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Thread: considering bancruptcy

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    Default considering bancruptcy

    Any cam models or independent contractors i.e. strippers escorts have experience with filing bankruptcy? Ive been a cam model for 3 years while attending school and a member of this site for a while.... I have a degree now and make less money camming a lot less than I did the past 2 years I got into debt before sex work. I used credit cards for my school books tuition and living expenses and everything just kept compounding......no student loans but now its become overwhelming with what i owe embarrassingly enough and I just can't keep up at this point and honestly my credit score is so bad that I just want to start over at this point. Do i need to tell my lawyer that I am a sex worker when I file? All my money was direct deposits Is that how you prove income verification? Anyone with a similar experience would be greatly appreciated thank u!!

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    Default Re: considering bancruptcy

    It really depends. filing bankruptcy is not quick fix solution.

    You need to get a handle on money management, otherwise you could end up repeating everything all over again.

    A bankruptcy trustee basically has a few solutions, debt consolidation, consumer proposal, or bankruptcy. You can ask them about it but they will expect you to follow the program.
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    Default Re: considering bancruptcy

    You're going to have to "open up the books" if you decide to file bankruptcy. Full financial disclosure. You may be able to come up with some obscure title to hide the fact that you're a sex worker and explain where those deposits come from, but bankruptcy requires a full accounting of all income coming in and out. So, be prepared for possible exposure.
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    Default Re: considering bancruptcy

    A bankruptcy trustee is trustee for the benefit of the creditors, not the bankrupt. It is his job to recover as much for the creditors as he can. Seek advice from a bankruptcy lawyer.

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    Default Re: considering bancruptcy

    You wouldn't have to come out and say your income is from sex work. it really depends on how you've been filing your taxes in previous years.

    If this is your first year doing sex work and you also want to file bankruptcy. Then yea you are putting yourself in a situation you have to decide.

    honestly it would be better to work out a payment plan , increase your income and pay down your debts.

    Since for USA and Canada bankruptcy stays on your record for 7 years. and it's only based on you remembering Everyone you owe to to be included in the proposal.

    I've done it but honestly I wish I didn't file and with my situation pay the debts I could handle and let the ones I can't roll into 7 years of not paying and the company gives up on them.

    I really only focus on paying my student loan, and keeping a credit card. Everyone else I've dissolved.
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    Default Re: considering bancruptcy

    Quote Originally Posted by minniesoporno View Post

    honestly it would be better to work out a payment plan , increase your income and pay down your debts.

    Since for USA and Canada bankruptcy stays on your record for 7 years. and it's only based on you remembering Everyone you owe to to be included in the proposal.

    I've done it but honestly I wish I didn't file and with my situation pay the debts I could handle and let the ones I can't roll into 7 years of not paying and the company gives up on them.
    OP hasn't stated what area she's in either but non-payment might be even shorter than that depending on the area. In some provinces in Canada it is as low as 2 years... makes WAY more sense to just not pay them than have 7 years of bankruptcy on your record.

    Also if you haven't opened an account with a different bank than the one that your CC's are through make sure you do that asap, since they can (in Canada for sure idk about the US) start dipping into your account to get the payments.

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    Default Re: considering bancruptcy

    Quote Originally Posted by Raya21 View Post
    Any cam models or independent contractors i.e. strippers escorts have experience with filing bankruptcy? Ive been a cam model for 3 years while attending school and a member of this site for a while.... I have a degree now and make less money camming a lot less than I did the past 2 years I got into debt before sex work. I used credit cards for my school books tuition and living expenses and everything just kept compounding......no student loans but now its become overwhelming with what i owe embarrassingly enough and I just can't keep up at this point and honestly my credit score is so bad that I just want to start over at this point. Do i need to tell my lawyer that I am a sex worker when I file? All my money was direct deposits Is that how you prove income verification? Anyone with a similar experience would be greatly appreciated thank u!!

