Is BK good for the economy?

[sigferl]

Thanks for your post CT. I always try to answer all questions to the best of my ability but I think we are having a communication problem.

I think that I am forceed to pay for all BKs, in one way or another, and I would like to be reimbursed because I think BK abuse is 95%. If you abused BK then I think you should repay the debtors or just pay me my share.

1. I get free checking also, please look at savings account rates, very low. Car/home/home equity rates would be lower if the default rates were lower. Therefore, bank rates would be better if there was less BK.

2. Valid loans are car/house/student, all of which I have had at some point in time. Interenst rates for loans are based on many things including default rates/risk.

Did you answer my questions:
A. Who pays for BK?
B. If BK is good then should we all file BK every 7 years?

If others personal BK cost me $1 per day then after 60 years and 95% of BK is abuse then BK abuse cost me $20,805(365*60*.95). I would like that money back to spend as I wish, donate to child illness cures.

Do unto others as you would have them do unto you?

Once again, you seem to have issues with the Govt, and you still HAVE NOT explained to me why I should send you a check from MY hard earned money....classic FAIL, avoid a question with a question.

Well Mr. Frugal:
1. Why are YOU paying higher bank fees? I bank where I get FREE checking, (been there over 4 years)
2. Why are you paying higher interest rates? When you pay for everything with cash, have money saved, what really is loans and interest rates? It seems I live more how you wish you could live.....come on silly, why are you paying bank fees and high interest rates?

[CompTweaker]

Thanks for your post CT. I always try to answer all questions to the best of my ability but I think we are having a communication problem.

I think that I am forceed to pay for all BKs, in one way or another, and I would like to be reimbursed because I think BK abuse is 95%. If you abused BK then I think you should repay the debtors or just pay me my share.

1. I get free checking also, please look at savings account rates, very low. Car/home/home equity rates would be lower if the default rates were lower. Therefore, bank rates would be better if there was less BK.

2. Valid loans are car/house/student, all of which I have had at some point in time. Interenst rates for loans are based on many things including default rates/risk.

Did you answer my questions:
A. Who pays for BK?
B. If BK is good then should we all file BK every 7 years?

If others personal BK cost me $1 per day then after 60 years and 95% of BK is abuse then BK abuse cost me $20,805(365*60*.95). I would like that money back to spend as I wish, donate to child illness cures.

Do unto others as you would have them do unto you?

A - Who pays for BK? Well thats an easy one...the person who filed it. Did you mean to ask something a little more specific? If so, then stop being so vague...its quite easy to be a little more inquisitive with specifics if you are so inclined (and capable).
But given your history of widely generalized analogies, combined with your palate of parading around a forum with inciteful dialogue, you either suffer from the most extreme case of cranial rectosis I have ever witnessed, or you truly are driven by only the lowest of logic, of which, sinks to depths lower than whale sh*t

B - Your laziness (along with your lower than whale sh*t IQ/logic), may very well be the catalyst behooving you of the many other requirements of BK discretion. But frankly, I believe it is just ignorance and stupidity...and maybe a pinch of inferiority due to inattention you may have suffered through out your real world existence.

[sigferl]

Thanks for your post CT.

A. What I mean when I ask 'who pays for BK?' I am asking for how pays for the bad debt. If you default on a Doctor bill, who pays for the bill? If you default on a Walmart CC where clothes and TVs were purchased, who pays for the clothes and TV.

B. You keep saying BK is good and we all should be able to file BK and my question to you is should every US citizen file BK every 7 years? For example, I say hard work and frugal living is good and I think every US citizen should work hard and live frugally every day.

Freedom is not free.

A - Who pays for BK? Well thats an easy one...the person who filed it. Did you mean to ask something a little more specific? If so, then stop being so vague...its quite easy to be a little more inquisitive with specifics if you are so inclined (and capable).
But given your history of widely generalized analogies, combined with your palate of parading around a forum with inciteful dialogue, you either suffer from the most extreme case of cranial rectosis I have ever witnessed, or you truly are driven by only the lowest of logic, of which, sinks to depths lower than whale sh*t

B - Your laziness (along with your lower than whale sh*t IQ/logic), may very well be the catalyst behooving you of the many other requirements of BK discretion. But frankly, I believe it is just ignorance and stupidity...and maybe a pinch of inferiority due to inattention you may have suffered through out your real world existence.

[forgotten]

Thanks for your post CT.

A. What I mean when I ask 'who pays for BK?' I am asking for how pays for the bad debt. If you default on a Doctor bill, who pays for the bill? If you default on a Walmart CC where clothes and TVs were purchased, who pays for the clothes and TV.

