Why don't we all file for bankruptcy?

[maskander]

Doesn't this free us from all ties to corporate america?


and as a side note, I believe bankruptcy is a failsafe built into our economy, so we don't become slaves to the corporations... but what I believe is happening, with increased federal student loan debt, banks being funded by the government. etc... those fail safes are being patched up so we can no longer use our laws to escape. I know personal responsibility and all of that stuff, but what happens when the government starts buying all of this debt, and then we have no choice but to pay uncle sam.

I'm just starting college, so forgive me for my basic explanation, but that's all I got.

[nobody's_hero]

Well, the system we have now all but makes bankruptcy illegal.

Corporations have a hard time filing bankrupcy, individuals have a hard time filing bankruptcy, and even governments have a hard time filing bankruptcy. —All because it means that the power-brokers won't get paid back the bad loans they made. They believe that if they keep people alive and enslaved with debt, they can maintain some claim to any wealth that comes out of those miserable lives.

The last thing they want is for people to be able walk (or even limp) away from it all.

[bwlibertyman]

I would say that bankruptcy is very immoral. You take out a loan and you can't/don't want to pay it back. Is that ethical? Is that right? Why would you make a bad decision like that if you're not going to pay it back. To free you from corporations? What does that mean? Don't take out a credit card or take out a loan and you will be free from corporations assuming you don't buy things from them.

Being debt free is a huge possibility. I'm not sure why someone would want to be free from corporate America. Walmart is awesome. So many cheap things in one big store. That's awesome. What about our cars? All of those are from corporations. I'm pretty sure even precious metal companies are probably corporations. It might be possible to live on small business and home grown things but I think that would be tough and your productivity would go down. I'm not sure its worth it.

I just don't buy the idea that you take out a loan that you can't afford and somehow it's the guy who gave it to you's fault. In a free society you would be held liable for the contract. In a free society there probably wouldn't be any bankruptcy. I think this is a call to make better decisions.

maskander, I would suggest that you don't take student loans out to go to school. I have about 40,000 in loan debt and it sucks. I'm paying it back though. I much rather would have went to community college, worked my way through it, filled out thousands of scholarship applications, and done other things instead of taking out studnet loans. The argument that going to school through debt is the only way is totally false. Debt is bad. The government isn't going to take care of us. We must make wise decisions and going into debt just isn't one of them.

[tbone717]

I'm just starting college, so forgive me for my basic explanation, but that's all I got.

Here is some helpful advice so you never get yourself in the position where you may feel the need to file bankruptcy. Don't get into debt.

I know it sounds blunt, but it is the truth. If you are taking a student loan, then get a job part time and work to pay down the debt. Work your butt off during the summer to pay off your debt and have cash for the school year. If it takes you 5 or 6 years to graduate, then so be it - a lot of us did it that way for many years. And don't get yourself into any consumer debt. If you don't have the cash for something, then don't buy it. If it means you have to work two jobs to live the lifestyle you want to live then work two jobs. A lot of us have done that for portions of our lives. The only debt you would possibly want to take on is a mortgage, simply because it is the one asset that traditionally doesn't lose value (of course we aren't in a traditional market right now).

[Mark37snj]

An act of spite the Romans would be proud of. :toady:

[jbuttell]

.Walmart is awesome.

You lost me there... but I agree with most of your other points.

[asurfaholic]

I would say that bankruptcy is very immoral. You take out a loan and you can't/don't want to pay it back. Is that ethical? Is that right? Why would you make a bad decision like that if you're not going to pay it back. To free you from corporations? What does that mean? Don't take out a credit card or take out a loan and you will be free from corporations assuming you don't buy things from them.

Being debt free is a huge possibility. I'm not sure why someone would want to be free from corporate America. Walmart is awesome. So many cheap things in one big store. That's awesome. What about our cars? All of those are from corporations. I'm pretty sure even precious metal companies are probably corporations. It might be possible to live on small business and home grown things but I think that would be tough and your productivity would go down. I'm not sure its worth it.

I just don't buy the idea that you take out a loan that you can't afford and somehow it's the guy who gave it to you's fault. In a free society you would be held liable for the contract. In a free society there probably wouldn't be any bankruptcy. I think this is a call to make better decisions.

maskander, I would suggest that you don't take student loans out to go to school. I have about 40,000 in loan debt and it sucks. I'm paying it back though. I much rather would have went to community college, worked my way through it, filled out thousands of scholarship applications, and done other things instead of taking out studnet loans. The argument that going to school through debt is the only way is totally false. Debt is bad. The government isn't going to take care of us. We must make wise decisions and going into debt just isn't one of them.

What if you took the loan in good faith that the govt wouldn't keep screwing you over by fighting other countries wars, inflating the currency so much you can barely afford to eat, saddling the nation with more debt than there is ever a possibility of paying back, and all the while destroying your personal liberties so they can keep doing what they are doing?

Some people wake up late, but better late than never. To stick it back to those who profit at everyone elses peril is not really an ethical issue. It becomes a freedom issue.

[Constitutional Paulicy]

The only debt you would possibly want to take on is a mortgage, simply because it is the one asset that traditionally doesn't lose value (of course we aren't in a traditional market right now).

And I might add that renting is a HUGE waste of money.

[thoughtomator]

I would say that bankruptcy is very immoral.

As the Bible makes clear, usury is far, far, far more immoral than becoming a debtor above his head. Hence the Jubilee and other debt forgiveness written into the law.

[tod evans]

My ex filed for bankruptcy...........cheated the court of over 200k, lied about 40acres of land etc.

Free ride...........no headlines for the feds.

[maskander]

An act of spite the Romans would be proud of. :toady:i don't understand, please enlighten me.

[Mark37snj]

i don't understand, please enlighten me.

As an act of spite for being driven out of a particular area the Romans poisened the wells. Declaring bankruptcy unnecessarily because we have been disenfranchised I would consider an act of spite as well as a form of protest.

[HOLLYWOOD]

Well, the system we have now all but makes bankruptcy illegal.

Corporations have a hard time filing bankrupcy, individuals have a hard time filing bankruptcy, and even governments have a hard time filing bankruptcy. —All because it means that the power-brokers won't get paid back the bad loans they made. They believe that if they keep people alive and enslaved with debt, they can maintain some claim to any wealth that comes out of those miserable lives.

The last thing they want is for people to be able walk (or even limp) away from it all.
Bankruptcy Abuse Prevention and Consumer Protection Act 2005(BAPCPA)
I remember clowns like W Bush and Chuck Grassley... stating, "how corporations will recover over $20 Billion a year in loses and hold Americans responsible for their debts." In the meantime, Bush and the fascist party first, ran up $425 Billion in national debt and soon collapsed the economy and made the taxpayers and Americans BAILOUT their fraudulent Debts.

I know some people that gamed the system purposely before this Act took effect, because they knew, "2 way theft street" was now going to turn into a One Way Monopoly Street. Of course this billed was hailed at the time, as the banking lobby's greatest all-time victory... until 3 years later

Americans are fools to see the Grand Illusion of government... all they are, just a bunch of racketeering prostitutes that sell the individual out and the people they steal from to serve their partners in crime (Campaign donors/Special Interest).