    I had $86,000 in medical debt. I was never going to be able to pay that off. (I did not know how much I was going to be making the following in year with phone sex but that is another topic) So I went in with my bank statements. I am very open with what I do (it is legal after all so I tell everyone). My lawyer was like "OMG that is so cool!" and then listed what I had in my accounts and when we went to court they didn't even mention it. That was 3 years ago and nothing has happened. SO, be open be honest and tell them everything. You don't want to have an issue where it looks like you were trying to hide something because then they could hit you with bankruptcy fraud and then you will have WAY bigger issues than your job.
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    Default Re: considering bancruptcy

    Quote Originally Posted by sarahlove View Post
    You don't want to have an issue where it looks like you were trying to hide something because then they could hit you with bankruptcy fraud and then you will have WAY bigger issues than your job.
    Just ask Abby Lee Miller!

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    Default Re: considering bancruptcy

    Quote Originally Posted by Staci View Post
    Just ask Abby Lee Miller!
    lol EXACTLY! I read somewhere that she might serve jail time. I would rather be a little embarrassed with a lawyer about what I do then go to jail.. Easy choice.
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    Default Re: considering bancruptcy

    ah now I'm scared.. I live in the US I read the article about her i guess she was hiding over 700,000 in income. def not my case...

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    Default Re: considering bancruptcy

    Quote Originally Posted by Raya21 View Post
    ah now I'm scared.. I live in the US I read the article about her i guess she was hiding over 700,000 in income. def not my case...
    That is what I mean though. If you are open and honest about everything then when you go to the court case it takes like 10 mins. Very easy.
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    Default Re: considering bancruptcy

    You will have to have your last three years tax returns to give to the trustee.

    There are two kinds of bankruptcy, Chapter 7 and Chapter 13. Chapter 7 is a liquidation. In short, the trustee rounds up all your assets that are not exempt and sells them. Then the trustee pays the creditors by class and you get discharged from your debts. A ten minute hearing and a few months waiting around a couple of classes and you're done. Chapter 13 is required for people earning over the median income in your state. In a Chapter 13 you again round up all your assets that are not exempt and value them. In addition, you have to make payments of a certain amount over the term of the bankruptcy that are more than the liquidation value of your estate. This takes longer - up to five years and is more expensive. But, it allows you to "cure" arrears in your mortgage and allows you to "cram down" a car to its current value and pay that off over time. (Beats a repo, sometimes.)

    In general, if your credit score is already bad, go bankrupt. Your credit score will immediately jump up after discharge. Even though a bankruptcy remains on your credit record for seven years, that's nothing compared to loads of bad debts and negative marks. One negative and it's all uphill from there.

    Go talk to a lawyer ASAP!

    HTH
    Z

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    Default Re: considering bancruptcy

    ^^^^^^^^^^^^^^^^^^

    Talk to a lawyer who specializes in bankruptcy. That is a better idea than taking legal advice from strangers on the internet.

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    Default Re: considering bancruptcy

    In your opinion is it going to hurt my case if I am sex worker I work as a cam model or in a brothel, in the past. Also my income is so up and down at the moment I could have an above median income one month and below the other. I don't want to go through all of these costs to have my debts not discharged. Very stressful but thank you guys for the help.

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    Default Re: considering bancruptcy

    yes I'm planning on talking to a lawyer monday but lawyers still cost $$ luckily theres a lot in my area that are pretty reasonable

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    Default Re: considering bancruptcy

    Quote Originally Posted by Raya21 View Post
    In your opinion is it going to hurt my case if I am sex worker I work as a cam model or in a brothel, in the past. Also my income is so up and down at the moment I could have an above median income one month and below the other. I don't want to go through all of these costs to have my debts not discharged. Very stressful but thank you guys for the help.
    As long as you have legal documented income no one can say shit. IRS doesn't care about morality, they just want a chunk of your pie.

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    Default Re: considering bancruptcy

    Sometimes there is no charge for an initial consultation.

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    Default Re: considering bancruptcy

    Quote Originally Posted by Raya21 View Post
    In your opinion is it going to hurt my case if I am sex worker I work as a cam model or in a brothel, in the past.
    No it will not hurt your case.

    Also my income is so up and down at the moment I could have an above median income one month and below the other.
    It's on an annual basis, not monthly.

    I don't want to go through all of these costs to have my debts not discharged. Very stressful but thank you guys for the help.
    Pay for a good bankruptcy lawyer, and you won't have these worries.

    HTH
    Z

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    Default Re: considering bancruptcy

    To be quite honest, you are probably better off filing BK after getting your degrees with credit cards and starting fresh than someone with a lot of student loan debt they can never get out of. That is just my opinion of course.
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