- Jeb Bush 2012
- Apr 4, 2007
-
A mathematician, like a painter or poet, is a maker of patterns. If his patterns are more permanent than theirs, it is because they are made with ideas.
|
My personal thoughts:
Not that anyone asked, but my thinking is that credit card companies accept the risk of bankruptcy when they issue unsecured lines of credit to low-income people. Not only do they assume the risk, but they also hire a lot of pretty smart people to price that risk into their products. I don't know what the interest rate is on my credit card because I pay the balance down pretty religiously, but I think it's something outlandish like 17%. I certainly don't condone ripping off credit card companies or committing any other sort of fraud, but I also don't get too worked up about it when they lose principal from time to time, since their business model more than accounts for this possibility.
People being able to default is also necessary if lenders are going to have any incentive to do their jobs. If a creditor could guarantee being paid regardless of how badly things went for the debtor, predatory lending would be even better business than it is now.
|
#
¿
Jan 27, 2016 06:22
|
|
- Adbot
-
ADBOT LOVES YOU
|
|
|
#
¿
May 16, 2024 10:31
|
|
- Jeb Bush 2012
- Apr 4, 2007
-
A mathematician, like a painter or poet, is a maker of patterns. If his patterns are more permanent than theirs, it is because they are made with ideas.
|
Also I'm now getting very far afield of the topic of bankruptcy, but the other reason that Dave Ramsey sucks is that he has an obsessive fixation on "useful" college degrees. He never asks listeners where they are going to school, only what they're studying. I don't dispute that an engineering degree makes it easier to get a job, but a literature degree from Harvard is going to be a lot more helpful than an HVAC certificate from a for-profit college.
A lot of goons (and people in general, and presidential candidates) have that same fixation, actual salary evidence be damned.
|
|
#
¿
Jan 29, 2016 20:49
|
|
- Jeb Bush 2012
- Apr 4, 2007
-
A mathematician, like a painter or poet, is a maker of patterns. If his patterns are more permanent than theirs, it is because they are made with ideas.
|
I think I have an idea...
So you're telling me that I list my assets, sell off the non-exempt ones, give the proceeds to creditors, and then I get to walk away debt-free? Well what if I don't list all my assets? Or what if I give them to a family member to hang onto for a while...?
Do not do this.  Here are a few reasons:
(1.) You are not the first person to come up with this idea. Like, at all. There are entire branches of the federal government devoted in large part to catching people who do this.
(2.) This is called bankruptcy fraud, and it's a federal crime.
(3.) You can get your lawyer in really hot water too.
Bankruptcy can offer a ton of relief for debtors, but you have to play fair with the system to get the benefits. Schedule all of your assets, notice all of your creditors, and don't gently caress around. Even if you don't end up being criminally prosecuted, you're almost certain to lose your discharge, meaning that your credit report shows a bankruptcy but you don't even get the benefit of the bankruptcy.
In case anyone was considering it, it turns out it's also a bad idea to claim bankruptcy while simultaneously posting pictures of large piles of cash on instagram.
Jeb Bush 2012 fucked around with this message at 18:37 on Feb 22, 2016
|
|
#
¿
Feb 22, 2016 18:31
|
|
#
¿
Jan 27, 2016 06:22
