« previous next »
Pages: [1]   Go Down

Author Topic: Bankruptcy + contest winner?  (Read 2652 times)

0 Members and 1 Guest are viewing this topic.

Offline thundley4

  • Hero Member
  • *****
  • Posts: 40571
  • Reputation: +2224/-127
Bankruptcy + contest winner?
« on: September 09, 2012, 06:56:02 PM »
A guy I work with just won a 2012 Harley Davidson in some radio contest.  He is also undergoing his third bankruptcy.  We were talking about this at work, and we think he's screwed.  We tend to think that his creditors will require the Harley be sold, but that he will still owe taxes on the value of the bike.

Is that the way it would work?
Logged

Offline Chris_

  • Little Lebowski Urban Achiever
  • Hero Member
  • *****
  • Posts: 46845
  • Reputation: +2028/-266
Re: Bankruptcy + contest winner?
« Reply #1 on: September 09, 2012, 07:01:14 PM »
Generally, yes.  If you win something that requires that taxes have to be paid on it, you're usually on the hook for those.  We don't have a state income tax and pay a sales tax on new vehicles when the title is transferred to the new owner.

Remember all those "free" cars The Oprah gave to her audience a few years ago?  Some people couldn't afford the taxes on the car and had to sell it.  My aunt won a Buick in a contest about 30 years ago.  She had to pay for the sales tax on it as well.
Logged
If you want to worship an orange pile of garbage with a reckless disregard for everything, get on down to Arbys & try our loaded curly fries.

Offline thundley4

  • Hero Member
  • *****
  • Posts: 40571
  • Reputation: +2224/-127
Re: Bankruptcy + contest winner?
« Reply #2 on: September 09, 2012, 07:17:58 PM »
I'm pretty sure most contests stipulate that "taxes are the responsibility of the winner".   I think he's screwed.
Logged

Offline Ptarmigan

  • Bunny Slayer
  • Hero Member
  • *****
  • Posts: 24128
  • Reputation: +1021/-226
  • God Hates Bunnies
Re: Bankruptcy + contest winner?
« Reply #3 on: September 09, 2012, 07:41:10 PM »
How in the world does someone have 3 bankruptcy?
Logged
Never interrupt your enemy when he is making a mistake.
-Napoleon Bonaparte

Allow enemies their space to hate; they will destroy themselves in the process.
-Lisa Du

Offline thundley4

  • Hero Member
  • *****
  • Posts: 40571
  • Reputation: +2224/-127
Re: Bankruptcy + contest winner?
« Reply #4 on: September 09, 2012, 07:48:57 PM »
Quote from: Ptarmigan on September 09, 2012, 07:41:10 PM
How in the world does someone have 3 bankruptcy?


His first two were when he was married.  He managed this one by himself.
Logged

Offline obumazombie

  • Siege engine to lib fortresses
  • Hero Member
  • *****
  • Posts: 21814
  • Reputation: +1661/-578
  • Last of the great minorities
Re: Bankruptcy + contest winner?
« Reply #5 on: September 09, 2012, 08:21:05 PM »
Quote from: Ptarmigan on September 09, 2012, 07:41:10 PM
How in the world does someone have 3 bankruptcy?
When you outgo
exceeds your income
your upkeep will
be your downfall
Logged
There were only two options for gender. At last count there are at least 12, according to libs. By that standard, I'm a male lesbian.

Offline Kyle Ricky

  • Hero Member
  • *****
  • Posts: 7596
  • Reputation: +614/-1086
Re: Bankruptcy + contest winner?
« Reply #6 on: September 09, 2012, 09:48:14 PM »
So basically, he had a bankruptcy every ten years? That sounds like someone who likes to run up debt and not pay for them ...
Logged

Offline Chris_

  • Little Lebowski Urban Achiever
  • Hero Member
  • *****
  • Posts: 46845
  • Reputation: +2028/-266
Re: Bankruptcy + contest winner?
« Reply #7 on: September 09, 2012, 09:53:38 PM »
Quote from: Kyle Ricky on September 09, 2012, 09:48:14 PM
So basically, he had a bankruptcy every ten years? That sounds like someone who likes to run up debt and not pay for them ...
Having a wife helps. :bolt:
Logged
If you want to worship an orange pile of garbage with a reckless disregard for everything, get on down to Arbys & try our loaded curly fries.

