| will76 |
01-15-2011 05:45 PM |
Quote:
Originally Posted by CDSmith
(Post 16123867)
I'll say this much, filing bankruptcy today doesn't come with the stigma and shame it once did. It's a setback, only. In fact it can sometimes be a major pain reliever. I've known several who have filed for it over the years, all of them are back in the game and surviving just fine, you will too I'm sure.
I would however avoid like the plague any future ongoing debt arrangments that come with a 30% interest rate attached.
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Canada let people off the hook way too easy with bankruptcy. Sucks for someone to take a shot and get in over their heads, but no one put a gun to their heads and made them take the shot.
People get to wipe the slate clean way to easy, especially in Canada. What about all of the venders, credit card companies, banks, and even private parties that get screwed when people go bankrupt. It's not fair to them to just lose that money because someone bit off more than they can chew.
I don't think I would go to the extreme of a debtors prison but I think it should be more severe then it is now. For example, you said you know of several people who bombed out, filed br and then started over and are doing good now. They should be taking a portion of their income now and continue to pay off old debts even if it took them 20 years, since they are doing good now. If they were struggling now to live modest that is fine, but if they are making good money again they should be forced to honor old debts, br or not. |