The same people that pay for any unrealized profit. If you *don't* go get a loan, the bank won't profit on the interest. So if you don't go get a loan right now and pay it back you are making that bank loose potential money. Who is going to pay for those profits if you don't?

If you default on your Walmart CC, the bank that issues walmart credit cards does not get profit they were expecting on their investment. Due to fractional banking and the interest rates charges the actual loss is small.

You do realize that walmart doesn't loose any money when you default, right? It can't affect walmart prices at all. Now if people didn't get walmart credit cards to increase their spending ability walmart would make less money, and may raise prices to account for the lost revenue.

[sigferl]

Thanks for your post forgotton. I still do not understand your logic.

Should we all go out and get loans and not repay them because it is good for the economy? If you loaned me money do you expect me to pay you back if I promised to?

1. Would a bank loan money and charge less interest if the default rate was very low. Of course, they do it every day when they charge higher interest to those with bad credit score. If everyone with my credit score repaid their loans then my interest rate would go down.

2. So, defaulting on a CC is OK because a bank owns the CC. Then is it still good to default on a CC if the retailer ownes the CC?

3. Banks take a large loss(not a small loss) when someone defaults on $20,000 and only pays $1,000 in interest.

The same people that pay for any unrealized profit. If you *don't* go get a loan, the bank won't profit on the interest. So if you don't go get a loan right now and pay it back you are making that bank loose potential money. Who is going to pay for those profits if you don't?

If you default on your Walmart CC, the bank that issues walmart credit cards does not get profit they were expecting on their investment. Due to fractional banking and the interest rates charges the actual loss is small.

You do realize that walmart doesn't loose any money when you default, right? It can't affect walmart prices at all. Now if people didn't get walmart credit cards to increase their spending ability walmart would make less money, and may raise prices to account for the lost revenue.

[Willy13]

Here's a thought. Where does your income come from. If you look deep enough you probably will find people down the line that bought something, that you or your company profited from, using credit that they never repaid. In this instance you profit from the abusive behavior. In the end and in the grand scheme of it all, I call it a wash.

[CompTweaker]

Thanks for your post CT.

A. What I mean when I ask 'who pays for BK?' I am asking for how pays for the bad debt. If you default on a Doctor bill, who pays for the bill? If you default on a Walmart CC where clothes and TVs were purchased, who pays for the clothes and TV.

B. You keep saying BK is good and we all should be able to file BK and my question to you is should every US citizen file BK every 7 years? For example, I say hard work and frugal living is good and I think every US citizen should work hard and live frugally every day.

Freedom is not free.

I never said BK is good and everyone should go file every 7 years, so dont try to put words in my mouth. This thread is full of answers to your questions but you continue to ignore them and go around in circles.....I guess to stir people up. Well, theres a saying, "sometimes you just cant fix stupid" .... so I think thats about as far as we can go with this

[sigferl]

Thanks for your post W. I respectfully disagree completely.

I do not understand how you can think that way, it seems so foreign.

When you default on a bank, the bank has to 'make up' for the loss. Many banks have failed or have been bailed out with taxpayer money.

Manufacturers may like BK but I know that banks and do not. So it may be a 'wash' for those that have filed BK but it is not a 'wash' for those of us who have never filed for BK because people that file BK also work for manufacturers.

I have never seen an economist or government official encourage personal BK.

God Bless America

Here's a thought. Where does your income come from. If you look deep enough you probably will find people down the line that bought something, that you or your company profited from, using credit that they never repaid. In this instance you profit from the abusive behavior. In the end and in the grand scheme of it all, I call it a wash.

[OhioFiler]

Thanks for your post W. I respectfully disagree completely.

I do not understand how you can think that way, it seems so foreign.

When you default on a bank, the bank has to 'make up' for the loss. Many banks have failed or have been bailed out with taxpayer money.

Manufacturers may like BK but I know that banks and do not. So it may be a 'wash' for those that have filed BK but it is not a 'wash' for those of us who have never filed for BK because people that file BK also work for manufacturers.

I have never seen an economist or government official encourage personal BK.

God Bless America

Nice qualification. Our President and his aides led both GM and Chrysler into bankruptcy this year. If the Prez thinks it's good enough for GM, it's good enough for me as well.

[sigferl]

Thanks for your post CT. Here is one of your last answers to my question ' Who pays for the debt in a BK?'

Notice, your answer is not much of an answer. Who repays the bank/hospital?

QUOTE=CompTweaker;335468]:
A - Who pays for BK? Well thats an easy one...the person who filed it. Did you mean to ask something a little more specific? If so, then stop being so vague...its quite easy to be a little more inquisitive with specifics if you are so inclined (and capable).

