We are in agreement here. I was referring to writing naked options. You won't be losing $300,000 in your margins account if you only long options.
Former Realtor from California here. I saw two notes and deeds of trust use "nondischargeablity" clauses in the loans. I wrote one and my father in law wrote one. One was on a CPA's house (should have know better). The other was on a used car lot...Business. I don't know what the BK judge would say when faced with these loans?? We tried it as an extra coverage, but again you are dealing with federal and state issues...