Boy Scouts file for bankruptcy to limit payments to victims
6 years ago
last modified: 6 years ago
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- 6 years ago
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My debt problems
Comments (57)Boy I know about the emotional burden. For years, I hid our mounting debt from my husband. I'd wake up at night worrying about credit cards. Yet I continued using them. At first it was only for Christmas gifts and vacations. Then I started charging gasoline and groceries. I was making payments all along, but falling deeper and deeper in debt. I consulted a lawyer but decided against his recommendation to file bankruptcy.The hardest part was being honest and admitting everything to myself, my husband, and the banks and credit card companies. I had to admit I was deeply in debt, badly over my head, and needed to stop spending and charging. I have been faithfully paying off all my credit cards for nearly three years and it will still take several more months to get rid of the last couple. My credit cards will be completely paid off in 2014, also a home equity loan and car loan. I'll post when all my debts are gone. By the way, I hate looking at this whole post. It just reminds me of how stupid I was about money in the past, and it reminds me not to share sensitive personal information on line. This post was edited by jannie on Sun, Feb 16, 14 at 12:06...See Morethedirectcabinetsource.com ALERT (buycabinets.com)
Comments (150)Update from the "Whistleblower": On February 6, 2009, the law office of Pernell W. McGuire reported that they filed the petition for the chapter 7 bankruptcy, for their client Buycabinets.com/Trevor Grace, on February 5, 2009. They also confirmed that Mr. Grace would be filing for a personal bankruptcy as well. However, they had no idea as to the timeline for the filing of the personal bankruptcy. If you do not receive your official notice from the court, please contact the U.S. Bankruptcy Court, District of Arizona, at 800-556-9230. The court-appointed trustee will determine which assets can be liquidated to satisfy the debts to the creditors. Since Arizona is a "community property" state, the trustee may be able to access the assets of Ms. Grace, who is a Vice President at a local Chase bank in Flagstaff. Aside from the assets of Buycabinets.com, Mr. Grace and Ms. Grace, the trustee should also be able to acquire the assets that may have been fraudulently transferred to TheDirectCabinetSource.com. Timelines are very important in determining the intent to commit consumer fraud. When preparing the documentation to support your Proof of Claim, please ensure that you include the dates of all communications with Buycabinets.com and/or TheDirectCabinetSource.com. You may also want to include a complaint to the court objecting to the chapter 7 discharge, and request that it be revoked on the basis that the debtor may have committed fraud. The Proof of Claim, which I will be submitting, will include the Whistleblower report that was filed with the Arizona and Nevada Attorney Generals office, the Federal Trade Commission and the local Flagstaff SheriffÂs office. This Whistleblower report contains over 30 possible witnesses and/or persons of interest, who law enforcement can question to establish the intent to commit consumer fraud, and to determine if assets were, in fact, fraudulently used or transferred to TheDirectCabinetSource.com. My Proof of Claim will include a list of at least 9 ex-employees and business associates who can corroborate that Mr. Grace used Company/Consumers money for personal expenses. I will also include my objection to the discharge and request that it be revoked. Whistleblower...See MorePaperwork Reduction Weekend
Comments (7)marie, maybe giving some thought to the "why's and wherefor" of the papers might help. We've established you don't need the papers for taxes, so we'll ignore that issue. Lease-contract between you and the landlord. Once you have each fufilled your obligation it can be pitched. Security deposit back in your hand means the lease is in the trash. Keep the landlord's name and contact info in your address book incase you need a future rental reference. Same with mortgage papers. Once the house is sold, the mortgage has been paid in full. We did our last sale FSBO, so we will keep a copy of the contract for three years. Then it's trashed. If they can't sue me for something in that amount of time, they are out of luck. I read the Real Simple link and I thought it was confusing on the year end credit card statement so I asked DH to read it. He gave me the example of what happened to us last year. We were sitting on several mortgages before our old house sold and we didn't want to liquidate any of our funds. We did a credit card cash advance for $17,000 on a zero interest card and put that money in our account. If we were audited for that year, the auditor would run an income test and say we under-reported our income by $17,000. We have the credit card paperwork to show the cash advance, therefor it's not income. If you don't need it for taxes, you don't really have to save the thing. Many of us are now paying lots of household bills with credit cards and keeping that statement is a simple way of showing the bill was paid. But depending on the statue of limitations which I "think" is six years, it may be hard for someone to come after you for payment six years later. Marge would have an idea on that. The monthly statement has to be checked to make sure the charges are correct and your account has been credited with a payment, but otherwise, there isn't a need to save. Same with utilities. Check to see if they received your payment, pull off the new bill portion and pitch the rest. Same with the phone bill. Those of us with tax needs, business deductions and all of that other good stuff keep a ton of this information. For the average person who just files a regular 1040 and isn't messing around, those records aren't needed. Make sense? Gloria...See MoreForeclosures in Michigan - finding solutions
Comments (31)Hi pkguy, Being here in Canada about a stones throw from Nancy in Mich's house almost literally I was trying to read up on what/why this is happening in the US and not in Canada. It is a good comparison because both the US & Canada have about the same percentage of home ownership by population along with being the highest world percentages. From what I've read so far the stark difference is that in Canada mortage payments are not tax deductible but capital gains on the sale of your principle residence are not taxed. Whereas in the US, mortgage payments are tax deductible but you pay capital gains tax unless you buy another house of equal or greater value? So how does this make a difference, well in Canada since you are not gaining a yearly tax deduction on your mortage payments there is more of an incentive to pay your mortage off as quickly as possible while in the US a lender may prod a purchaser into taking out a larger mortage, buy a bigger house or de-incentive people to pay of their mortage quickly because they'll lose the deductions. Does that make sense? As quip pointed out, your assumptions are a bit out of date (OK, quite a bit... but big credit to you for strategic thinking!!!!) Today, in the U.S., you get a cap gains tax exemption for $250,000 single, $500,000 married... as often as every two years (which means if you are a magician and can buy a primary or second home and re-sell it every two years you can take up to a halg Mill tax free each round... can't beat that with a stick!) The U.S. government's subsidy of mortgage leverage certainly DOES muddy the water from financial simplicity. It can be a very powerful advantage to those who understand it (and how to marry it with tax-subsidized investment strategies,) but when misunderstood people can, and do, hang themselves by it. Do you think if people living in the high value areas of the US were able to sell their overpriced $800k 3 bedroom ranch they paid $50k for 25 years ago could walk away with $750k tax free and move to a much nicer $300k house in Michigan and stand to pocket $400k or so of cash they'd move? Yup... In fact, you have just described an often-maligned migration tendency of Californians to Washington, Oregon, Arizona & Nevada. Believe it or not, oldtimer native Washingtonians birtch & gripe about how "unaffordable" and "tax inflated" their neighborhoods have become because of "the damn Californians" who sell their 3 bed, 2 bath starter in Sacramento for a cool Mill, and bought (at full retail) a 4,000 square foot mini-mansion in Bellevue for half their proceeds. As always... the knife cuts both ways. Cheers, Dave Donhoff Strategic Equity & Mortgage Planner...See More- 6 years ago
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