Going into bankruptcy...will my collection have to be sold?

[dendawg]

The title pretty much says it all...My wife and I are getting overwhelmed by the bills, and I hope I don't have to give up my collection. :bawling: I've googled all over and haven't found anything about classic video games being either exempt or non-exempt. Can anyone help, please? :help:

[Flack]

The title pretty much says it all...My wife and I are getting overwhelmed by the bills, and I hope I don't have to give up my collection. :bawling: I've googled all over and haven't found anything about classic video games being either exempt or non-exempt. Can anyone help, please? :help:

What kind (chapter) bankruptcy are you filing, and in what state?

[drwily008]

I say you should "give" everything to a friend. Then say you sold it all a long time ago to try to pay back bills. Go back and get it from your friend a little while later.

[Bluteg]

In Texas you are allowed a certain dollar amount of personal property. This in includes TVs, Computers, movies, video games, furniture, appliances etc. So you could just put old games with a very low value... unless you have a museum in your basement you should be ok.

[wufners]

My in-laws declared chapter 13 (I believe) and have been allowed to keep EVERYTHING.

In fact, it kind of annoys me--my wife and I work very hard to live within our means, often times having the forgo the things we want. In the meantime, my in-laws have 5 cars, a big screen TV, a pool table, 3 computers, $600 worth of dogs, etc. They declared bankruptcy and not only do they get to keep everything, but only have to pay it back at $0.60 on the dollar. And what do they do while they are in bankruptcy? They go to the casinos!!! Sometimes being responsible can feel like a gyp.

Not that I'm saying I'm annoyed with you or that you're irresponsible. Not at all! Their particular case just bugs me since it was brought on by their own recklessness and then they took the attitude that they were victims when it all came crashing down on them.

Chances are you'll be filing for chapter 13. If that's the case then you should get to keep your collection. If you file chapter 7, there's a chance that it will be liquedated. I s'pose it would depend on what the judge decides.

Here's some basic info:

http://money.howstuffworks.com/question714.htm

Dealing with financial problems really sucks. Best of luck to you and your wife.

[Arcade Antics]

I'm sure you've already gone through this, but just in case...

You ought to avoid bankruptcy at all costs. Even if it means a third or fourth job, working 14 hours or more per day for a year or so, etc. Bankruptcy = bad.

If you have bad credit card bills spiralling out of control, cut them up. Don't use them any more. See if you can consolidate them all into one bill with a fair interest rate. Then work your ass off until the debt is paid off.

Have high interest car loan(s)? Get rid of the car(s).

Student loans? Defer them.

It's very hard work to bust your ass and dig yourself out of that hole, but in the long run, you'll be better off.

[dsullo]

wufners

your inlaws will pay in the long run when they can't qualify for any sort of a loan.... etc... There credit history and FICO score will be shot to holy hell. Sounds like they are living well beyond their means and it will eventually catch up to them

dendawg

did youy explore every possible option before filing bankruptcy? selling off some of your possessions, etc to get out of debt.

[wufners]

You ain't joking, dsullo, their little house of cards is already threatening to collapse on them. They are now having lots of money related problems other than the bankruptcy (bank trying to reposses their house, the lawyer they hired to fight the bank is now suing them for his payments, etc.) But I've been thinking things were going to fall apart for them for year. With all the second, third and fourth chances they get, they still manage to screw it up again. If they don't pull themselves together, one of these days their luck will run out.

Arcade Antics brings up a good point--there are lots of debt consolidation companies out there who can help you out. They'll contact all your creditors for you, figure out how much you owe, cut you a loan check and setup a payment plan. That is definitely a preferable option to bankruptcy. Explore a few programs and see what you learn.

http://www.credittalk.com/debtcrisis/help.html

Tougher bankruptcy laws have also been approved just within the last couple of weeks, so if there's any chance to avoid it, you should definitely try.

