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Forgive my ignorance, but once you've decided that a chapter 7 makes sense for a client, what's to stop them from going on a shopping spree with unsecured debt? On one hand the judge could say you did a dumb thing and that debt won't be discharged, but if that analysis happened for every case there would be problems since I imagine a lot of bankruptcies involve dumb decisions.
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Jan 26, 2016 16:00
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Always got the feeling from Dave they you took the debt and you should pay it back because that's the right thing to do. Also his crazy views about the average expected annual return of the market make his advice to pay a mortgage before investing even more unbelievable. Could you do an idiot's guide to foreclosure vs bankruptcy? I've imagined them being basically equal in terms of credit damage, but I've known a few people who got foreclosed on while also holding awful cc debt that didn't file for bankruptcy.
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Jan 29, 2016 15:47
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