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GOP nominee runoff for TX Lt Gov: Dewhurst or Patrick?

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  • Who's got your vote?


    • Total voters
      54

    AustinN4

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    Just a thought... goofy laws... once the debt is written off, what would you record a payback as on your taxes?
    Debt repayment is not deductable on your personal tax return, only interest. In the case of repayment of debt discharged in bankruptcy you are no longer being charged interest, so it is repayment of debt only.
     

    AustinN4

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    I agree that if you owe a person money, you are obligated to pay that back, but in the case of business to business, is repayment something that is common practice?
    No it is not common at all. But that doesn't mean I wouldn't do it.

    Also, if you repay something that was deducted as bad debt by a creditor, that creditor has to record it as income in the year received.
     

    AustinN4

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    Paying back debts to the bank after bankruptcy just isnt feasible.

    I agree I would pay back money owed to a person I borrowed from.
    Sure it is, but we already understand your stance on banks from your previous post.

    On a personal level paying back debts is much different than paying back a business that gets tax incentives, government loans, and involves the legal system that demolishes your credit and ability to recover from financial hardship.
    Paying back debt previously discharged in bankruptcy requires one to already have recovered and have $ left over from taking care of the family.
     

    AustinN4

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    You then must find out who owns the debt and attempt to pay them back.
    LOL! If a company bought your debt from your original creditor I can just about guarantee they would let you know who they were.


    ^^^ After the bankruptcy process, would their be any debt to sell to another company?
    In a Chaper 7 where the debt is fully discharged, no, there would not be.
     

    AustinN4

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    I just know that 25 years go, I had to have emergcey surgery just a couple weeks after getting out of the military and I had no insurance. I paid the hospital $50 a month, which was a big amount for me back then. I got a letter one day, after a year of taking my payments that they sold my account. A couple of years later, I was able to get with that company and pay a pecentage of the debt and it was considered paid in full. It made me feel better that I had paid the debt, but my credit took the ding for a few years. The point was, after I was back on my feet and had the money to pay the debt, the hospital wouldn't even talk to me about it because they had sold the debt
    Good on you for doing the right thing! I applaud you! And yes, once the debt is sold, you no longer owe the original creditor, you owe the buyer of the debt.
     

    winchster

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    As a man that has filed both a chapter 7 and a chapter 13, repayment on the 7 wasn't possible. The 13 involved paying an agreed amount for 5 years. Why on earth would I choose to pay in full if they agreed to the settlement amount?

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    AustinN4

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    As a man that has filed both a chapter 7 and a chapter 13, repayment on the 7 wasn't possible.
    Your post made me realize I should have been saying Chapter 11/13 and not just 11 in my previous posts. As to your question, if both parties agreed to a settlement then, to me, that is the same thing as paying what you owed. As you know, in a Chapter 7, it is forced on the creditor.
     

    winchster

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    As you know, in a Chapter 7, it is forced on the creditor.

    Yep, and they wouldn't have had it forced on them if they had been amenable to payments. Since they weren't, at least in my case, hell can freeze over before they get a red cent from me. Even if I were to win Mega millions. I paid for that 7 for 10 years.

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    Southpaw

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    Yep, and they wouldn't have had it forced on them if they had been amenable to payments. Since they weren't, at least in my case, hell can freeze over before they get a red cent from me. Even if I were to win Mega millions. I paid for that 7 for 10 years.

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    Possibly the same situation as Patrick ???
     

    AustinN4

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    DMN September 9, 2013
    Lieutenant governor candidate Dan Patrick knows struggles of going broke | Dallas Morning News

    I interesting read - selected quotes, Patrick first, then Dewhurst:

    "In October 1986, Patrick filed for bankruptcy under his birth name, Dannie Scott Goeb. (He legally changed it to Dan Patrick, his on-air name, years later.)He listed more than $816,000 in debts and just over $104,000 in assets. Among his debtors was the Internal Revenue Service, which Patrick owed $13,186 in federal income taxes withheld from his restaurant employees’ paychecks.

    He also owed smaller amounts in property taxes to two Houston-area school districts, who later sued his companies for nonpayment. And his businesses were slapped with more than two dozen tax liens by federal, state and local governments.


    Patrick said he worked extra jobs and eventually paid off the IRS.

    In May 1987 a federal bankruptcy judge proposed to discharge him from his more than 50 other debts. They included banks, Dallas developer Trammel Crow, utility companies, local businesses and even the hospital and doctor who were owed $10,000 for medical care received by Patrick’s son, Ryan.

    The case was closed in October 1992. Patrick said he couldn’t recall details. More than a decade later, as he got ready for his first bid for the Senate, he cleared up all the tax liens through the secretary of state’s office."

    ***********************************************

    "In 1982, Dewhurst took his company Trans-Gulf Supply Co., an oil drilling firm, into bankruptcy, owing creditors $7 million. He eventually repaid all secured creditors out of his own pocket, and a spokesman said no lawsuits were ever filed by any unsecured creditors.


    In later years, his main company, Falcon Seaboard, also endured financial tight times. But it never went into bankruptcy and soared after Dewhurst was successful in the power plant business. Dewhurst’s fortune is estimated at about $200 million."
     
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