[Kejoriv]

I say you should "give" everything to a friend. Then say you sold it all a long time ago to try to pay back bills. Go back and get it from your friend a little while later.

Bingo. I had a relative do something sorta like that before. WOrked out fine and no he's outta debt.

[xolik]

I sincerely hope not. You have my sympathies.

[WanganRunner]

Bankruptcy sucks.

If you don't have tens of thousands of dollars in credit card debt racked up, then don't do it.

But yeah, just stash the collection somewhere else.

Better idea, why don't you sell the collection and pay some of your debt off?

[googlefest1]

i know of a guy - who files for bankruptcy all the time - like every 2 years - and he keeps everything and keeps on having fun

he dosnet own a house though - he rents

that guy anoys me - racks up the credit card bills ( some how gets qulified - mabey becasue he has a furnace fixing buisness) and then says oh well time to file banckruptcy

its guys like that that the system is cracking down now for- soon it will be hard to do any of that stuff -- so people like that guy are ruining it for the more responsible people that may need it in the future

not saying your like that guy - just saying that its posible the F the system if you wanted to

[gepeto]

stay on your lawyers ass. Because if I am not mistaken prez bush signed a new bankrupcy law last month. It forces people to pay back some of the debt incurred. it makes it harder for the clean slate. You have to disclose all you own. If you are caught lying stiff penaltys are issued.

The good news is (I AM NOT SURE BUT I think ) it goes into efect 6 months from the day he signed it. so 5 months left.

I have had friends who went bankrupt.
one she panicked 6 grand in debt really not worth it.

One had tens of thousands in debt tired of robbing Peter to pay Paul. good move

Another bankrupt multiple times. Never learned his lesson.
didn't make a difference.

All three reestablished there credit and all have brought houses since. There used to be a stigma attached with it but it is old outdated way of thinking and banks know this.

If you fight the good fight the credit co will screw you with fees and high interest loans that is how scandelous it has gotten. Bush sides with the companies hence the tougher laws. The laws does not force the companies from robbing people.

People will say it is your fault pay your debt but we all know the the odds heavily favor the banks. Just Look at atm fees what started out free turns out to rob you worse than the mafia ever has $2.00 transaction fee to withdraw 20.00 pl;us a backend charge.

I know you want to do whats is right but If the pressure is getting intense and the debt is high don't fool youself with the we can do it speech Go bankrupt.

You will feel sad violated depressed credit has it stamped on it for 10 years but you can rebuild you credit by saving money that would have went to high interest and fees and start from scracth. Just be more careful next time. Hurry you are on the clock. In the end you will defintely feel much better. Google new bankruptcy laws
Good Luck

[ClubNinja]

Better idea, why don't you sell the collection and pay some of your debt off?

Ding ding ding. That's that winner. Sad, but much more responsible.

[drewbrim]

Better idea, why don't you sell the collection and pay some of your debt off?

Ding ding ding. That's that winner. Sad, but much more responsible.


Buzzzzzz. That's the wrong answer. Unless your collection is worth enough to get you completely out of debt than what's the point? If you owe 30K and your collection is worth 5K then all you've done is gotten rid of one of the things that will console you in your time of need after you've filed.

Obviously I don't know the specifics of your debt or what your collection is worth. But I'm guessing it would just be a "drop in the bucket" so to speak.

If it is that bad then declare bankruptcy and tell mastercard and discover that that's what they get for giving out free T-shirts for applying for a credit card.

[Nez]

Better idea, why don't you sell the collection and pay some of your debt off?

Ding ding ding. That's that winner. Sad, but much more responsible.


Buzzzzzz. That's the wrong answer. Unless your collection is worth enough to get you completely out of debt than what's the point? If you owe 30K and your collection is worth 5K then all you've done is gotten rid of one of the things that will console you in your time of need after you've filed.

Obviously I don't know the specifics of your debt or what your collection is worth. But I'm guessing it would just be a "drop in the bucket" so to speak.

