Can somebody explain bankruptcy to me?

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  • PeteRose9412
    SBR Rookie
    • 03-01-10
    • 26

    #1
    Can somebody explain bankruptcy to me?
    Im flipping through the channels and I see Donald Trump on TV. Hasnt he filed for BK like 3 times? I would never do this but Im a 750-800 credit score. Could I cash advance all my credit cards, go to vegas and file BK? WTF?
  • GELATINOUS CUBE
    SBR MVP
    • 08-09-09
    • 4534

    #2
    IS THIS JUSTIN7?? GO 4 IT DUDE.
    blog '09-'10: 37-16: +$31,900
    mlb 2010; 16-12: +$4,540
    gellyhoops 2010: 10-6 +$3,150
    overall: 63-34 +$40,290
    Comment
    • UntilTheNDofTimE
      SBR Hall of Famer
      • 05-29-08
      • 9285

      #3
      in america basically yea, if you not planning to buy a house or a car in the next 7 years you can basically do this with no consequences.
      Comment
      • GELATINOUS CUBE
        SBR MVP
        • 08-09-09
        • 4534

        #4
        actually, you can do it and still buy a car. I mean that's what my friend said.
        blog '09-'10: 37-16: +$31,900
        mlb 2010; 16-12: +$4,540
        gellyhoops 2010: 10-6 +$3,150
        overall: 63-34 +$40,290
        Comment
        • THE PROFIT
          SBR Posting Legend
          • 11-27-09
          • 17701

          #5
          yes, and welcome to the forum!

          What was your first post about???

          How old are you? When I was 22 I had a 764 beacon. Now you can play number scramble with it but the 7 will never be in front!
          Comment
          • PeteRose9412
            SBR Rookie
            • 03-01-10
            • 26

            #6
            Originally posted by THE PROFIT
            yes, and welcome to the forum!

            What was your first post about???

            How old are you? When I was 22 I had a 764 beacon. Now you can play number scramble with it but the 7 will never be in front!
            Actually this should be my 3rd post. My 2nd was not released because the mods thought it was spam (I asked if anyone had any recommendations on buying a new computer to be used as most members at these forums use them: live odds, off shore betting, forums, etc)
            Im in my early 30's. Ive posted this in a couple forums and I am surprised no one has responded negatively. I would never be able to do something like this but the thought of a free roll with no major consequences has to be tempting. Im sure people have done this. Using credit cards to fund sports books and get cash advances, someone might be able to build a $100,000 bankroll. Take a couple shots at $10,000, $20000 a pop and who knows? What happens when you file BK? Is it 7 years and then you have a clean record. I know people have bought cars with a less than 7 year old BK.
            Comment
            • davidchong
              SBR MVP
              • 02-10-06
              • 1806

              #7
              zero
              Comment
              • Sledge187
                SBR MVP
                • 04-25-08
                • 3722

                #8
                You can actually buy a house 2 years after bankruptcy as long as your payment history is clean.
                Comment
                • topgame85
                  SBR Posting Legend
                  • 03-30-08
                  • 12325

                  #9
                  That how America is made people take gambles with someone elses $$$$$$$ if it hits you are in good shape if it misses you declare bankrupcy God Bless America
                  Comment
                  • DOMINATER
                    SBR MVP
                    • 12-10-09
                    • 3698

                    #10
                    My advice before you do anything stupid go to a bankruptcy lawyer ask him all the questions you can , and make sure you got the facts straight , don't almost get the facts right , make sure you got the info right then make your move I know about 7 yrs, my credit is 870 I would never do anything to screw that up it took over 40 years to get that number I ain't messing it up and neither should you
                    Comment
                    • hoopster42
                      Restricted User
                      • 02-12-08
                      • 6099

                      #11
                      Originally posted by DOMINATER
                      My advice before you do anything stupid go to a bankruptcy lawyer ask him all the questions you can , and make sure you got the facts straight , don't almost get the facts right , make sure you got the info right then make your move I know about 7 yrs, my credit is 870 I would never do anything to screw that up it took over 40 years to get that number I ain't messing it up and neither should you
                      sir, i believe the highest credit score possible is 850
                      Comment
                      • Sledge187
                        SBR MVP
                        • 04-25-08
                        • 3722

                        #12
                        Originally posted by DOMINATER
                        My advice before you do anything stupid go to a bankruptcy lawyer ask him all the questions you can , and make sure you got the facts straight , don't almost get the facts right , make sure you got the info right then make your move I know about 7 yrs, my credit is 870 I would never do anything to screw that up it took over 40 years to get that number I ain't messing it up and neither should you
                        Be careful who you go to because most bankruptcy lawyers will tell you to do it because they get paid when you file. Bottom line bankruptcy should be avoided at all times. It stays on your record for 10 years.

                        My girlfriend in high school liked to watch me go poo poo.
                        Comment
                        • Extra Innings
                          SBR Posting Legend
                          • 02-26-10
                          • 15058

                          #13
                          Originally posted by hoopster42

                          sir, i believe the highest credit score possible is 850
                          Comment
                          • G's pks
                            Restricted User
                            • 01-01-09
                            • 22251

                            #14
                            Originally posted by GELATINOUS CUBE
                            IS THIS JUSTIN7?? GO 4 IT DUDE.
                            Comment
                            • G's pks
                              Restricted User
                              • 01-01-09
                              • 22251

                              #15
                              It is when you create a second account and sbr catches you and will not let you steal any points!
                              Comment
                              • THE PROFIT
                                SBR Posting Legend
                                • 11-27-09
                                • 17701

                                #16
                                Originally posted by hoopster42
                                sir, i believe the highest credit score possible is 850
                                850 is the highest FICO score, not saying other agencies go higher, but possibly
                                Comment
                                • poker_dummy101
                                  Restricted User
                                  • 11-03-08
                                  • 6395

                                  #17
                                  sure you can get cash advances and blow it all or double up. but you have to wait like 6 months after you blow it all to file


                                  highest FICO score is 850

                                  highest Vantage score is 990
                                  Comment
                                  • GELATINOUS CUBE
                                    SBR MVP
                                    • 08-09-09
                                    • 4534

                                    #18
                                    no, i dunno if its j7. its wierd how some guys come on and post a new thread with a bold or personal question, but who cares.
                                    blog '09-'10: 37-16: +$31,900
                                    mlb 2010; 16-12: +$4,540
                                    gellyhoops 2010: 10-6 +$3,150
                                    overall: 63-34 +$40,290
                                    Comment
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