I was reading the comments for a BusinessWeek article about folks who have had debts discharged in BK being hounded by collection agencies. Amazingly, there are a bunch of reponses that basically say that we are the shysters here!
Here are some of the comments (I gave up after page 5!)
Here are some of the comments (I gave up after page 5!)
Tim
Dec 3, 2007 10:41 PM GMT
Guy declares bankruptcy one year and tries to buy a $275,000 house the next? He needs to pay Capital One. This is ridiculous. If I had a billion dollars I would donate 100 million to Capital One to appeal stupid cases like this. Take responsibility for your stupid actions!
Gerry
Nov 26, 2007 3:01 PM GMT
Give me a break!!!People ring up their credit cards to "keep up with the Jones," lease cars that they can't afford, and are fooled into buying houses that once again they can't afford. Then blame it on society's advertising that coerced them into purchasing all of this. Wake up folks, you and I (the responsible ones) end up paying for their ignorance! Stop bankruptcy and bring back "debtors prison."
Marty
Nov 12, 2007 7:52 PM GMT
There is no doubt that the general public abuses the bankrupcy laws.I sold a small investment property and the buyer went BK after the closing. The buyer included his fiance's engagment ring in the BK. How would you like to be engaged to that guy?The buyer still owed me several thousand dollars after the closing which was included in the BK.I went to the BK hearing and told the Trustee that the home was worth $25,000 more than the price that was listed in the BK papers.You can guess what happened.Also, people should contact the credit reporting services and supply them with their BK papers. Then contact a class action attorney and go after the banks, their debt purchasers and file a complaint with the Federal Trade Commission.Finally, visit the web site of WWW.BUDHIBBS.COMThis is the greatest web site in America dealing with debt collections agencies, arbitration scammers etc.Good health,Marty
miked
Nov 12, 2007 1:48 PM GMT
Am I the only person that feels this reporter misses the point when it comes to people gaming the system? In my mind someone who files for bankruptcy one year has no business looking for financing on a new home the next. Who is the victim here? it is the poor people who got robbed of their money by this charlatan who is now looking for a loan yet again.
Mike
Nov 12, 2007 1:38 PM GMT
How honorable. In other countries "pulling oneself out" means taking on three jobs and living out of the car for two years while you paid off the debts. In other countries you also have debtors prison. Where you repay society by being holed up and paving roads or doing landscaping. We should institute a version of that here and do away with illegal immigration at the same time.
Clemens
Nov 9, 2007 10:53 AM GMT
Poor people who overspend what they don't have and will not be able to pay back, forcing their apparent affluence to be paid by other (us)!Nice 'justice' that supports such an unjust behaviour and gives those poor people the right to go on cheating!How malicious these companies that lend us money (their clients') when we need it but want it back someday!
Matt
Nov 9, 2007 3:24 AM GMT
The first example in this article is disturbing. Van Rathavongsa files Bankrupty in 2002 escaping a "mountain of bills" and then has the finances to apply for a "274,650 mortgage" a year later? And, he apparently had the finances to pay the $9,523 owed from the year before. I can't fault the credit card company from wanting their money from people who play these games.
Mosh
Nov 8, 2007 4:58 AM GMT
Right guys - sort of. The abuse of credit is a 2 way street. Consumers need to be held responsible for the debts they rack up too. I mean seriously - this 'Von Rathavonsangan' character was able to wipe out all the debt he racked up via bankruptcy in 2002 and then turn around a year later and get approved for a 275K mortgage? Someone who proves to a court that they have no ability to repay debt should not be legally allowed to have debt in the first place. Because in the end - those of us who play by the rules end up paying for them.Susan - Try Prosper.com.
Paul
Nov 6, 2007 10:20 PM GMT
I have little sympathy for debtors that file bankruptcy, while they may not have a legal responibility for discharged debts they do have a moral responsibility to pay debts that they have incurred. Small business owners such as myself lose because of people that purchase our products and then declare bankruptcy.
Jack Heismann
Nov 6, 2007 8:05 PM GMT
Although the actions of Capital One may have been improper, I have to question the morality of those who borrow money, spend it, have the debt "erased", then feel no obligation to return anything to the lender no matter how wealthy they become. -Here, Business Week's "prisoner of debt" is buying a home worth close to $300,000 if not much more, has enough income to cover a $275,000 mortgage, and even had that extra $9500 when squeezed for the cash. -Would any of us accept that level of greed or indifference if the lender was a relative, friend or neighbor? Would any of us simply sit back while the person we lent to walked away with it all, then bought a brand new home? This is why we now have bankruptcy reform. -I can't say that Capital One acted ethically, but greed is always a two way street. I can tell you that if I had made that loan from my savings account, I'd be pounding on that brand new front door demanding my cash back no matter what the bankruptcy court said.
