|
In which a 23-year old who's $20,000 in debt, has a steady job, and lives rent free has equally clueless friends. $20K of credit card debt, what to do? posted:
But really, what other solution could there possibly be?
|
#
?
Dec 1, 2017 20:18
|
|
|
|
| # ? May 18, 2024 23:33 |
|
|
Subjunctive posted:under colour of law. :thinking face: :thinking face earth: :thinking face solar system: :thinking face galaxy: :thinking face universe:
|
|
#
?
Dec 1, 2017 20:23
|
|
|
Remember, ICOs are NOT a security. Can't have them regulated, you know.
|
|
#
?
Dec 1, 2017 20:26
|
|
|
Phanatic posted:
That's kind of amazing. John Cena should have enough money from his wrestling to have invested it where he is pulling millions for the rest of his life.
|
|
#
?
Dec 1, 2017 20:35
|
|
|
Isn't it possible that that was just a throwaway excuse for making the sale?
|
|
#
?
Dec 1, 2017 20:54
|
|
|
Jazz Police posted:In which a 23-year old who's $20,000 in debt, has a steady job, and lives rent free has equally clueless friends. The one bright spot to such a dumb decision is that it would be hard for him to get credit from reputable lenders post bankruptcy. Unfortunately there will be plenty of disreputable ones waiting to take their place. Also, the judge will kick his petition for bankruptcy and he will not get to discharge his debt, but will suffer the consequences of having a bankruptcy on his credit bureau.
|
|
#
?
Dec 1, 2017 21:00
|
|
|
Subjunctive posted:You get an asset, under colour of law. Maybe not priced the way you or I would value it, maybe not liquid long term, but that’s the case for art too, and for equity especially for private companies. (There’s actually better work being done for pricing art than tokens or private shares, mind you.) ICO for artisan coins mined by computers running 383 or older chipsets,delivered by courier on a vintage 5.25" floppy.
|
|
#
?
Dec 1, 2017 21:03
|
|
|
kimbo305 posted:Isn't it possible that that was just a throwaway excuse for making the sale? ...but then why sell it and open yourself up to damages from breaking the contract?
|
|
#
?
Dec 1, 2017 21:04
|
|
|
Barry posted:If nothing else, it makes pointless water cooler chat a lot easier. Unless you don't follow football. I spend a lot of time nodding along and laughing at jokes I don't get.
|
|
#
?
Dec 1, 2017 21:08
|
|
|
Phanatic posted:...but then why sell it and open yourself up to damages from breaking the contract? I assume cuz he thought he could get away with it. therobit posted:The one bright spot to such a dumb decision is that it would be hard for him to get credit from reputable lenders post bankruptcy. This is pretty sexist of me, but based on the cards listed, I thought it was a woman.
|
|
#
?
Dec 1, 2017 21:27
|
|
|
bob dobbs is dead posted::thinking face: Not to read too much into your argument, but did the FBI and DoJ not establish ownership of bitcoins as legally significant in the Silk Road and Force busts? I might have misinterpreted that, in which case I’d be happy to be corrected.
|
|
#
?
Dec 1, 2017 21:29
|
|
|
kimbo305 posted:I assume cuz he thought he could get away with it. This is pretty sexist of me, but there was no information given and I defaulted to male without thinking about it at all. I mean, uh, masculine pronoun neuter is how I was taught in school and therefore... You are most likely correct, especially considering Penney's and TJ Max. Men just don't shop at those places.
|
|
#
?
Dec 1, 2017 21:31
|
|
|
Jazz Police posted:In which a 23-year old who's $20,000 in debt, has a steady job, and lives rent free has equally clueless friends. Literally this manbaby is so lazy that he thinks bankruptcy will be easier than (very slightly) adjusting his lifestyle and paying his bills. Someone should just point out that bankruptcy will involve effort on his part and he’ll drop it instantly.
|
|
#
?
Dec 1, 2017 21:32
|
|
|
Subjunctive posted:Not to read too much into your argument, but did the FBI and DoJ not establish ownership of bitcoins as legally significant in the Silk Road and Force busts? I might have misinterpreted that, in which case I’d be happy to be corrected. actually owning BTC, sure but lots of ICO literally put it into the contract that you're not buying a security and they owe you nothing ever in any way shape or form and they are also incorporated in the Caymans or the BVI. not just the Useless ICO either
|
|
#
?
Dec 1, 2017 21:34
|
|
|
like, one of my friends is doing an ICO. he got real lawyers and poo poo and incorporated a corporation and talked with his VC's who were cool with it and helped him with lawyers. i tend to think that it's completely pointless because he already has VC money and he won't run out for like 2.5 years but lol this exists in the same market as that ICO which incorporated in the Caymans and literally loving put it in the fine print that they can steal all your money and you have no recourse also the same market as PonzICO, which states upfront that it's a ponzi scheme e: basically, have you read divabot's book? everyone should read divabot's book, Attack of the Fifty Foot Blockchain bob dobbs is dead fucked around with this message at 21:44 on Dec 1, 2017 |
|
#
?