If it is that bad then declare bankruptcy and tell mastercard and discover that that's what they get for giving out free T-shirts for applying for a credit card.

Sell it a "drop in the bucket" is exactly what needs to be done. If its only 5k do it. Considering how much interest you have and the ammound of time it would take you to make 5k, you could be saving yourself a couple k in inerest.

[Wavelflack]

i know of a guy - who files for bankruptcy all the time - like every 2 years - and he keeps everything and keeps on having fun

he dosnet own a house though - he rents

that guy anoys me - racks up the credit card bills ( some how gets qulified - mabey becasue he has a furnace fixing buisness) and then says oh well time to file banckruptcy

its guys like that that the system is cracking down now for- soon it will be hard to do any of that stuff -- so people like that guy are ruining it for the more responsible people that may need it in the future

not saying your like that guy - just saying that its posible the F the system if you wanted to

You can't file every two years. Every seven years at the earliest. Stays on your credit for ten.

Anyway, unless your videogame collection is somehow a secured asset (used as collateral in a loan, for example), then it's yours to keep.

[Trevor Belmont]

I don't have much to add to this thread other than I think it's sad. I feel for you, dendawg. I hope you get through all of this and you don't have to end up selling what you've spent some of your life trying to collect. I know how much of a pain it is trying to get your collection back after you've sold it.

Hope everything works out for you!

[Funk Buddy]

It really depends on your state if you can keep it or not. Most states offer a wild card exemption of say $1000. Think of it this way too, when you value your stuff it's done at garage sale prices. You paid $100 for Panzer Dragoon Saga... it's worth $5 to someone who doesn't know. Do you have imports? They're worth practically nothing despite what you paid. Also, if you were to file and they want to sell it off, they'd either have to hire someone to sell it or find someone to buy it in one large lot. How much will they net in the long run?

Some of the new law went into effect as soon as the bill was signed. Here is what I'd do regardless:

See a lawyer, most give a free consultation.
Read the newsgroup alt.bankruptcy
Read this site http://www.bankruptcyaction.com/
Read this site http://www.brettweiss.com/faq/br_faq.htm

Have any questions feel free to send me a PM.

- edit

For what it's worth if you do file, most Chap. 13s fail to complete the plan.

[Griking]

I hate to be a dick but I have to ask, if you can't afford to pay your bills then why do you have enough money to build a (assuming) large videogame collection?

[gamehoarder]

sell it to your mother and keep them at your house =P

[gepeto]

Just because you have to file for bankruptcy doesn't mean you can't have nice things. That is so stereotypical. Recent Studies have show that the majority of people that have to file is because of some castrophic event mostly medical or job related - corp downsizing. The misconception is people blow there money. They represent a small majority that file. Studies also show tah a large percentage of americans are a few paychecks away from being homeless. His finances are So before we go trying to analyze his finances and be critical we need to truly understand how people REALLY get to this point.

[Yago]

I have been trhough this before. I lost 4 jobs over the past 7 years. I sold my house just before foreclosure. Lost my ass on it too, close to $30K. At the same time I was about $15K in debt. that was last year. Now I am less than $5K in debt. I sold everything I could. EXCEPT my video games which sit in storage. I never filed for bankruptcy. That is the EASY way out. If people get into debt, even if it is beyond theier control, like mine, than we can get ourselves out. It's called get off your lazy ass and do someting about it. I work 3 jobs and roughly 60-70 hours a week. You do what you have to do. I wish I could find one good job, I was in IT for 9 years and can't find a job anywhere. So, you take what job you can get. I even work security now. I never thought I was too good to do any kind of job. I also worked in a produce market for a year, til' I got laid off... That is with a 4 year degree, multiple certs. Like I said before, you do what you have to do. Question is, how bad do you want to keep your games? I found a way to keep mine, I am sure you will be able to find a way to keep yours.

