Well the whole subject is much more complex than that. Those avenues available to consumers before were considerably tightened up including the issues related to Chapter 7 and Chapter 13 bankruptcy & the requirements placed on individuals for discharging debt (all for the benefit of the banks of course). Anyone actually facing this needs to do a lot of personal research & educate themselves beyond a few short posts here on ET. (I was asked to look into this for a friend of my Mom who is facing great financial difficulty. ) Seeing a lawyer knowledgeable on this is also a good idea. Good luck, - - -
i used to be a bankruptcy clerk in england. one thing you need to note in england at least is there are few if any experts in bankruptcy it is very worrying. solicitors would call me up and ask me what to do.
"The Government said the latest bail-out would pave the way for the banks to repay taxpayersâ money, as they promised to sell off branches and key businesses. So far, just £2 billion has been returned to the Treasury." The money will never be returned to the people directly. If they like fascism so much then why not go all out, it has it's upsides.
put it this way...if you are negative after all the numbers, then filing is a breeze...anyone disputing it is just being a hard-ass because really, what can you get out of being negative? It's when you own the houses, cars, etc. etc. with all payments and other assets where things can get a bit sticky when you add up the numbers...
Quote from TraderZones: "It does wipe cards, as long as not fraudulent. But it cripples your future in many financial ways, as I said above.--- The smart person pays their bills on time, does not spend wildly, and only uses credit cards in situations it makes sense (like rental car, online purchases, etc..." The "smart" person will soon not be able to compete with the socialist "gimme" populous in the U.S. At some point, soon, the working middle class will break under the strain of carrying corporations, banks, insurers, other big firms, criminals, health care, pensions, welfare, lazy good for nothings in general, etc, etc... "Smart" people better buy guns, ammunition, security, solid assets, AND be strong enough to follow through with tea party activities rather than play dress up and word games. Realistically, my pessimism is too optimistic!
For the moment being no. I know people that have stopped paying more than 15k 20k and even 30k for over 2 years and so far nothing has happened. I know they are cooking something dark about this credit card issue. Most probably I will have to continue paying anytime in the future, but for the moment. Let me take a good brake.
Let's hope not everyone shares your view on this. Hopefully it doesn't mess you up when you grow up and have a change of view/outlook...peace
i think this thread is leaving topic and getting a bit bitchy so i'll put it back on track. here is another story linked to the original post. http://news.bbc.co.uk/1/hi/business/8344189.stm
here is another article linked to the topic. based on bank guarantees. http://www.voxeu.org/index.php?q=node/4156