Premier Rock Forum

What say you?

I say crap, wf: 8.

NC if somehow you're an LLC and they can't screw you personally for bad business, which is often beyond your control.

As I understand it, if you do it because you can't pay Citibank or whatever, you'll fuck your credit something awful.

Crap. Many waffles. Please advise.

NC

beats the crap out of debtor's prison.

seriously. that is your option. if you get in over your head, some shit goes wrong, whatever, you hit reset and start again. from scratch, with no credit.

beats prison.

They still have debtor's prison?

Or is it just called Georgia?

Bankruptcy is a good way out of catastrophic situations which are beyond the individual's control, e.g. serious medical problems/bills, extended layoffs, death of income earners in families etc., etc. Sometimes, circumstances conspire to create situations that people cannot get out of otherwise since there is no national healthcare (even for children!!!), medical costs are so high and companies will drop employees in a second to cut costs or avoid paying their pensions, all of which are despicable societal trends that the government apparently can't see because they are all wealthy enough to insulate themselves. And don't forget the big business, medical, drug company, etc. lobbies and donors that support the government. Or in fact "are" the government depending on your level of disaffection.

Abuse of bankruptcy, for instance filing because you racked up $30k or more in credit cards going to bars, mortgaged your house over 100% of its value to redo your kitchen every year (the "value" that you could never receive for your house -unless you live in certain pockets of housing boom soon to implode- because the mortgage company allowed it to be inflated to rip you off on a "predatory" mortgage product), etc. is very crap. I have no love for the large corporations that get stiffed, they build it into their loan pricing anyway but I just think the act of not paying your bills when you could have, if you lived a little less ostentatiously, is crap.
People do this all the time. I look at credit reports all day for a living (underwriting loans for a credit union) and bankruptcy is so common that it is often ignored.
There is even a specific retirement scam out there that goes like this: Put everything you can in IRA/401K, save all the rest of your cash. Don't use any cash for daily living requirements, because you charge all of those. Then, when you have enough cash put it into a down payment on a house or something, wait a few months and file bankruptcy....keep your house and your IRA 401K but discharge all the credit cards and you're set. You saved so much extra money because you more or less stole all of the purchases on your card.

Having said that, without bankruptcy, I think our economy would be much worse because there would be far less purchases of homes, cars, etc. Which is very scary, because our economy seems to be relying on people who ultimately will end up not paying their bills. That's ok though, maybe the US govt can get a loan from China if they put up the White House for collateral...I wonder how much equity there is in it?

Stupid. Grow the fuck up and pay yer bills.

One exception I know of: A friend of mine caused a severe car accident and the injured driver sued for far more than he was insured for. He won the judgement, and my pal had to file bankruptcy. The dollar amount was really high, and he knew he would never be able to pay it.

Hiwatt wrote:Stupid. Grow the fuck up and pay yer bills.

One exception I know of: A friend of mine caused a severe car accident and the injured driver sued for far more than he was insured for. He won the judgement, and my pal had to file bankruptcy. The dollar amount was really high, and he knew he would never be able to pay it.

you didn't march over there and tell your friend grow the fuck up and pay yer bills?
So your stand is CRAP unless me or my friends have to, then NOT CRAP?
That's a fouled douche filled cup of an opinion you have there, my good sir...impressive in it's dipshittedness.

Marsupialized wrote:

Hiwatt wrote:Stupid. Grow the fuck up and pay yer bills.

One exception I know of: A friend of mine caused a severe car accident and the injured driver sued for far more than he was insured for. He won the judgement, and my pal had to file bankruptcy. The dollar amount was really high, and he knew he would never be able to pay it.

you didn't march over there and tell your friend grow the fuck up and pay yer bills?
So your stand is CRAP unless me or my friends have to, then NOT CRAP?
That's a fouled douche filled cup of an opinion you have there, my good sir...impressive in it's dipshittedness.

It seems a little different than a bill. But I concede the point. Your response has been duly noted, sir. I'd love to stay and chat, but I got get a payday loan, an auto title loan and two abortions this morning.

It just gets me when I see people abusing the shit either outta stupidity or sheer laziness.

Hiwatt wrote:

Marsupialized wrote:

Hiwatt wrote:Stupid. Grow the fuck up and pay yer bills.

One exception I know of: A friend of mine caused a severe car accident and the injured driver sued for far more than he was insured for. He won the judgement, and my pal had to file bankruptcy. The dollar amount was really high, and he knew he would never be able to pay it.

you didn't march over there and tell your friend grow the fuck up and pay yer bills?
So your stand is CRAP unless me or my friends have to, then NOT CRAP?
That's a fouled douche filled cup of an opinion you have there, my good sir...impressive in it's dipshittedness.

It seems a little different than a bill. But I concede the point. Your response has been duly noted, sir. I'd love to stay and chat, but I got get a payday loan, an auto title loan and two abortions this morning.

It just gets me when I see people abusing the shit either outta stupidity or sheer laziness.

yes god forbid the credit card company eat a few grand in debt.
You don't understand that poor people have to work the system however they can, it's cunning not stupidity

Hiwatt wrote:It just gets me when I see people abusing the shit either outta stupidity or sheer laziness.

Yeah, all those people indulgently losing everything they ever had. The nerve. Really burns you up, does it? Those greedy, squandering poor people finding a way to go broke?

Fuck off.