[gepeto]

Everybodys experiance is different. Some have kids 2,3,5. Yago you did all that and your credit will still be messed up. All the positive spin is good for the moral but don't mean a hill of beans in the business world. in the end you still get screwed & harassed by creditors. I am in no way saying everyone should go bankrupt when they can't pay but there comes a point. Peice of mind is worth alot.
I knew a guy who was getting harassed day,night and they auto dialed his job 4 times daily. He would tell one to please
do not call even work out a deal 2 hours later someone else from the collection agency called. Who needs that.

You will have high interest rates fees that bury you when you try get ahead. Who know what else they will try to throw at you when you get approved for something.

Fact 1 creditors harrass and lie to you regardless
#2 Even with the good repay effort they wont give you the proper credit you deserve.

#3 Companies do it all the time

You can start putting the little money you have to strenghten your foundation and rebuilding your empire.

[GaijinPunch]

I hate to bet he asshole, but if you're going to file bankruptcy, you should be well through selling your classic gaming collection, and anything else not related to survival. It sucks, yes, but I think bankruptcy should be the very last straw.

[fishsandwich]

Just an aside... if you ARE going to file for bankruptcy, do it soon... there have been some BIG changes to the law, making those who file much more accountable. I do not believe the changes have gone into effect yet, but they will soon.

Sorry to hear about this, dude. I work in Real Estate, and this happens all the time. It happens, and more often than you think. You're not alone.

;)

[tyranthraxus]

Sell your games, they are just stuff after all and unless you've
got a collection of prototypes all of it is stuff you can buy
back when you are doing well finacially again. And you don't
have to sell EVERYTHING start with your box of doubles and
extra joysticks then sell off some of the systems you never
touch. Keep the systems that are close to your heart and
sell most of those rare games that are crappy to play.

Whats more important your financial future (not to
mention stress relief) or having a Smithsonian of video
games in your basement?

[NESaholic]

I would save what i can save,try friends and relatives to help you out with your collection,they can keep things for ya till you manage to get out of bankrupcy (what i mean is rare stuff!).
I would sell most common stuff,they can be replaced any time,i wish you all the luck!

[googlefest1]

i know of a guy - who files for bankruptcy all the time - like every 2 years - and he keeps everything and keeps on having fun

he dosnet own a house though - he rents

that guy anoys me - racks up the credit card bills ( some how gets qulified - mabey becasue he has a furnace fixing buisness) and then says oh well time to file banckruptcy

its guys like that that the system is cracking down now for- soon it will be hard to do any of that stuff -- so people like that guy are ruining it for the more responsible people that may need it in the future

not saying your like that guy - just saying that its posible the F the system if you wanted to

You can't file every two years. Every seven years at the earliest. Stays on your credit for ten.

Anyway, unless your videogame collection is somehow a secured asset (used as collateral in a loan, for example), then it's yours to keep.


thats what the guy told me ("like every 2 years ha ha ha") - he has some kind of thing going with his wife - that alows him to do that often
2 years wasnt accurate but the frequencey was higher than once every 7 years -- this will be his 4th or 5th time and he is in his early 30s ( and he is doing it for a measly 2.5 G) -- i dont know the exact deatails of what the guy has done - but mabey he also changed his SS# a couple times - if that works -- all i know is that he says he pulls all the tricks - he could be full of it - but ive heard similar stories like this guy from friends that knew people in their places of employment that have done something similar

[john_soper]

Night jobs, weekend jobs.
Rent a room in your house or apartment out. Can't stand the thought -- too bad.
cancel cable tv, cell phones, isp, gym memberships. Check out books and videos from library for entertainment
No eating out ever. Buy 10lb bags of potatoes and rice. Beans and tortillas too. Find social functions with free food.
One car, two bikes. Drive slow, keep tires inflated
Minimum possible home heating and cooling. Dress to compensate.
Run shower water 15 seconds to wet down, run another 15 seconds to rinse suds off.
Throw the master breaker in your house on summer weekends, have a no-power camping weekend. Heck, have a no power summer, just add powdered milk to the beans and rice.

