[I_Like_Plants]

According to some self-proclaimed expert on finance named Jim Sinclair, some bad shit's coming including "all debtors one payment late to be liquidated, all debtors one day past grace period to be liquidated".

Am I reading this right? Liquidated means killed.

I am only glad this fight is coming now while I am still relatively young and able-bodied, and able to take plenty of them with me.

[PenultimateManStanding]

I saw that too, plants. I don't think "bumping off" debtors is what they mean by liquidation. But still, I hope they can still pay school teachers.

[TheTurtle]

I don't believe that is what it means. I think it means that the loan conditions will be liquidated and the debtor will be forced to pay up at that time or else forfeit whatever the loan secured or if an unsecured loan, the debtor will go to jail.

I suspect debtors will be doing hard labor before they are killed.

[PenultimateManStanding]

$this->bbcode_second_pass_quote('TheTurtle', '
')I suspect debtors will be doing hard labor before they are killed.

[Cloud9]

I've been through bankruptcy. They don't put debtors in jail.They come get your stuff, but they don't put you in jail. What you guys ought to be doing is looking for every congressman that signed the bankruptcy reform bill. The credit card companies knew this day was coming several years ago. The reform bill makes it much harder for an individual to throw up his hands and just walk away. What is going to be interesting to watch is when banks go after people who have mailed in their keys to properties that are worth half their mortgages. When they go after these people, they will find they still owe the banks even after the property has sold in foreclosure.

[PrairieMule]

$this->bbcode_second_pass_quote('', 'I')f the equity markets cannot be calmed then

[I_Like_Plants]

Cloud9 - Yeah, I think that's what will happen.

If you're broke, they'll assess what you have, and take that - bank account, 401k, any assets worth taking.

If you're employed I guess the same plus garnishment of paycheck.

Just sort of an immediate cleaning-out. You lose your bank account, car, maybe I'd lose this laptop and stuff like printer, radio, musical instruments.

But, who'd they sell this crap to, if they started taking stuff? It would turn to shit in their hands if they took stuff from every deadbeat out there, so that may not happen so much as the really large, fungible stuff. And any money debtors have.

for all the good it will do them HA!

[I_Like_Plants]

PS Cloud9 - you'd expect me to hate the new BK law but really, it's no bar to BK if you're really and truly broke. If anything I think BK's become cheaper and as for the required credit counseling, it sounds like it's about like going to traffic school.

There was a lady from the IRS who came out and actually held a sort of class on how BK's done, for free. It was at the courthouse. Pretty cool actually.

[jasonraymondson]

Could we get a link over here

[smallpoxgirl]

$this->bbcode_second_pass_quote('I_Like_Plants', 'P')S Cloud9 - you'd expect me to hate the new BK law but really, it's no bar to BK if you're really and truly broke. If anything I think BK's become cheaper and as for the required credit counseling, it sounds like it's about like going to traffic school.

[Kylon]

Couldn't you just "sell" your assets to your other family members for nothing, then file for bankruptcy?

Then they've got nothing to take.

Everyone in the family gives all their stuff to one person, who stays out debt himself.

That one person then makes sure he/she never gets any debt.

THat one person starts up a company that sells "contract labor" to other companies. The other family members get paid minimum wage for their work, the rest goes to the "company".

However, they are allowed to use the company to buy stuff through.


If done correctly, you could effectively totally circumvent credit problems if your way too deep in debt. It would require a strong family though to do this, you couldn't do this if you didn't trust your family.

[peaker_2005]

$this->bbcode_second_pass_quote('Kylon', 'C')ouldn't you just "sell" your assets to your other family members for nothing, then file for bankruptcy?

Then they've got nothing to take.

Everyone in the family gives all their stuff to one person, who stays out debt himself.

That one person then makes sure he/she never gets any debt.

THat one person starts up a company that sells "contract labor" to other companies. The other family members get paid minimum wage for their work, the rest goes to the "company".

However, they are allowed to use the company to buy stuff through.


If done correctly, you could effectively totally circumvent credit problems if your way too deep in debt. It would require a strong family though to do this, you couldn't do this if you didn't trust your family.

[jasonraymondson]

$this->bbcode_second_pass_quote('peaker_2005', '')$this->bbcode_second_pass_quote('Kylon', 'C')ouldn't you just "sell" your assets to your other family members for nothing, then file for bankruptcy?

Then they've got nothing to take.

Everyone in the family gives all their stuff to one person, who stays out debt himself.

That one person then makes sure he/she never gets any debt.

THat one person starts up a company that sells "contract labor" to other companies. The other family members get paid minimum wage for their work, the rest goes to the "company".

However, they are allowed to use the company to buy stuff through.


If done correctly, you could effectively totally circumvent credit problems if your way too deep in debt. It would require a strong family though to do this, you couldn't do this if you didn't trust your family.

[Twilight]

$this->bbcode_second_pass_quote('Kylon', 'C')ouldn't you just "sell" your assets to your other family members for nothing, then file for bankruptcy?

Then they've got nothing to take.

[Cloud9]

Trying to hide your stuff is fraud. If the feds find that you have done that, they will seek to put you in jail and you will lose the protection afforded under bankruptcy.

[Picklepuss]

$this->bbcode_second_pass_quote('smallpoxgirl', ' ') The new law isn't that big of a problem. Really it's just an issue if your annual income is over the median in your state.

[WatchfulEye]

$this->bbcode_second_pass_quote('I_Like_Plants', 'A')ccording to some self-proclaimed expert on finance named Jim Sinclair, some bad shit's coming including "all debtors one payment late to be liquidated, all debtors one day past grace period to be liquidated".

Am I reading this right? Liquidated means killed.

[deeciduous]

$this->bbcode_second_pass_quote('TheTurtle', 'I') don't believe that is what it means. I think it means that the loan conditions will be liquidated and the debtor will be forced to pay up at that time or else forfeit whatever the loan secured or if an unsecured loan, the debtor will go to jail.

I suspect debtors will be doing hard labor before they are killed.

[deeciduous]

here is a neat representation of what is to come.
[flash width=250 height=250]http://video.google.com/googleplayer.swf?docId=-2757699799528285056&hl=en[/flash]

Kapeachay?

[smallpoxgirl]

$this->bbcode_second_pass_quote('Kylon', 'C')ouldn't you just "sell" your assets to your other family members for nothing, then file for bankruptcy?