10/3/09: Bankruptcy

" show is online and on demand. Turned to Richie yeah Saturday is one before Sunday's nine to noon on."

" It's not. Let's go to Sean in his car shown here in 969 WTKK."

" I -- I had a question about bankruptcy what he would need to know from."

" That Obama. Tell me -- tell me your entire financial situation."

" CI a on a Condo. It's about 113 between the first and second hand and it might be worked around that but does. Weren't that insomnia home foreclosures recent -- and that -- know it countries from more than -- 100000 OPEC."

" Okay and how much money Mickey."

" My salary is about 45000."

" And it did you get bonuses dwellers know. So you recorded five grand a year and how much money do you. -- there and then in the --"

" Carol -- the model for about seven. And credit card debt I think at about 40000."

" Europe it's file file it in less you envision that Europe. It's income was gonna go up. Precipitously in the next couple years -- probably gonna file for bankruptcy."

" Okay that's I mean -- attorney on Monday it's like your opinion."

" They'll credit you you don't have 50000 dollars in the bank do you. That I think you should probably gonna have to file for bankruptcy. I chapter seven most likely you'll be -- the credit card -- it get rid of the credit card debt. Would you then be able to. Live off of the 45 grand including paying for the for the Condit would have."

" Probably not. Not that it matters but where when I bought my Condo I was lied to by the closing attorney and that's pretty much -- conduct just wanted to do dollars a month which is pretty much would set you back."

" When you when I relied too."

" He is. One ought not no light on this particular port is is also on the board trustees so it was pretty tips and information Richardson once you loosen. I have nothing in writing and in the water also played he'd be."

" Well you sure that none -- and you should read something in writing. When you bought the property it's at least estimating what the what the Condo fees were going to be what was the estimate."

" Armed -- wasn't that it would is that we had a special -- for septic and what I asked him multiple. Times he told you would be done in the year ended up turning into that your pulled one more here than we -- the kick out of ten you're alone."

" Well and I you know I I'd sounds that I you the only one that had a pay the special assessment and a lot of other people after. That I an -- I'm a little bit baffled why you not considered class action suit but. That's that's secondary issue I would I would certainly. Hawk to an attorney about the possibility of this. Or whether he's an attorney or not immunity if via mail if they -- out lied to you then you have may have suit against the attorney never suit against the real estate company if there was one involved I'm not saying that he -- any guarantee that is certainly something look at. As for a year in immediate problem I would definitely be speaking with the bankruptcy attorney. And one of the things you wanna consider is whether you want to keep the Condo. Out of bankruptcy or are not. And and it's a tougher decision given the situation you're in its recognizes that if you file for bankruptcy. And you go through the bankruptcy. And you keep the Condo auto bankruptcy -- you can't usually can't turn around the sale I'd change my mind I wanna add -- on the back in the bankruptcy."

" Right not -- and -- him about this problem mattered if someone a few people that work with from. Had suggested they take a lot out of it before -- get what you're really don't want."

" I would not do that. I would and certainly wouldn't do any anything like that like I speak with the bankruptcy attorney and if you got 45000 dollars -- credit card -- and his. Pretty good chance you gonna file for bankruptcy probably wipe out those credit cards so you might consider stop shopping paying and are you saying what was gonna screw up my credit but a bankruptcies and can help credit -- that that's the reality beat. United -- going to be buying anything anyhow so right so you know if if if it's a question of cash flow and would be paying. Paying on the credit cards as -- at the start -- good --"

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