Dec 1, 2017 21:40
|
|
|
bob dobbs is dead posted:this exists in the same market as that ICO which incorporated in the Caymans and literally loving put it in the fine print that they can steal all your money and you have no recourse What does it mean to steal all your money in this context? Not issue the token? Revoke the token somehow (51% attack?)? Prevent you from selling it to a third party? The issuer of a token isn’t necessarily the source of liquidity, and if other parties want to exchange money for a blockchain operation, I don’t see how the issuer can prevent it. I don’t know many ICOs where the issuer gave assurances about liquidity. (The one I do dimly remember from the first alt-coin boom was idiotic on the part of the issuer.)
|
|
#
?
Dec 1, 2017 21:46
|
|
|
https://www.theverge.com/2017/11/29/16717416/us-coinbase-irs-recordsquote:A California federal court has ordered Coinbase to turn over identifying records for all users who have bought, sold, sent, or received more than $20,000 through their accounts in a single year between 2013 and 2015. Coinbase estimates that 14,355 users meet the government’s requirements. The full order is embedded below.
|
|
#
?
Dec 1, 2017 21:47
|
|
|
Yesssssss.
|
|
#
?
Dec 1, 2017 21:48
|
|
|
Please tell me the advice being given is 1) remove all your saved cards from your online profiles. 2) remove all of your saved cards from your phone payment systems. 3) cut up all of your cards 4) if you’re going to eat out go to IHOP or something. 5) kill your debt faster and faster because you won’t be paying credit card level interest on $17,000.
|
|
#
?
Dec 1, 2017 21:50
|
|
|
My firm had one client five years ago that was involved in bitcoin. IRS guidance wasn't really out on how to treat Bitcoin, so we treated it like a typical schedule D long term security. But that was five years ago.
|
|
#
?
Dec 1, 2017 22:03
|
|
|
22 Eargesplitten posted:Please tell me the advice being given is Nah, bankruptcy is what all the cool kids are doing these days. Always wondered if there was some bizarre contest I wasn't told about in society, in which the goal is to get into as much debt as possible. Each declaration of bankruptcy is the equivalent of $100,000 bonus score on top of the rest.
|
|
#
?
Dec 1, 2017 23:28
|
|
|
Sic Semper Goon posted:Nah, bankruptcy is what all the cool kids are doing these days. Sometimes I wonder if bankruptcy attorneys ever turn away business. Looking a someone's bankruptcy history once, they had filed like 8 times and only actually had the judge accept the petition like 2 or 3 times. It was the same lawyer over and over, every couple of years.
|
|
#
?
Dec 1, 2017 23:40
|
|
|
Jesus. Was that person’s credit score, like, 12?
|
|
#
?
Dec 1, 2017 23:45
|
|
|
Phanatic posted:Jesus. Was that person’s credit score, like, 12? IIRC it was in the high 500s. It was a while back when I was working on short term loans and there was some scary poo poo in that portfolio.
|
|
#
?
Dec 2, 2017 00:15
|
|
|
therobit posted:I mean polo shirts are a war crime to beginwith so... Shouldn't that be "wear crime?"
|
|
#
?
Dec 2, 2017 03:09
|
|
|
This might not be the best imagery to use for the cult of an MLM founder At least Younique makes it clear on their website how scammy they are.   And more sad with money that the MLMbots were trying to make "viral" a couple days ago. The pyramid is of course extremely bottom-heavy so just getting to the third level is apparently a big deal for them.  "We are her family. She loves us." Creepy as gently caress.
|
|
#
?
Dec 2, 2017 04:11
|
|
|
Bwm rewriting the tax code of the biggest economy in the world in an afternoon
|
|
#
?
Dec 2, 2017 04:26
|
|
|
Veni Vidi Ameche! posted:Shouldn't that be "wear crime?" LOL
|
|
#
?
Dec 2, 2017 05:39
|
|
|
brugroffil posted:Bwm rewriting the tax code of the biggest economy in the world in an afternoon It’s fine nothing will happen this is fine.
|
|
#
?
Dec 2, 2017 07:14
|
|
|
therobit posted:Sometimes I wonder if bankruptcy attorneys ever turn away business. Looking a someone's bankruptcy history once, they had filed like 8 times and only actually had the judge accept the petition like 2 or 3 times. It was the same lawyer over and over, every couple of years. Pro publica did a good story on this. You can file chapter 7, which wipes out all debts but also takes your assets (which poor people have few of) or chapter 13, which allows you to keep your assets but only wipes out your debt if you successfully make all your payments for 5 years. Guess which one white lawyers overwhelmingly push on low income PoC in the south? https://features.propublica.org/bankruptcy-inequality/bankruptcy-failing-black-americans-debt-chapter-13/
|
|
#
?
Dec 2, 2017 10:48
|
|
|
greazeball posted:Pro publica did a good story on this. You can file chapter 7, which wipes out all debts but also takes your assets (which poor people have few of) or chapter 13, which allows you to keep your assets but only wipes out your debt if you successfully make all your payments for 5 years. Guess which one white lawyers overwhelmingly push on low income PoC in the south? Are we supposed to pretend that if they had blacks overwhelmingly take chapter 7, you wouldn't be deriding them for having them choose the option that makes them lose their car?
|
|
#
?
