Bankruptcy what a crock

[Trystim 0]

Have you all heard the latest you can no longer use bankruptcy for the purpose of which it was initially intended for which is in a no choice situation have no way to pay off all your debts so you claim it and have to wait 7 yrs for a clean credit history.....as of today if you claim bankruptcy you know have to set up a payment plan to pay back the money you claimed you weren't going to be able to pay in the first place.Kinda of defeats the purpose of bankruptcy in my opinion. I mean if I am going to have to repay you with payment plans then I will call you up and arrange such a thing to begin with. Sounds logical if i know i can do it in time via payment plans then that is the route i would go. only reason to claim bankruptcy as i stated above is simple I don't have and won't have the money to pay my debts off.just something i wanted to complain about i guess lol.

[Johnny 1]

Wow, where'd you hear this?I don't plan on going bankrupt anytime soon, but that seems like it'd be some big news.

[no9t9 0]

i don't see this as a bad idea. There are a ton of people out there that incurr debt of 100's of thousands of dollars and then simply claim bankruptcy to get rid of that debt. After 7 years they do it all over again. If they are forced to pay it back, then they might think twice about what they are doing and it also teaches them to manage their money so they can make the payments. And when you say "what is the point, I can negotiate payback myself" it is not always that easy. Bankruptcy will help you negotiate with them and probably get better (lower) payments. A lot of creditors may demand payment by taking your house, car, etc. and you would be left on the street. This is not good and creates poverty. You must leave people with the means to make a living.And finally, you said that "they didn't have the money to pay it off so what is the point". Yes, it would seem to defeat the purpose of bankruptcy but I'm sure it actually DOES help. I am not familiar with PERSONAL bankruptcy but I'm sure they would have made it like Chapter 11 for corporate bankruptcy. You can negotiate with creditors to pay only a percentage of what you owe. For example, you might only have to pay 25 cents on the dollar.

[sazzie92 0]

hey. yeh i dont think im goin bankrupt anytime soon ..but thnxs 4 the info

[Izlude 0]

There are a ton of people out there that incurr debt of 100's of thousands of dollars and then simply claim bankruptcy to get rid of that debt.

*cough* Kmart *cough* declared bankruptcy *cough* a few years ago closing around 50% of the stores over here (Puerto Rico) and they recently bought Sears, a bigger chain of stores.

[AbstracT 0]

Darn that sucks for my aunt. She's a shop-a-holic.. I mean she uses credit cards to buy everything and everytime she gets into serious debt she declares bankruptcy. Hil-arious I say. I guess the government smarten up, cuz some people thank the B word would let em beat da government now the gov't beating them lol.

[spawn_syxx9 1]

It's cool man I hear what you are saying. Bankruptcy, just like everything else, in the United States is always based upon the big markets and the big conglomerates. The credit card and other financial loaners persuaded the lawyers (who truly run this country, let's be honest) to make sure that when someone claims bankruptcy. They still have to pay back their debts.It is truly a catch 22 in this country. Lawyers make the laws. They are the one's who vote and actually control which laws get passed and they aren't always very biased towards the common man.

[Cammy 0]

We all know of people who take advantage of the situation. Some people spend cause they think, everything will be blank after 7 years and they can start over again. They rack up tonnes of money on credit card bills, purchases when they cant afford it. I have a card but ONE, I am paying it back now . I wont claim bankruptcy for a couple thousand bucks, even if it takes me a while to pay it back...going on 3 years now but Im almost done. I rather have a decent rating then have to wait 7 years, who needs the stress. For some its the best thing to do but in a lot of cases it could have been avoided.

[JaVe 0]

I guess for real people it's not so nice, but it is fair. Let's say you loan 200k of your currency type and you start a business, two years later it goes bankrupt and you don't have to pay. Where did all the money first go to, who was the money from? It's still unfair. I mean, if you can never pay your debt then i guess there's no solution. But in cases of bankrupcy, you'll just have to find a way to pay it back because otherwise you just 'blew' loads of money and the initial loaner doesn't get any of it.