Dec 3, 2007 10:41 PM GMT
Guy declares bankruptcy one year and tries to buy a $275,000 house the next? He needs to pay Capital One. This is ridiculous. If I had a billion dollars I would donate 100 million to Capital One to appeal stupid cases like this. Take responsibility for your stupid actions!
Gerry
Nov 26, 2007 3:01 PM GMT
Give me a break!!!People ring up their credit cards to "keep up with the Jones," lease cars that they can't afford, and are fooled into buying houses that once again they can't afford. Then blame it on society's advertising that coerced them into purchasing all of this. Wake up folks, you and I (the responsible ones) end up paying for their ignorance! Stop bankruptcy and bring back "debtors prison."
Marty
Nov 12, 2007 7:52 PM GMT
There is no doubt that the general public abuses the bankrupcy laws.I sold a small investment property and the buyer went BK after the closing. The buyer included his fiance's engagment ring in the BK. How would you like to be engaged to that guy?The buyer still owed me several thousand dollars after the closing which was included in the BK.I went to the BK hearing and told the Trustee that the home was worth $25,000 more than the price that was listed in the BK papers.You can guess what happened.Also, people should contact the credit reporting services and supply them with their BK papers. Then contact a class action attorney and go after the banks, their debt purchasers and file a complaint with the Federal Trade Commission.Finally, visit the web site of WWW.BUDHIBBS.COMThis is the greatest web site in America dealing with debt collections agencies, arbitration scammers etc.Good health,Marty
miked
Nov 12, 2007 1:48 PM GMT
Am I the only person that feels this reporter misses the point when it comes to people gaming the system? In my mind someone who files for bankruptcy one year has no business looking for financing on a new home the next. Who is the victim here? it is the poor people who got robbed of their money by this charlatan who is now looking for a loan yet again.
Mike
Nov 12, 2007 1:38 PM GMT
How honorable. In other countries "pulling oneself out" means taking on three jobs and living out of the car for two years while you paid off the debts. In other countries you also have debtors prison. Where you repay society by being holed up and paving roads or doing landscaping. We should institute a version of that here and do away with illegal immigration at the same time.
Clemens
Nov 9, 2007 10:53 AM GMT
Poor people who overspend what they don't have and will not be able to pay back, forcing their apparent affluence to be paid by other (us)!Nice 'justice' that supports such an unjust behaviour and gives those poor people the right to go on cheating!How malicious these companies that lend us money (their clients') when we need it but want it back someday!
Matt
Nov 9, 2007 3:24 AM GMT
The first example in this article is disturbing. Van Rathavongsa files Bankrupty in 2002 escaping a "mountain of bills" and then has the finances to apply for a "274,650 mortgage" a year later? And, he apparently had the finances to pay the $9,523 owed from the year before. I can't fault the credit card company from wanting their money from people who play these games.
Mosh
Nov 8, 2007 4:58 AM GMT
Right guys - sort of. The abuse of credit is a 2 way street. Consumers need to be held responsible for the debts they rack up too. I mean seriously - this 'Von Rathavonsangan' character was able to wipe out all the debt he racked up via bankruptcy in 2002 and then turn around a year later and get approved for a 275K mortgage? Someone who proves to a court that they have no ability to repay debt should not be legally allowed to have debt in the first place. Because in the end - those of us who play by the rules end up paying for them.Susan - Try Prosper.com.
Paul
Nov 6, 2007 10:20 PM GMT
I have little sympathy for debtors that file bankruptcy, while they may not have a legal responibility for discharged debts they do have a moral responsibility to pay debts that they have incurred. Small business owners such as myself lose because of people that purchase our products and then declare bankruptcy.
Jack Heismann
Nov 6, 2007 8:05 PM GMT
Although the actions of Capital One may have been improper, I have to question the morality of those who borrow money, spend it, have the debt "erased", then feel no obligation to return anything to the lender no matter how wealthy they become. -Here, Business Week's "prisoner of debt" is buying a home worth close to $300,000 if not much more, has enough income to cover a $275,000 mortgage, and even had that extra $9500 when squeezed for the cash. -Would any of us accept that level of greed or indifference if the lender was a relative, friend or neighbor? Would any of us simply sit back while the person we lent to walked away with it all, then bought a brand new home? This is why we now have bankruptcy reform. -I can't say that Capital One acted ethically, but greed is always a two way street. I can tell you that if I had made that loan from my savings account, I'd be pounding on that brand new front door demanding my cash back no matter what the bankruptcy court said.
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