Bad news for some off road companies. Bankrupt Hoonigan.

[Deleted member 57233]

My plan:

If I get sick with something bad, like cancer, my wife and I will divorce so I take on all the medical debt. In fact, I would take in all the debt, I would max out credit cards with cash advances to pay off everything I can and then die penniless and "divorced" on paper. This way I don't wipe her out just because I got sick.

If I die owing the government and multi-billion dollar healthcare companies a fuck ton of money with no way to recover it, that means I won!

FYI they will see your divorce was after the diagnosis and legally be able to clean her out anyways. Same thing happens if you try to give your house to your kids or something, they will go back to the state of your assets when you find out you're sick.

Sponsored

 

[Rusty PW]

FYI they will see your divorce was after the diagnosis and legally be able to clean her out anyways. Same thing happens if you try to give your house to your kids or something, they will go back to the state of your assets when you find out you're sick.

There is a time limit on that. I went through it with my mom. When my dad died. Mom put everything in my name. Mom went into the nursing home about 9 yrs later. They went back 3 yrs to claim what she had then. Which was nothing. Think they go back 5 yrs now.
When my first wify died. I sent a death certificate to all of her credit card accounts. They closed everyone of them. My name wasn't on any of her accounts.

 

[Deleted member 57233]

There is a time limit on that. I went through it with my mom. When my dad died. Mom put everything in my name. Mom went into the nursing home about 9 yrs later. They went back 3 yrs to claim what she had then. Which was nothing. Think they go back 5 yrs now.
When my first wify died. I sent a death certificate to all of her credit card accounts. They closed everyone of them. My name wasn't on any of her accounts.

That's a lot different than "oh shit, I have cancer, time to divorce my wife and hide all my assets".

 

[SaiintNick]

FYI they will see your divorce was after the diagnosis and legally be able to clean her out anyways. Same thing happens if you try to give your house to your kids or something, they will go back to the state of your assets when you find out you're sick.

Dream killer!

 

[Rusty PW]

That's a lot different than "oh shit, I have cancer, time to divorce my wife and hide all my assets".

My first wifey died from cancer. She had over $50,000 on her credit cards that I didn't know about. She had cards that I didn't know about. I found new clothes and shoes that still had the price tags when I cleaned her stuff out. The last few months of her life. She changed a lot.

 

[Dougstdig]

Really hated to see TereFlex sell out I think last year. Put a real bad taste in my mouth. I’d been following them and their product line development since the 90’s when it was more of a successful mom & pop company, or at least that’s what it appeared to be. Their marketing personalities were great as well.

I understand building a company and selling it, but after the sale went through, they fell off the planet. To me, the mother company totally dropped the ball.

 

[BlackRuby23]

Private equity companies are the worst iteration of capitalism. They destroy companies out of hand.

I despise them.

Absolutely. I wish I could give you more than 1 like for this post. What private equity does should be illegal. Harvesting every last penny of equity from a company while simultaneously saddling it with crushing debt that you know will never be paid in order to set yourself and your buddies up with fat bank accounts is disgusting beyond words. They destroy lives in the process.

 

[Sweetums]

FYI they will see your divorce was after the diagnosis and legally be able to clean her out anyways. Same thing happens if you try to give your house to your kids or something, they will go back to the state of your assets when you find out you're sick.

This depends on a few things: 1) whether or not she would be able to show the assets are hers prior to the marriage or would be substantially hers in the divorce, 2) whether there's fault in the divorce, such as allegations of cheating, theft, or some other moral issue, 3) whether or not they bother to look, 4) when the divorce happens and is filed. If we are quick, the argument could be made that the marriage was in decline prior to the diagnosis and the timing is incidental.

It also depends how long l last after the diagnosis, if I can hold on for a year or two, they would have a hard time showing that the divorce and diagnosis are related when going after the estate (which would be nothing). There are ways to structure this move to minimize her exposure; and I would absolutely throw myself under the bus with some kind of moral turpitude allegation to protect her.

When my dad passed there were several credit cards in his name that my parents used jointly. We did our best to settle those debts, but one company just flat out refused to talk to us. (My parents are the type who had basically perfect credit and paid every card entirely every month.) We sent copies of the death certificate and all the executor documents and they still told us to pound sand. We escalated to supervisors, then to managers, then to whatever is above that; no one would even talk to us. I was there thinking to myself "Fuckers, we are trying to pay you!" The bank was downright abusive, accusing us of fraud and all kinds of shit when we were just trying to square the debts. They were so bad we put all his funeral expenses and the last of his copays on that card and bounced; I think they ended up eating tens of thousands of dollars that we were willing to pay out of the estate.

 

[MSFTMatt]

My first wifey died from cancer. She had over $50,000 on her credit cards that I didn't know about. She had cards that I didn't know about. I found new clothes and shoes that still had the price tags when I cleaned her stuff out. The last few months of her life. She changed a lot.

Good lord! This is last time I jump to the most recent page in a thread! I am totally unprepared for this!

 

[GeneralMaximus]

Sounds like perfect timing. I hope I die $1.75B in debt and if I keep buying Jeeps I'm well on my way.

Ken Block wasn’t $1.75BB in debt. After his death, a private equity firm bought out the company and they’re the ones who ran it under, to bankruptcy.

 

[Zachanadandy]

That's a lot different than "oh shit, I have cancer, time to divorce my wife and hide all my assets".

Unless you survive the cancer beyond the time limit (be that 3 or 5 years, I don't know)? At that point their truly is nothing they could do. The time limits exist for a reason. Yes, if you don't get diagnosed until it's stage 4 and already systemic that wouldn't work. Of course at that point is pretty much untreatable so the medical expenses won't be all that huge.

 

[Rusty PW]

Unless you survive the cancer beyond the time limit (be that 3 or 5 years, I don't know)? At that point their truly is nothing they could do. The time limits exist for a reason. Yes, if you don't get diagnosed until it's stage 4 and already systemic that wouldn't work. Of course at that point is pretty much untreatable so the medical expenses won't be all that huge.

My first wifey lasted 3.5 yrs with stage 4C. She racked up some bills in that time.

 

[KevinM60]

My first wifey died from cancer. She had over $50,000 on her credit cards that I didn't know about. She had cards that I didn't know about. I found new clothes and shoes that still had the price tags when I cleaned her stuff out. The last few months of her life. She changed a lot.

Sounds like a pretty sad situation for everyone involved. My condolences.

 

[AstroZombie]

you blow a balloon up to fast it will POP!!

Sponsored