Repaying bailouts and BK.

[sigferl]

Thanks for your post junker. I do not understand your 'mom and pop' statement and I hope you can help me understand.

If one out of 100 customers(1%) at a 'mom and pop' store file BK and if 1000 out of 100,000 customers(1%) at a large company file BK then I would guess that each business is equally impacted.

For example, Countrywide bank is a huge bank and has a huge number of people not paying their mortgage that caused Countrywide to fail and require taxpayer bailout.

Vote Libertarian

come on, gimme a break, i am betting that almost no one on this forum has SERIOUSLY considered paying a creditor post bk, for one thing, they get their own write offs, and tax credits for us going down the tubes. also, by the time most file bk, the creditor has gotten his principal loan back many many times over in the form of high interest payments, annual fees, etc.....how many have been paying faithfully on a cc for many years, not to see much of a drop in principal...even with a house payment, the first 10 years are almost pure interest....WHY< WHY would you show any compassion for big business..when they sure didnt for you....BK is a BUSINESS decision....the judge doesnt ask you to pay it back when things get better for you, THE DEBTS ARE CANCELLED......i will say i had a holy roller bible thumper stepsister that filed bk many years ago, and tried to pay back post bk, she thought it was the moral thing to do,.... it took her farther down the drain....
i do agree though if you are stiffing a friend or mom and pop store you should try and pay them back...

[FLBK7]

Thanks for your post ohiofiler. I respectively disagree and please do not take any of my comments personally.

With all your BK Forum lives, deaths and reincarnations, you still haven't figured out that the word you mean is "respectfully."

Just a respectful observation.

[2Bshinyandnew]

Money does not grow on trees so someone has to pay for bad debts.

Money does not grow on trees...money is created by DEBT. A crash course in Monetary Theory may help you to understand.

Try this:

http://www.youtube.com/watch?v=vVkFb26u9g8

[JRScott]

Thanks for your post ohiofiler. I respectively disagree and please do not take any of my comments personally.

This forum has had threads where we all eventually agreed that someone/everyone pays for someone elses BK. Money does not grow on trees so someone has to pay for bad debts.

If no one is hurt when someone files BK then shouldn't we all file BK frequently?

Constitutional rights.
- You stated that it is your constitutional right to file BK.
- I am saying that just because the constitution gives you the right to do something does not mean that it is right.

Examples of constitutional rights that are bad things to do.
- late term abortion for no health reasons is constitutional but most people do not think it is a good thing.
- 50 years ago, racial segregation was constitutional but we know that it is not a good thing.

Freedom is not free.

Actually Federal control of health care is not an enumerated right of the Federal Congress in Article I Section 8 of the Constitution, thus by the 10th Amendment it would be a State Right. Unfortunately there are many areas the Federal Government has encroached upon from the FDA to Education and many other areas that are not in its rights. It is long time the states exerted their rights. It is why the states and federal government are deeply in debt. (I'm not arguing that late term abortions are ethical/moral in fact they aren't in my viewpoint nor is any abortion, but from a Constitution point of view any law regulating them should be on the state level not the federal level, yes I'm well aware of Roe vs Wade but notwithstanding that it really is a state right not a federal one.....in fact one of the ladies in that case now opposes abortion).

Also on your comment earlier about money not growing on trees. Well your money is not based on anything. There is no standard for it and the Federal Reserve has tripled the money supply in 6 months. So yes basically it does come out of thin air. Banks also lend money they don't have, which is what has led to so many of them being practically insolvent.

Legally you can file Chapter 7 every 8 years. (Or is it 10 now?). There are sadly people with low ethics/morals that plan on having a chapter 7 every time allowed in order to maintain the illusion of their lifestyle. However with credit drying up this may well be coming to an end for these people.These people are a very small percentage of the total, probably less than 1% and is the main reason they passed the bankruptcy reform law in 2005.

[BkinTX]

Many fees and interest rates are not really "owed". They are manufactured. Made up.

No one loses money on an arbitrary inflated interest rate. Maybe money they hoped for, but not actual money.

[falken]

Some people have to file BK. There is not enough money in the world to repay all the debt that is out there. There is much more debt than there is actual money.

[OhioFiler]

With all your BK Forum lives, deaths and reincarnations, you still haven't figured out that the word you mean is "respectfully."

Just a respectful observation.

Too funny.

[OhioFiler]

Thanks for your post ohiofiler. I respectively disagree and please do not take any of my comments personally.

