Posted on 04/04/2008 5:47:11 AM PDT by BGHater
Chapter 13; my mistake.
Well if the Fed can bail out Billionaires, why shouldn’t the little guy walk away too?
There is absolutely no reason to have any confidence in our financial markets at this point.
Then your attorney should have DEFINITLY filed a proof of claim to dispute the $1.
If the debtor challenged it then it would have gone before the judge.
Also criminal actions do not stop due to the bankrupcy automatic stay.
The rules:
Spend less than you earn.
Avoid Debt
Build in some liquidity (for those emergencies you referred to)
Have long term goals
It all belongs to God anyway
How many people following these rules are backrupt?
you have to remember there USED to be a lead up to a bankrupcy.
it was YEARS of struggle and failure and then ....the end before the fresh start. (even a black and white written code “non discrimination clause” in the law)
the agencies COUNTED ON IGNORANCe of people’s rights not to be bullied or pushed around.
Peopel became savy.
The credit card companies could build paper losses to ofset any actual loss. lend 1000 write off 4000 in interest and fees.
they made money.
THEN PEOPLE BECAME SAVY.
you could lien strip undercollateralized mortgages, you did not have to wait YEARS for the end.
YOU WILL NOT LOSE YOUR PENSION.
suddenly the doctor who went too far with the toys could just file immediatly. (highest ch 13 filers BTW)
lose job? run to get the automatic stay and PREVENT the predatory collectors or debt consolodators from ever calling you.
It has become PROPHELACTIC to seek the automatic stay and then sort out the mess.
how all those people who had a catastrophic medical disaster?
How about the person who sudden (as posted above) had accident liability?
poop happens, you can only buy toilet paper and hope for the best in life.
According to the local police department involved, multiple violations were required to elevate the circumstances to a criminal action. One citation was issued; Failure to Yield Right of Way. Failing to have insurance is not a crime in Wisconsin. Lacking insurance, you are required to prove “Financial Responsibility”, which is negated by filing Bankruptcy.
Because the bankruptcy was filed in Federal court, it trumped everything filed at the State level. We had to wait over a year as the bankruptcy proceedings wormed its way through the courts before we could do anything.
We ultimately collected a settlement from our own insurance company.
Bottom line, I would not recommend filing a Wrongful Death lawsuit to anyone. You just end up being dragged down into the scum & slime when you are at your most vulnerable. Its just not worth it.
Yeah, stuff happens.
But part of your financial plan has to include the “catastrophic” insurance.
Also, “stuff happened” to a minority of the folks filing bankruptcy. Most were just IRRESPONSIBLE.
Libs use fringe cases to justify unacceptable general premises all the time. Don’t do it yourself.
The banks bought and sold the current bk law... Now they are bitching that they have to live with it. Screw them.. the FED should not be acting as a collection agent for the snakes of manhattan.
Make bad loans, go out of business.. oh wait, no, make bad loans, Taxpayers bail you out...
Government of by and for the people has parished from this earth.
Tell me again why 30 Billion of tax dollars is bailing out a bunch of pot smoking schlubs who were more concerned with playing bridge than doing their jobs? And another 70 Billion has been promised to others?
The FED RESERVE is an abject failure, it needs abolished, the Federal Government needs to return to printing its own money, not stupid federal reserve notes, and a return to the gold standards.
None will happen in my life time, because bailing out billionaires is what this government is all about.
BS Most are irresponsible, the biggest contributor to BK are MEDICAL bills.. this all people who file for BK are milkers of the system is crap BS PR promoted by teh banks when they were busy trying to buy their new BK laws... MEDICAL is #1... the second is divorce.
Are there irresponsible folks out there? Sure there are, but they aren’t the majority, never have been.. that’s just PR BS.
Guess we both need some stats to back up our assertions.
Actually, I did some research.
It’s job loss, divorce, then medical.
In the same article, it stated that 40% of Americans spend more than they make each year (violation of rule 1).
Americans carry an average of 5000 in credit card debt (violation of rule 2).
And without built in liquidity (savings instead of debt), any hit such as job loss, divorce or medical expense does TIP you into bankruptcy.
But, it’s still irresponsibility that lets such an event ruin you, if you’d followed the other rules, the event might not tip you over.
This is like the guy complaining that he got fired for being in a traffic accident that made him late for work, and doesn’t mention that he was tardy and absent habitually.
The accident wasn’t the reason he was fired, but was just the tipping point.
“Bankruptcies are rising due to the heavy burden of household debt and growing mortgage problems,” said ABI Executive Director Samuel J. Gerdano.”
I tend to believe that bankruptcy rates are rising as people continue to spend more than they earn. I even heard a story on the radio yesterday that the number one reason that people are spending more than their wage, is because they don’t consider living on their wage to be living.
Immaturity at its finest.
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