Dec 2, 2017 16:55
|
|
|
I was thinking I didn’t really know ahead of time which way that would go, because everything just sucks way more when you’re poor and marginalized. Either one would seem predatory.
|
|
#
?
Dec 2, 2017 17:05
|
|
|
greazeball posted:Pro publica did a good story on this. You can file chapter 7, which wipes out all debts but also takes your assets (which poor people have few of) or chapter 13, which allows you to keep your assets but only wipes out your debt if you successfully make all your payments for 5 years. Guess which one white lawyers overwhelmingly push on low income PoC in the south?
|
|
#
?
Dec 2, 2017 17:10
|
|
|
Harry posted:Are we supposed to pretend that if they had blacks overwhelmingly take chapter 7, you wouldn't be deriding them for having them choose the option that makes them lose their car? I thought it was possible to reaffirm a specific secured debt in bankruptcy allowing you to keep the asset and the debt attached to it. Or does that not apply to Chapter 7 bankruptcies?
|
|
#
?
Dec 2, 2017 17:14
|
|
|
That article was tl;dr for me, but you can definitely keep your car in a bankruptcy. My buddy had a truck payment and was able to keep it when he went through it. I'm sure it has to be something reasonable compared to your income.
|
|
#
?
Dec 2, 2017 17:16
|
|
|
Ancillary Character posted:I thought it was possible to reaffirm a specific secured debt in bankruptcy allowing you to keep the asset and the debt attached to it. Or does that not apply to Chapter 7 bankruptcies? I believe it depends on the state. Apparently in Tennessee it's not the case. quote:For many people, the most important thing is keeping their car, a necessity in Memphis, which has little public transportation. Used car lots abound, offering subprime credit. When borrowers fall behind and lenders threaten repossession, Chapter 7 won’t stop that from happening. But Chapter 13 allows secured debts to be repaid over the course of the plan. In theory, loan payments on a car or mortgage can be reduced to an affordable level, providing time to catch up without fear of repossession or foreclosure.
|
|
#
?
Dec 2, 2017 17:29
|
|
|
One of my friends just went through filing for bankruptcy (a pretty insane BWM story in and of itself that got him there) and he was able to keep both his and his wife's cars and his home. Not sure how he filed, but he still has them.
|
|
#
?
Dec 2, 2017 19:47
|
|
|
Phanatic posted:...but then why sell it and open yourself up to damages from breaking the contract? Because he probably sold the car for twice sticker and he didn't think Ford would literally sue him over it, because I have never heard of any limited allocation manufacture doing such a thing, and why the gently caress would you sue your customers that buy $500,000 supercars if your stated ambition, as the lawsuit clearly states, is to enhance brand goodwill? The typical way that these companies, most notably Porsche and Ferrari, deal with this situation is to frowny face blackball flippers from future rare allocation cars, and generally they are held out for long-standing loyal collector customers who have done their duty and paid to play already.
|
|
#
?
Dec 2, 2017 19:51
|
|
|
Harry posted:Are we supposed to pretend that if they had blacks overwhelmingly take chapter 7, you wouldn't be deriding them for having them choose the option that makes them lose their car? If someone is truly in an unsustainable debt spiral and goes to a legal professional to resolve the problem, you better believe I'll criticise them for recommending a solution that doesn't work in 4 out of 5 cases: quote:For decades, the most prolific bankruptcy firm in Memphis has been Jimmy McElroy’s, known for its long-running TV commercials featuring the now-deceased Ruby Wilson, a legendary blues and gospel singer dubbed the Queen of Beale Street. At the end of 30-second spots, she exclaimed, “Miss Ruby sings the blues, and you don’t have to!” quote:A FEW FLOORS ABOVE THE BANKRUPTCY COURT are the offices of Cohen & Fila, a firm with a mostly poor clientele and one of the highest volume practices in the district. I asked Tom Fila, a Yankee transplant who has practiced bankruptcy law in Memphis for more than 20 years, about one of his clients: The firm had filed 17 cases on her behalf, all but two under Chapter 13. She was one of at least 465 people who had filed for bankruptcy 10 or more times in the district between 2001 and 2015, ProPublica’s analysis found. These repeat filers tend to be among the poorest. John Smith posted:Yup, got it. It is all the White Men's fault. How can any reasonable man think that it is the poor's fault for getting into such debt? Everybody gets into debt, but when white people in Memphis file for bankruptcy, they're much more likely to actually get their debt discharged than black people. Filings by Disposition, 2008-2010, All Chapters, Majority Black Census Tracts vs. Majority White Census Tracts: 
|
|
#
?
Dec 2, 2017 20:04
|
|
|
|
| # ? May 18, 2024 23:33 |
|
|
Your'e acting like they're significantly better off with discharged debts, no car, and inability to file for another 7 years. They're not defaulting on their court ordered debt payment plan because they're so lush with cash. That and that the attorneys need to do it out the kindness of their hearts since they're not going to get paid.
|
|
#
?
Dec 2, 2017 21:02
|
|