This forum has had threads where we all eventually agreed that someone/everyone pays for someone elses BK. Money does not grow on trees so someone has to pay for bad debts.

If no one is hurt when someone files BK then shouldn't we all file BK frequently?

Constitutional rights.
- You stated that it is your constitutional right to file BK.
- I am saying that just because the constitution gives you the right to do something does not mean that it is right.

Examples of constitutional rights that are bad things to do.
- late term abortion for no health reasons is constitutional but most people do not think it is a good thing.
- 50 years ago, racial segregation was constitutional but we know that it is not a good thing.

Freedom is not free.

Sigfried, thanks for your response. Taking your posts personally never crossed my mind. Please don't assume such influence over me.

Your logic escapes me.

Just because the Constitution gives you the right...does not mean it is right.

You can't insert your moral beliefs in my decision regarding bk anymore than I can insert mine in yours. I don't care whether you think your Constitutional rights are right or wrong.

I'm curious as to where you read in our Constitution that late term abortion and segregation are Constitutional rights. I've read our Constitution and never saw references to either.

Freedom is not free but sadly ignorance is free.

[Minnymouth]

Lets get back "on topic" or this thread will be closed!

Minny

[falken]

Lets get back "on topic" or this thread will be closed!

<slowly slips his troll food back in to his pocket> Might as well close it, the topic is asking if anyone besides a millionare financial speaker has repaid thier BK. The answer would be no, case closed.

[blankslate]

<slowly slips his troll food back in to his pocket> Might as well close it, the topic is asking if anyone besides a millionare financial speaker has repaid thier BK. The answer would be no, case closed.

Heh, exactly.

[sigferl]

Thanks for your post JR. I am not sure if understand your posts, are you saying that BK is good for the economy?

Why are multiple BKs 'sad' and 'immoral' and the first BK is not?

I disagree about the 1% abusing BK, I think 99% abuse BK. All six of the BK that I personally know are BK abuse. Most of the reasons for BK posted on this forum are BK abuse and not caused by severe permanent medical disablities.

Freedom is not free.

Legally you can file Chapter 7 every 8 years. (Or is it 10 now?). There are sadly people with low ethics/morals that plan on having a chapter 7 every time allowed in order to maintain the illusion of their lifestyle. However with credit drying up this may well be coming to an end for these people.These people are a very small percentage of the total, probably less than 1% and is the main reason they passed the bankruptcy reform law in 2005.

[sigferl]

Thanks for your post falken. Almost everyone has the ability to pay back some/all of thier debts it they make the effort.

Why should the sucsessful only repay BK?
Why should the sucsessful pay for others BK?

Are you 'giving up' trying to repay your debt?

My HS football coach had good advice about football and live: 'root hog or die'.

Do unto others as you would have them do unto you.

<slowly slips his troll food back in to his pocket> Might as well close it, the topic is asking if anyone besides a millionare financial speaker has repaid thier BK. The answer would be no, case closed.

[sigferl]

Thanks for your post ohiofiler. We seem to have a communication problem which I would like to overcome.

I disagree with your logic that just because something is not illegal does not make it right. Can we agree on this?

Ex. Being a bully is wrong but it is legal and constitutioal.

My point is, your logic is flawed if you justified BK by saying that it is constitutional and legal.

Yes, I can not force my morals on you but you should not force your bad debts on me.

I am glad you are not take my post personally or hostile because I think this is a worthwhile discussion about how we all impact each other.

God helps them that help themselves.

Sigfried, thanks for your response. Taking your posts personally never crossed my mind. Please don't assume such influence over me.

Your logic escapes me.



You can't insert your moral beliefs in my decision regarding bk anymore than I can insert mine in yours. I don't care whether you think your Constitutional rights are right or wrong.

I'm curious as to where you read in our Constitution that late term abortion and segregation are Constitutional rights. I've read our Constitution and never saw references to either.

Freedom is not free but sadly ignorance is free.

[junker]

Thanks for your post junker. I do not understand your 'mom and pop' statement and I hope you can help me understand



Join Date: Jul 2009
Posts: 20 Thanks for your post JR. I am not sure if understand your posts, are you saying that BK is good for the economy?


HEY SIGFER
could some of your statements and misunderstandings or not understandings.. come from the Libertarians liberal views on dope?????
i mean if you dont understand a lot of the reasoning here... is it because have smoked a little toooooo much??????(whacky tobaccy)