Absolutely BRUTAL 341-Florida Middle

[Breeze48]

Yes SSJ

[tcreegan]

Hi breeze48,

Don't take it personally if the other posters don't reply, the posts were from Jan and last year...

Tom in Colo

[ironpirate]

I think of would be scared to file BK in the middle district in FL. Hear a lot of crazy stories.

[JackBondLove]

I do wonder if the US is truly capable of incarcerating people who lie about the value of their assets or hide money etc especially with all the hard core criminals who are currently on our streets that they cannot afford to incarcerate or do not have the will to do so.

No need for incarceration. Just making the debt non-dischargeable is enough. In any case, the trustee's job at the 341 is to vet the filing documents, and ask for a proper trail of paperwork that proves why any assets that were around at some earlier time are not around now, etc. The trustee will simply not move forward with the case until all the documentation matches the filing documents.

Now, if the petitioner were to produce fake documents, then the trustee would have the ability to refer the case to the US Attorney for perjury, and some time in teh slammer.

Is there a world court with a world trustee that will preside over the US when it defaults on all of its debt?

No, the debtor nation can simply pass a law saying that it and it alone can legally default on such debt, and that is that. The only assets that would be at risk would be reserves held at international banks or debt owed by other nations. Of course to do so would have the similar effect of us defaulting on our unsecured creditors - they would be wary of the nation defaulting in the future, and therefore not very interested in loaning any money.

Of course, if the debt is written in the currency of the debtor nation, that nation does not even have to officially default, since it can always "quantitatively ease" its money supply (i.e., print money) to take care of any debt, which is really a backhanded way of defaulting.

Either way in the end, a loan to a nation should always be considered as an unsecured loan.

Now as for a USA state (or any subnational governmental entity), I don't how that would work. We may found out soon!