[Vroomfunkel]

#2 Even with the good repay effort they wont give you the proper credit you deserve.

Since when was credit ever 'deserved'? Nobody 'deserves' credit as such. Companies choose to give people credit because they can make money out of it. If you default, or go bankrupt that is a very good reason for most sensible companies never to lend you money again.

And you know what? That's probably a good thing! If borrowing money got you into that much trouble before, you're probably better off without the chance of doing it again.

I have a freind who got into serious debt. She worked through it, and paid it off. She now does not have any credit cards at all, which makes things a bit of a hassle sometimes, but her life is immeasurably better for it - she knows that she can't end up the same way again.

She has a card that checks with the bank that there is enough money in her account before it will let a payment go through. But guess what? A lot of shops won't accept it. Why not? Because banks / businesses don't like people who don't want to go into debt, because they can't make as much money from them ...

/rant over

Vroomfunkel

[gepeto]

vroomfunkel said

Since when was credit ever 'deserved'?

When they started associating how much credit they give you the your credit score. there are 2 different worlds out there. The Banking credit industry is corrupt. Just like the politicians that turns a blind eye to there policies. They are culturally biased.

I'm am all for banks making money. But no doubt they are the most corrupt industry in the world Bar None.

Just yesterday on the 7:00 news the had a feature on the reputable credit banking lenders (citi/chase etc) One lady
made all her payments on time for 6 years. The bank citi raised her rate from 10% to 24%. The reason was there was a missed payment on her electric bill. Fuck that. It was just another way to have 83% of her monthly go to finance charges and interest. The sad thing is the company said (We gave her the option to close her account and keep making payments) dam strong arm tactics.


Evil banking policys have damaged more families that 10 enrons combined.
The only difference between them and the morningside heights gangsters is that the banking industry has the government behind them.
It is easy to say IT is your fault you put yourself there.

That is true to an extent but the companies helped bury you.

[tssk]

Some of the solutions here are severe but I agree. The companies may screw you but if you used the credit in the first place it doesn't really give you the right to screw em back.

Many years ago I was made unemployed and a month or so in a large electricity bill came in.

I didn't have the money to cover it.

So I rang around and found someone who was interested in some of my games. And I sold them for a paltry ammount. And I made enough money to pay the bill.

Result : I lost some of my favourite games, but I could look myself in the mirror and my flatmate in the eye.

As a postscript a year ago I was walking to a restaurant with my wife. It was council clean up day. (You leave things you don't want on the pavement to get picked up.) There was a bag open. I looked inside and there were two games, games that were the same as I sold ten years ago.

Some things will come back to you.

Eventually.

[gepeto]

I call that creative financing but paying a bill vs massive debt with no income are apples and oranges.

Question why is okay for companies to go bankrupt and when they do where are the same people to fire off the moral rant. Companies will close up liquidate fire & layoff people in a heartbeat.

The same people that perpetuate the stigma of bankruptcy on people are no where to be found when companies do it.

Here is a fact that companies do it multiple times. No one is exempt. Think it bothers Donald trump? No Way.

We all should pay our bills but there are times and situations where extreme measures are needed. Companies will tell you it is the bankrupt people that make it bad for everyone. That propaganda is on the same level as Iraq has WMD. The sad thing is people fall for it . Trust me even if everybody paid their bills on time. if you miss a payment the set you up with (UNIVERSAL DEFAULT) this is the name for it ON CNN THIS MORNING. The banks would have there predatory lending practices and charge outrageous fees and interest.

[Reverend JagDiesel]

Its sad to hear your state of affairs. I hope you strongly consider some of the things others have said, especially selling off the non-essential items and cutting back on luxuries.
I hope things work out for you so that you don't have to file. Filing bankruptcy will make it virtually impossible for you to buy high dollar items (house, car, etc) without taking a serious screwing.
Good luck!