Repaying bailouts and BK.

[mgmadara]

sigferl is our resident anti-bankruptcy troll. The best thing to do is ignore the troll and any advice he/she gives. The mods will eventually get tired of it and ban him/her and sigferl will show up again with another username. This has already happened about 7 times.

[2Bshinyandnew]

sigferl is our resident anti-bankruptcy troll. The best thing to do is ignore the troll and any advice he/she gives. The mods will eventually get tired of it and ban him/her and sigferl will show up again with another username. This has already happened about 7 times.

I wish I had kept track of "sigferl's" numerous incarnations. His/her posts are quite recognizable now.

[FreshStart01]

Most or none of us in this forum makes the income Dave Ramsey does to be able to pay back our creditors after BK.

[BkinTX]

Rather than causing decades of hardship for my family by throwing much-needed income at creditors who couldn't care less whether I live or die, I would much prefer to apply what I've learned from this experience and simply not create more debt.

[OhioFiler]

I wish I had kept track of "sigferl's" numerous incarnations. His/her posts are quite recognizable now.

Someone must have filed BK with "sigferl" as a creditor and it has become his mission in life to see that it doesn't happen to anyone else.

[sigferl]

Thanks for your post ohiofiler. I am not sure I understand your logic. Are you saying that BK does not hurt anyone? Is BK good for everyone? How so?

Large companies are just small companies that are large.

It 10 people filing BK hurts a small business then 10 million people filing BK hurts a large company.

Do you think that everything that is constitutional is right? I think that I have a constitutional right to do many stupid things but that does not mean I am going to rush out and do them.

How did you determine how BK affected others?

Why does taking advantage of the Constitutional right to file bankruptcy cause you to lose faith in your felow Americans?

If I were thinking of repaying a debt post-bk it would only be if the debt was owed to a local merchant or other small business who was significantly impacted by my bk. My bk will have no impact on my creditors share price and not much, if any, on their income statements and balance sheets.

[sigferl]

Thanks for your post fs. I think that we can all make a reasonable to repay our debts to the best of our ability. If it took 5 years to get in debt then it may take 10 years to repay the debt but it is worth it.

I am not sure I agree with your logic. I may not be the fastest runner but I do my best to be the best I can and giving up is not a option just because I will not win the race.

Most or none of us in this forum makes the income Dave Ramsey does to be able to pay back our creditors after BK.

[danaf]

Repay my bk? Ummmm - here is how I repay my bk. By being financially responsible, by not spending over my means, by not using my cc if I don't have the cash available to pay. And by sticking my middle finger up at predatory lenders who took me when I was young and dumb, and those who try to take me now. But dumb I am no more.

[JRScott]

Thanks for your post fs. I think that we can all make a reasonable to repay our debts to the best of our ability. If it took 5 years to get in debt then it may take 10 years to repay the debt but it is worth it.

I am not sure I agree with your logic. I may not be the fastest runner but I do my best to be the best I can and giving up is not a option just because I will not win the race.

Credit was to cheap for the last decade. There are folks that could work from now til the day they died and not make enough to repay the amounts they bankrupted on. That is why we have bankruptcy.

There are a few who find a niche or find their calling in life and become magnificently successful such as Dave Ramsey after bankruptcy to the point they could repay their debts if they chose to. However for every person that does that there are millions who do not.

The entire purpose of a bankruptcy is to give a fresh start to someone. What you are asking is not a fresh start for 99% of the people that filed. If the court had found they could repay even a portion of their debt then they would have been a Chapter 13 not a Chapter 7. Thus you are wanting to place an unreasonable burden upon people.

Now think about this a moment, Why should there even be unsecured debt? There is no practical point for having it. It is far better and less costly to budget and save for an item even if you have to wait a bit for it. The whole reason for it was to make you feel good about your life and ensure you tried to live above your means to a level you could never have sustained. It was to make you a slave of those who held your debt. Bankruptcy is mercy that allows you to absolve what should not have been in the first place. After all secured debt is not absolved in it, nor is educational debt.

[BkinTX]

Now think about this a moment, Why should there even be unsecured debt? There is no practical point for having it. It is far better and less costly to budget and save for an item even if you have to wait a bit for it. The whole reason for it was to make you feel good about your life and ensure you tried to live above your means to a level you could never have sustained. It was to make you a slave of those who held your debt. Bankruptcy is mercy that allows you to absolve what should not have been in the first place. After all secured debt is not absolved in it, nor is educational debt.

I think that is very insightful.

[OhioFiler]

Thanks for your post ohiofiler. I am not sure I understand your logic. Are you saying that BK does not hurt anyone? Is BK good for everyone? How so?

Large companies are just small companies that are large.

It 10 people filing BK hurts a small business then 10 million people filing BK hurts a large company.

