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Old 07-06-2007, 01:03 PM   #26
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Join Date: Sep 2006
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I don't think he will file bankruptcy. I dont know if the changes that have taken place here in florida have happened in other states, but even if they havent, here is a basic understanding of what would happen for those of you who dont know. He would meet with a lawyer, file bancruptcy, and go to court. Then he would work out a repayment plan with his unsecured creditors. He would pay a payment (Probably in the $1000-$4000 range)
every month to a trustee, who would distrubte it to his creditors. He could pay anywhere from 100% to 1% of all debts owed, as determined by the previous meetings and repayment plan. He would have the rest of his income every month to pat for food, insurance, car, all other expenses.

This seems very unlikey. My dad does bankruptcies, and usually the money left after the large payment to the trustee isnt enough to cover all expenses. Add this to the fact his income probably isnt steady, and it looks like he hasnt been holding jobs for long, bancruptcy seems very unlikely.
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