I never said BK is good and everyone should go file every 7 years, so dont try to put words in my mouth. This thread is full of answers to your questions but you continue to ignore them and go around in circles.....I guess to stir people up. Well, theres a saying, "sometimes you just cant fix stupid" .... so I think thats about as far as we can go with this

[DeadManCrawling]

Sigferl, thank you for an engaging discussion. I can sort of see your viewpoint, but would still like a response, based on your views, to my particular situation. Am I not supposed to file? This is all factual, and the man responsible served jailtime before dying. Your thoughts?

Sigferl, you seem to imagine that everyone who files BK is doing so out of a desire to screw the system, take the money, and retire to a life of pleasant gambling and women (or men) in some island nation. With ill-gotten gains.

A quick perusal of this board would be enough evidence to show this is not the case in nearly every BK.

You are misinformed.

Badly.

I, and most people here, would happily pay the bills.

However, it is not possible. The man who assaulted me so severely that I ended up disabled and unable to work, with hundreds of thousands of dollars in medical bills, ended up dead himself. Through no doing of mine. I love karma, though.

His death removed any possibility of suing him for what little money he had to pay my medical debts. Surely this debt was HIS fault, not mine? I did nothing to merit this attack and he was found guilty and sentenced shortly before he died of a stroke.

Is it wrong of me to, disabled as I am, and unable to pay, ask for relief under the laws that were designed for this exact purpose?

Should a disabled person have to pay for the cost of the very crime that caused his disability?

If your answer is yes, you are more ridiculous than any human being has the right to be. In fact, I would question whether such a mind is human in the first place. Sewage of the lowest level would come to mind.

Apologies for the disparaging remark at the end. I was a bit upset thinking about the injuries I sustained and continue to be disfigured by. It had no bearing on you personally.

[DeadManCrawling]

I wanted to add, to give perspective:

At the time of my assault, I was making 400k per year. I had saved a good deal of money, 250k, which went to medical creditors. My disfigurement affected my ability to work (entertainment field) and my income dropped immediately to near zero.

Due to the injuries, I am unsuitable for training in virtually any other field. I DO get by with a little income from a career that I started that does not require my physical presence. However, I have no prospects of ever attaining that sort of income again.

I have paid the maximum amount possible into Social Security and wil not, under any circumstance, ever receive an equal amount of benefits. Did you know that once you max out SS, you hit a point at which it is mathematically impossible to receive an equal amount of dollars in benefits? Seems unfair that I have to subsidize others, but that is the law and I abide by it.

Any case, I am stuck with hundreds of thousands in bills from a crime committed against me that ruined my career.

[forgotten]

When you default on a bank, the bank has to 'make up' for the loss. Many banks have failed or have been bailed out with taxpayer money.

I think you are mistaken in to thinking that people file BK because they are bored, have nothing better to do for the day, or are just tired of making payments.

After my business closed I had around $300k in unsecured debt (much of it was business).

I now have around $4000/mo after taxes in income... What do you think I should have done? Just went ahead and paid it all with magical money I don't have?

Interest alone on the debt at 20% would be $5000/mo... so I don't even make enough money to cover the interest if I had no home, and made my family go hungry and naked.

People don't borrow money that they *know* they can pay back... If you *know* you can pay it back, that means you have that much money on hand, so you wouldn't need to borrow it!

[CompTweaker]

Thanks for your post CT. Here is one of your last answers to my question ' Who pays for the debt in a BK?'

Notice, your answer is not much of an answer. Who repays the bank/hospital?

QUOTE=CompTweaker;335468]:
A - Who pays for BK? Well thats an easy one...the person who filed it. Did you mean to ask something a little more specific? If so, then stop being so vague...its quite easy to be a little more inquisitive with specifics if you are so inclined (and capable).

and once again, even though you keep ignoring the answers here that have been given to you, thats the risk taken in big trillion dollar industries such as banking and healthcare. Banking and healthcare will always be there and will always be making money! Some people need to file BK, and for those that qualify, YES it is good for them.....or would you rather them put a bullet in their head...and you know, unfortunately, that happens too often....and usually by people who dont understand the BK process and why it is there.....plus they listen to jackasses like you who constantly put them down and feel entitled to "getting your money back".....money which has never come out of your pocket .... Look, are you really that blinded by stupidity? Maybe its something else, I dont know. But you are taking far more liberty with your comments on this issue than is warranted. I am sure Freud would be able to explain what your problems are....so I'll leave that to you and your conscious.

[forgotten]

*All Messages From This User*

What you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.