It's time for me to get a little political. This post was inspired by an article I just read that says bankruptcies are up 60% from last year. This is AFTER a new law to lower the number of bankruptcies came into effect.
There's got to be a better way to determine who qualifies to file bankruptcy. I would think we could hire one person (preferable me) to review all the cases. If your debt is due to uncontrollable circumstances such as illness, being laid off, or some other emergency, I think you deserve a fresh start.
However, if you racked up a bunch of debt buying a big house, boat, cars, and other toys you can't afford, the debt collectors should be able to take everything you own and leave you with a tent and a moped, because it's your own damn fault.
The U.S. is creating a culture where no one is held accountable for their actions. Actually, I think it's too late. The number of capable individuals receiving government handouts is ridiculous, and no one seems to care. What ever happened to taking pride in working hard and providing a good life for your family?
2 comments:
You won't find an argument from me on this one and I am probably one of your more liberal readers. The most common form of bankruptcy at this moment is time is due to 'dipshits' that don't understand that there are some things that they can't afford.
These individuals tend to buy big houses with a huge mortgage and a bunch of other dumb shit.
It pisses me off.
I would however be willing to bet that 70% of the bankruptcies are from individuals that would consider themselves middle-class to upper middle-class.
For the people who have taken on multiple mortgages followed by bankruptcy as a "solution" to their debts, I don't have any sympathy. They're living way beyond their means.
Meanwhile, a hard-working, blue-collar family realistically can't afford to own a modest home these days. I'm really saddened by the foreclosure situation in North Minneapolis. Do you struggle to keep making that mortgage payment, even if it means racking up more consumer debt to pay for other living expenses; or do you give up on everything so you can afford the legal fees of bankruptcy? It irks me that the most deserving candidates for bankruptcy protection are the ones who can't afford it.
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