Stop paying

[CompTweaker]

CT, you seem ultra sensitive to anyone that that hints that BK is not the best answer for all people at all times. Why is that? Should a global recession impact someones decision to file BK? Should a expensive war impact someones decision to file BK.

I was commenting on the quote from lrprn:

'You can't hurt the banks and big financial corporations like AIG without hurting ourselves.'

Is this true? The experts that I see and read also say it is true. Does this mean all BK and forclosures are bad? No. I think it means that we all need to make a special effort to pay our debts, if possible, in tough times like this because it will make matters worse.

Many people are simply walking away from their house or car that they are 'upside down' in and then they are complaining about the recession and do not see a link between the two.

I am sorry this thread bothers you CT...

Well, where in the heck did I say bk is the best answer for all people all of the time? I didnt. Nor do I think like that.
Look, I know what I read and thats all I have to say about it!

[Pizza]

I feel that this crisis will have unavoidable consequences that are only delayed and/or made worse by the bailouts.

Maybe everyone should just stop paying, at least the unsecured debt, in order to accelerate our journey through the path of debt destruction.

Imagine if everyone or almost everyone would stop paying... there would be no other choice than to hit the reset button and destroy all debt at once. Either through debt cancelation or through the issuance of a new currency that will make the old debt ridiculously low (ie: 1 new $ = 100,000 old $)

I think we will get there eventually and an acceleration would save a lot of grief to a lot of people.

If everyone just stopped paying, it would generate no long-term reward. As a matter of fact, the more I read about bank nationalization, the greater the sense of urgency to file BK. I fear that if we reach full-blown bank nationalization, all our debt will eventually belong to the government and become non-dischargeable. Think about it - owing on a credit card becoming the equivalent of owing the IRS...