't referring to my G.I. Joe collection, she was referring to our furniture, stereo, cars, motorcycles, boats...etc. Each case is different. As a Tanker mentioned earlier, you will be asked to fill in paperwork detailing everything you own. All the money you have in bank accounts, how much your cars are worth, even the value of your clothing. DON'T lie about it. When it comes to the G.I. Joe collection, you don't have to list every single Joe. You don't have to be anal about it. Just a ball park figure of what you think the entire collection is worth. No one is going to your house or apartment to check receipts or to inspect your collection and take pictures. I'm been through bankruptcy, it isn't the end of the world. Your credit will suffer for about ten years but, if you pay your bills on time, you'll find credit card offers in the mail in a few years. Personally, I HATE CREDIT CARDS. I pay everything with my debit card now. If the money isn't in my checking account, the thing that I'm looking to buy doesn't get bought. Most of the time, it's something that I want, not something that I need. As far as home ownership ? Been there, done that. It's nice to have all the extra room and to be able to blast your stereo without your neighbors complaining but, apartment living isn't all that bad. I don't need to mow a lawn, fix a roof, or shovel snow in the winter. Being fifty years old, I've had my share of yard work and snow shoveling and if I never do it again, I'll be happy. Cheer up, I went through my trials alone. You still have your wife standing by you (I assume), and that's a good thing. :-)
Last edited by Grendelking; 06-29-2014 at 06:42 AM.. |
06-29-2014, 09:00 AM | #20 |
Iron Grenadier
Join Date: Apr 2009
Location: india
Posts: 754
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bury them under ur garden and let your son dig em up wen he's old enough...
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