Yogi Yogi:
Dragom Dragom:
In his bankruptcy he will loose most everything he has, won't he?
Not at all!
He will have to pay the Trustee a fee, Could be as high as a couple thousand. Then he will be assessed a 'realistic' token amount to pay. Could be as little as a couple thousand dollars, to several thousand dollars. That will be done via monthly payments
IF he can't pay the 'lump sum'. Two years thereafter,
having satisfied all the conditions set out by his trustee, and as accepted by the courts he will be given a 'discharge', and he is free and clear to start over with a 'clean slate'.
Horse pucky.
Any assets like a car, home, boat is up for grabs. It will be well more that a couple of thousand dollars this guy loses.
Not to mention for the next 7 years his credit is shot.
All Credit Cards are closed. He will be screwed for a while.