[EBH]

It is not really disappearing.

They are basically setting up a type of consolidation agency. Like an agency they will renegotiate hopefully for pennies on the dollar. What the debtor would be avoiding is the consequence of bankruptcy.

There are legal ramifications and IRS consequences to doing this. Although as a group if it is something they want to do...I say let them. The life learning experience will be good for them.

[The Louiswu]

Well I must be a chump because I thought that if I buy something on credit, I should ACTUALLY pay that money back or return the item if I can't afford it. But now, with this new math...POOOF, I can make buy way more that I can ever hope to afford and just watch the debt go away.

I must be a chump because I just don't understand this at all.