Damn I guess RIAA is really cracking down
Senior Member
Joined: Jun 2002
Posts: 14,544
Likes: 0
From: Holyoke, MA
not chapter 7, most of it goes away (ie what puffy said also goes to this.) and your credit is ruined for 10 years. another form of bankruptcy is chapter 13 and chapter 13 is a consolidation where you pay it back if you have the money with no interest building. anyways i don't think he can file bankruptcy to just to get out of paying it. he will probably have to do it a couple months from now.
he doesn't have to pay the court settlement if he doesn't have the money. but that doesn't mean the riaa will not come after him to get everything taken from him, or say he inherits money from a dead relative, win the lotto, sells his house, etc... As soon as that money shows up and the riaa finds out, they will go after him.
in bankruptcy certain assets of his are protected. roughly 10k or so. if he doesn't own a house and expensive cars and jewelry he is set.
he doesn't have to pay the court settlement if he doesn't have the money. but that doesn't mean the riaa will not come after him to get everything taken from him, or say he inherits money from a dead relative, win the lotto, sells his house, etc... As soon as that money shows up and the riaa finds out, they will go after him.
in bankruptcy certain assets of his are protected. roughly 10k or so. if he doesn't own a house and expensive cars and jewelry he is set.
Last edited by ShaolinLueb; Aug 3, 2009 at 11:05 AM.
snitches get stitches
Joined: May 2002
Posts: 49,696
Likes: 1
From: Portland, OR
not chapter 7, most of it goes away (ie what puffy said also goes to this.) and your credit is ruined for 10 years. another form of bankruptcy is chapter 13 and chapter 13 is a consolidation where you pay it back if you have the money with no interest building. anyways i don't think he can file bankruptcy to just to get out of paying it. he will probably have to do it a couple months from now.
he doesn't have to pay the court settlement if he doesn't have the money. but that doesn't mean the riaa will not come after him to get everything taken from him, or say he inherits money from a dead relative, win the lotto, sells his house, etc... As soon as that money shows up and the riaa finds out, they will go after him.
in bankruptcy certain assets of his are protected. roughly 10k or so. if he doesn't own a house and expensive cars and jewelry he is set.
he doesn't have to pay the court settlement if he doesn't have the money. but that doesn't mean the riaa will not come after him to get everything taken from him, or say he inherits money from a dead relative, win the lotto, sells his house, etc... As soon as that money shows up and the riaa finds out, they will go after him.
in bankruptcy certain assets of his are protected. roughly 10k or so. if he doesn't own a house and expensive cars and jewelry he is set.
Originally Posted by http://en.wikipedia.org/wiki/Chapter_7,_Title_11,_United_States_Code#For_indivi duals
In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive. The value of property that can be claimed as exempt varies from state to state. Other assets, if any, are sold (liquidated) by the interim trustee to repay creditors. Many types of unsecured debt are legally discharged by the bankruptcy proceeding, but there are various types of debt that are not discharged in a Chapter 7.
Checking it twice
Joined: May 2002
Posts: 13,539
Likes: 0
From: Twixt Hell/Ann Arbor MI
not chapter 7, most of it goes away (ie what puffy said also goes to this.) and your credit is ruined for 10 years. another form of bankruptcy is chapter 13 and chapter 13 is a consolidation where you pay it back if you have the money with no interest building. anyways i don't think he can file bankruptcy to just to get out of paying it. he will probably have to do it a couple months from now.
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Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming ...."WOW! What a ride!!!!!"
LUNCH with THEOLDMAN...On a break for now...
Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming ...."WOW! What a ride!!!!!"
LUNCH with THEOLDMAN...On a break for now...
. i ninja edited there
snitches get stitches
Joined: May 2002
Posts: 49,696
Likes: 1
From: Portland, OR
