bankruptcy laws...

Discussion in 'Economics' started by blackbook, Nov 16, 2008.

  1. were they reformed a few years back because they already saw something like this current scenario that the US is in coming?
  2. 'they' not only saw it coming. 'they' created it.
  3. That's the way I figured it. They saw it coming. Let me ask you this, did the laws need reforming from the several years prior to the the time they reformed the laws? I think not.
  4. everything starts to make sense when looking backwards. except for the part where ppl should have realized that you can live off credit indefinitely... eventually you have to pay.
  5. The banking lobby rewrote the bk laws, why would the average person be concerned? The politicians should have protected the debtor, (as they did in the past) or at least had their interest represented then the banks would have been more cautious.

    Which brings me to point number two. If the gov't wants us to provide for our own retirement you'd think they would let us contribute more to an IRA than whatever pittance is allowed now. The reason: ta da, it is exempt from the bk law.

    You can spend 10k on a home theater system go bk and keep it, yet tut tut, can't put 10k in an ira. When you're busted your busted.
  6. bears21


    very true and valid points, a very shrewed consumer knows how to play the credit game. pay all of your secured debts house, car, utilties things you need. next take your unsecured debts run em up and bail. you dont even have to claim bk just make sure you wont need credit for the next several years and you just created wealth for yourself by keeping the goods and not paying crazy interest. sounds like fraud right well people have been doing this since the beginning of time, big business, the rich i think now is the time the middle class will take this up a notch. remember cash is king and a credit score is just that and thats the only way the unsecured creditors can make a beef. one last thing when they try to sue you make sure your money is protected ira, in safety deposits boxes etc. but hey with secured debts there is no loopholes if you dont pay your mortgage eventually your gonna loose the house
  7. Individuals will soon be able to become "bank holding companies" to forgo bankruptcy.
  8. :D

    Actually I'm losing track of what my position is these days as a citizen. The fed sent a stimilus check for 3 or 6 hundred and I cashed it and sent the 3 or 6 hundred to property and school tax increase. I feel like a small municipality. I just provided a service for somebody, not sure who.