Do you think that everything that is constitutional is right? I think that I have a constitutional right to do many stupid things but that does not mean I am going to rush out and do them.

How did you determine how BK affected others?

Thanks for your post sigfried.

Large companies are just small companies that are large? Okay. And you are posting how you don't understand others logic?

Here I have one for you. Semi tractor trailers are just pickup trucks ony larger. How about this one: Large breasts are just small breasts only larger.

Those "small" corporations who accepted my tax dollars in TARP funds will not be effected in any material way by my bk. Not at all. Do you know where they got the money they used to pay the merchant I bought my cowboy boots from? They made the money on paper. Poof! Magic!

Do I think everything that is Constitutional is right? What is this question even supposed to mean? I have a Constitutional RIGHT to file BK. Those banks even knew that when they extended credit to me. Whether I think any clause in the Constitution is right or wrong means absolutely nothing when it comes to me EXERCISNG my Constitutional rights. Let me explain it so you can understand. I don't think it is right that YOU can bear arms but I would never consider denying you that right.

If you think your Constitutional rights are stupid perhaps you's prefer the constitutional rights a country such as Iran would afford you. I'm curious. What Constitutional right do you have that is stupid?

Bk is good for anyone who needs it. I'm certain my bk doesn't affect you so it really is none of your concern.

[Ifonly]

I'll repay my debt if they wipe my BK and all of my late payments from my credit record and restore my credit score to 800+...they're both equally likely. I'd rather put that money in SAVINGS so I don't have to use a credit card and help my children with their college educations so THEY don't rack up tons of debt. Even if BK is stupid as you say, that's why we learn from our mistakes...we don't go back in a time capsule and fix them.

[junker]

come on, gimme a break, i am betting that almost no one on this forum has SERIOUSLY considered paying a creditor post bk, for one thing, they get their own write offs, and tax credits for us going down the tubes. also, by the time most file bk, the creditor has gotten his principal loan back many many times over in the form of high interest payments, annual fees, etc.....how many have been paying faithfully on a cc for many years, not to see much of a drop in principal...even with a house payment, the first 10 years are almost pure interest....WHY< WHY would you show any compassion for big business..when they sure didnt for you....BK is a BUSINESS decision....the judge doesnt ask you to pay it back when things get better for you, THE DEBTS ARE CANCELLED......i will say i had a holy roller bible thumper stepsister that filed bk many years ago, and tried to pay back post bk, she thought it was the moral thing to do,.... it took her farther down the drain....
i do agree though if you are stiffing a friend or mom and pop store you should try and pay them back...

[sigferl]

Thanks for your post ohiofiler. I respectively disagree and please do not take any of my comments personally.

This forum has had threads where we all eventually agreed that someone/everyone pays for someone elses BK. Money does not grow on trees so someone has to pay for bad debts.

If no one is hurt when someone files BK then shouldn't we all file BK frequently?

Constitutional rights.
- You stated that it is your constitutional right to file BK.
- I am saying that just because the constitution gives you the right to do something does not mean that it is right.

Examples of constitutional rights that are bad things to do.
- late term abortion for no health reasons is constitutional but most people do not think it is a good thing.
- 50 years ago, racial segregation was constitutional but we know that it is not a good thing.

Freedom is not free.

Thanks for your post sigfried.

Large companies are just small companies that are large? Okay. And you are posting how you don't understand others logic?

Here I have one for you. Semi tractor trailers are just pickup trucks ony larger. How about this one: Large breasts are just small breasts only larger.

Those "small" corporations who accepted my tax dollars in TARP funds will not be effected in any material way by my bk. Not at all. Do you know where they got the money they used to pay the merchant I bought my cowboy boots from? They made the money on paper. Poof! Magic!

Do I think everything that is Constitutional is right? What is this question even supposed to mean? I have a Constitutional RIGHT to file BK. Those banks even knew that when they extended credit to me. Whether I think any clause in the Constitution is right or wrong means absolutely nothing when it comes to me EXERCISNG my Constitutional rights. Let me explain it so you can understand. I don't think it is right that YOU can bear arms but I would never consider denying you that right.

If you think your Constitutional rights are stupid perhaps you's prefer the constitutional rights a country such as Iran would afford you. I'm curious. What Constitutional right do you have that is stupid?

Bk is good for anyone who needs it. I'm certain my bk doesn't affect you so it really is none of your concern.

[falken]

Thanks for your post ohiofiler. I respectively disagree and please do not take any of my comments personally.

This forum has had threads where we all eventually agreed that someone/everyone pays for someone elses BK. Money does not grow on trees so someone has to pay for bad debts.

Money does grow on trees... for banks to lend out. Look up "fractional banking". They create the money to lend out to you even though they didn't have the money to start with.