Comments on: Bankruptcy on the Rise – Why You Need the Hard Truth

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Tue, 02 Dec 2008 01:49:34 +0000

Bob: I agree with your sentiments. I want to see the Wall Street greed-meisters lining up for Chapter 13 filings along with those they have ruined with their misguided actions.

By: Bob

Bob — Tue, 02 Dec 2008 01:33:03 +0000

Interesting how we agonize how horrible an individual is when he has to declare bankruptcy because he may have $50,000 in debts and lost his job…yet…we HAVE to use a TRILLION DOLLARS of his and mine and yours and our children’s tax payments to bail out those having high-paying jobs and lucrative retirements even when they all used the same formula [greed + bad decisions + market influences]

By: Spenders are Rewarded by Goverment Policies, Savers are Not | Tough Money Love

Wed, 10 Sep 2008 12:31:34 +0000

[...] number of Chapter 7 bankruptcy filings-designed to give individual debtors a “fresh start” by disc…. Guess who pays more for goods and services after the spenders’ debts are discharged? The [...]

By: MasterPo

MasterPo — Thu, 28 Aug 2008 17:42:42 +0000

I’ll go one further and say that if you do declare bankruptcy then by law you should be banned from having a credit card for some period of years.

If you just had to declare bankruptcy because of extreme debt why on Earth should you be allowed to immediately go back to a situation where you can start running up debt again?

Theft.

By: Choose Your Own Adventure, Bankruptcy Edition

Choose Your Own Adventure, Bankruptcy Edition — Thu, 28 Aug 2008 12:59:45 +0000

[...] started thinking about this topic after Mr. ToughMoneyLove posted about the astronomical rise in bankruptcies filings in the US last year. I look at the amount of money I have paid down on my debt and can’t help [...]

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Wed, 27 Aug 2008 19:32:09 +0000

Wise and MGL – My hat is off to you for doing the right thing with your financial obligations. We need more folks with money ethics.

MGL – Now you know why federally guaranteed student loan debts are not dischargeable in U.S. bankruptcy courts – plenty of people would have headed straight there after graduation.

By: MasterPo

MasterPo — Wed, 27 Aug 2008 19:30:09 +0000

MGL – There was a story earlier this year that made the rounds of several newspapers about a guy in California that has $90,000 in credit card debt. He said he isn’t even going to try to pay it off because he knows he can never do it. Not even try to work out a payment plan. He’s just not going to pay them and still keep using credit cards until they get taken away. Guess who’s ultimately going to pay for him?

IMO he is a classic example of why there SHOULD be the old fashion “debtors prison”.

What would be wrong with that? Theft is a crime! Right? If you buy something on credit knowing full well you have no hope of paying it off in a reasonable time frame (10 years to pay off a new pair of sneakers today isn’t reasonable IMO) is THEFT.