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Thread: Need help! What will happen if I am an escort and file for bankruptcy?

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    Featured Member dixievista's Avatar
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    Default Need help! What will happen if I am an escort and file for bankruptcy?

    To make a long story short, I've got a bunch of family issues where they're attacking me financially with lawsuits, and I stopped paying my car bill and it just got repossessed (of course I had a family member in the ER when it happened). Anyway, I think unless one of my clients will loan me the money to get my loan reinstated, my best option is bankruptcy, but I'm worried about what all is entailed since I am an escort and deal mostly in cash. Can anyone help or recommend anyone who I can talk to for guidance?

    Thanks!

    So if you want to be with me
    With these things there’s no telling
    We just have to wait and see
    But I’d rather be working for a paycheck
    Than waiting to win the lottery
    Besides maybe this time is different
    I mean I really think you like me

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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    decision depends on how many 'on the books' assets you might sacrifice ...

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    Featured Member dixievista's Avatar
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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    None. My house is tied up in a family lawsuit so my car was my only asset.

    So if you want to be with me
    With these things there’s no telling
    We just have to wait and see
    But I’d rather be working for a paycheck
    Than waiting to win the lottery
    Besides maybe this time is different
    I mean I really think you like me

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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    well at this point, your credit is already trashed via your auto loan default. If you yourself don't actually hold title to a house, and if a judgement against you is probable due the pending lawsuits, declaring bankruptcy will probably derail them without costing you a fortune in legal fees or lost assets.

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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    It doesn't cost anything for an initial consult with a bankruptcy lawyer. Make a list of assets and liabilities before you go in, think of all your questions ahead of time. Most will talk to you, lay out the process, give you the paperwork you need to start with them and a few days to think about it. My understanding is that it puts an 'umbrella' over all finances, but goes back 2 years - looking at bank transactions for that time, etc. It's Federal law, so it puts all state court actions on hold. The 'big boys' do it all the time, Donald Trump has declared a couple times. Just be sure it really helps before you shell out the $2,000. The rules for spending under bankruptcy laws are very onerous, draconian, noting unusual allowed, and need court's permission, etc. Good luck!
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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    People can get a discharge of indebtedness through bankruptcy. That means, you no longer owe your debts. That's the good news. The bad news is, if you make more than the median income for your state, you will probably have to file a Chapter 13 plan and pay for five years toward your unsecured debts. If you make less than the median income for your state, you can go Chapter 7 and in four months or so, you will be discharged.

    In a Chapter 7, the trustee will gather up your assets, that are not exempt and sell them to pay off your creditors. Assuming you have no assets that are not exempt, you probably won't have to pay anything or lose anything in the process.

    Lawsuits, those go away. Bankruptcy is like a massive shield. All the lawsuit B.S. stops and anyone who thinks they might have something has to "file a claim" with the bankruptcy court. And for their trouble, they might get pennies on the dollar, or they might get nothing. Oh, and if you file within 90 days of your car being repossessed, you can get it back if you are willing to pay going forward. You might only have to pay what the car is worth in the blue book, not what's owed on the loan. That depends on the bankruptcy chapter. The lawsuit on the house. Bang, it stops and moves to bankruptcy court. If you want to keep the house, Chapter 13 is the only way to work out a plan. But, if you want to get out from under the house problem, Chapter 7 will make it go away.

    Somebody gives you grief about filing bankruptcy and tries to collect a debt, you can haul them back into court and have them fined or even put in jail. (Jail doesn't happen very often but, no one screws with the bankruptcy court.) Yes, your credit score takes a hit. But, the default on your car loan is a bigger hit and it came month after month and is probably continuing. BK stops the negative reporting once and for all. Plus, clear of your debts, you will find that you suddenly become more "credit worthy." No debts to pay means more income available to pay new loans. Naturally, you will pay a higher interest rate, but probably not as high as you are getting hit with now, if you can get a loan or credit card at all.

    As far as being an escort, the big issue is you have to have filed your tax returns for the last three years. No tax returns, no bankruptcy. Also, the bankruptcy court will want to know where all your money is on the day you file. Cash, deposits, everything. And if you have lots of cash, the Trustee will want some or maybe a lot of it to pay unsecured creditors.

    HTH
    Z

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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    Quote Originally Posted by Zofia View Post



    As far as being an escort, the big issue is you have to have filed your tax returns for the last three years. No tax returns, no bankruptcy.

    HTH
    Z
    I'm don't know much about bankruptcy, but if you have not filed your back taxes I know an awesome accountant who is adult friendly. I had to go back and file 4 years worth of taxes and she did a great job for me. I feel like she was reasonably priced, too. PM me if you you want the info.

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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    I don't think its a bad idea. But if you claimed more than like 40k last year or will be this year, then you might not qualify. Chapter 13, since you don't really have assets, would be pointless. So I'd think do chapter 7 or none at all. I did it and I don't regret it. I built my credit back up really quick.

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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    How did this end up working for you? I'm going to a bankruptcy attorney tomorrow but don't exactly want to say I'm a "body rub girl". Any creative occupation ideas to explain my cash deposits?

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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    Quote Originally Posted by workngirl2014 View Post
    How did this end up working for you? I'm going to a bankruptcy attorney tomorrow but don't exactly want to say I'm a "body rub girl". Any creative occupation ideas to explain my cash deposits?
    Could you say you are a stripper?

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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    Quote Originally Posted by dixievista View Post
    None. My house is tied up in a family lawsuit so my car was my only asset.
    Is your house subject to execution?

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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    Thanks, ended up going with "reflexologist" lol

    Quote Originally Posted by LAChloe View Post
    Could you say you are a stripper?

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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    ^^ They are paid in cash? That seems like it would draw a lot more red flags.

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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    Hmmm good point I'll be correcting that part of the paperwork

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    Default Re: Need help! What will happen if I am an escort and file for bankruptcy?

    It looks like you already came up with a cover story for your occupation, but for anyone else in a similar situation as the OP, one thing to keep in mind is that whatever you disclose to your attorney is confidential and shielded by attorney-client privilege. In fact, your attorney can never disclose anything that you share with him/her or else he/she will lose his license to practice law. In other words, if you tell your attorney that you are an escort (or any other socially questionable occupation), then your attorney will never ever disclose your occupation to anyone outside his office. However, an attorney is expected to share a client's confidential information with his legal secretary or any other partner or associate assisting him on your case, but such confidential information remains shielded by attorney-client privilege.

    As an aside, while filing for bankruptcy acts as an automatic stay against all other pending legal proceedings, a potential creditor can file a motion in your bankruptcy case requesting the bankruptcy judge to lift the stay. I mention this because there are some type of claims that ultimately may not be discharged (or wiped out) by a bankruptcy court. One example is any type of claim involving some type of fraud. You may be able to obtain Chapter 13 bankruptcy protection in regard to fraud claims, but such claims are otherwise not dischargeable for a Chapter 7 bankruptcy case.

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