Offline thundley4

  • Hero Member
  • *****
  • Posts: 40571
  • Reputation: +2224/-127
Re: Bankruptcy + contest winner?
« Reply #8 on: September 09, 2012, 10:00:26 PM »
Quote from: Kyle Ricky on September 09, 2012, 09:48:14 PM
So basically, he had a bankruptcy every ten years? That sounds like someone who likes to run up debt and not pay for them ...

And he does have a fairly decent paying job, but......

Quote from: Chris_ on September 09, 2012, 09:53:38 PM
Having a wife helps. :bolt:

His ex-wife also had a very good job, but she liked living the good life.
Logged

Offline RobJohnson

  • Hero Member
  • *****
  • Posts: 8876
  • Reputation: +333/-109
Re: Bankruptcy + contest winner?
« Reply #9 on: September 10, 2012, 11:48:33 AM »
Logged

Offline RobJohnson

  • Hero Member
  • *****
  • Posts: 8876
  • Reputation: +333/-109
Re: Bankruptcy + contest winner?
« Reply #10 on: September 10, 2012, 11:51:12 AM »
Quote from: thundley4 on September 09, 2012, 06:56:02 PM
A guy I work with just won a 2012 Harley Davidson in some radio contest.  He is also undergoing his third bankruptcy.  We were talking about this at work, and we think he's screwed.  We tend to think that his creditors will require the Harley be sold, but that he will still owe taxes on the value of the bike.

Is that the way it would work?

It depends.

All states have different laws on property.

Maybe he will need to take a loan out against the bike to pay the taxes? That would create a lien that he might be able to reaffirm on.
 
I know what I would do.  O-)
Logged

Offline NHSparky

  • Hero Member
  • *****
  • Posts: 24431
  • Reputation: +1280/-617
  • Where are you going? I was gonna make espresso!
Re: Bankruptcy + contest winner?
« Reply #11 on: September 10, 2012, 07:02:31 PM »
Quote from: thundley4 on September 09, 2012, 07:48:57 PM

His first two were when he was married.  He managed this one by himself.

Again, how'd he pull the second one?  You'd think he'd have learned after the first time.
Logged
“Any man who thinks he can be happy and prosperous by letting the government take care of him better take a closer look at the American Indian.”  -Henry Ford

Offline obumazombie

  • Siege engine to lib fortresses
  • Hero Member
  • *****
  • Posts: 21814
  • Reputation: +1661/-578
  • Last of the great minorities
Re: Bankruptcy + contest winner?
« Reply #12 on: September 10, 2012, 09:13:24 PM »
Quote from: NHSparky on September 10, 2012, 07:02:31 PM
Again, how'd he pull the second one?  You'd think he'd have learned after the first time.
Reply number 5 explains it all.
Logged
There were only two options for gender. At last count there are at least 12, according to libs. By that standard, I'm a male lesbian.

Offline RobJohnson

  • Hero Member
  • *****
  • Posts: 8876
  • Reputation: +333/-109
Re: Bankruptcy + contest winner?
« Reply #13 on: September 10, 2012, 11:24:27 PM »
Quote from: NHSparky on September 10, 2012, 07:02:31 PM
Again, how'd he pull the second one?  You'd think he'd have learned after the first time.

Things happen. No person is perfect. I know many people that seem to make the same mistakes a few times before it finally sinks in, and there are others that never figure it out.

Logged
Pages: [1]   Go Up
« previous next »