Saturday, March 12, 2005

The Midas Touch

This post is taken from my comments left on the blog Just One Minute about the new bankruptcy legislation. I also have a comment about this topic on another blog of mine: Bass Pundit Preach.

I thought my comments were good enough to post here, not that anyone would come by this blog except by accident.

Politically i would be best classified as a free trading, pro-business, neo-con, religious right wing conservative intellectual. I can't speak specifically about the merits of this bill cause I don't know much about it.

I do know that I have recently filed for and received a discharge of debts under Chapter 7. While I am not proud of having done so and fully acknowlege pure financial
stupidity and poor decision making on my part in the process, still I don't feel
guilty in the least for having pursued bankruptcy protection because of the
circumstances, my worldview, and intellecual nature. To some it may seem odd but
I really don't "credit" myself as guilty anymore precisely because of my
religious and economic/political beliefs. Walk a mile in my shoes and see where
they lead you.

I want to answer the Leesus question as forthrightly as I
can.

"If people get into debt, why should the creditors get stuck with
the bill?"


Simply because a "creditor" by another name is an investor
who is assuming some risk to pursue profit. Money and people are a volitile
combination and things don't always turn out like we want or expect and that's
life; be thankful for what you have, don't envy or covet and be willing to
forgive those who owe you debts if necessary because if you will not forgive
them it would be better that you should not have gone into business at all.
Getting stuck with the bill and paying it is a righteous thing.

At the end of the day after my bankruptcy I was better off and the credit card
companies and their employees while not "better off" than when they had me on
the hook are still far better off financially than me, are plenty solvant and
are reaping healthy profits. They have better financial sense than me, so more
power to em!

Leesus writes this:
"I am sick of personally financing
other people's "fresh starts." I sold my car once to pay for some idiots "fresh
start."


I have little sympathy. Pay your bills."

If you have no sympathy for the destitute why should the destitute or anyone for that matter have any sympathy for you? The only real sympathy your gonna receive for your attitude is the sympathy of the devil and I'm not saying that to be snippy.

No one likes getting ripped off but between the choice of that or being
heavily saddled by a pile of debt, I know which option I prefer and that from
experience of both? Having your stuff stolen or being betrayed sucks, but having
a conscience and some pride yet knowing that you are a financial screw up and
own less than nothing despite working hard and trying to play by the rules is
far worse.

Some people have a midas touch and in some hands gold turns
to dust. Both thought they were cursed (because they were)

2 comments:

leesus said...

heh!! found you!!!

my situation is thus....

We did help the destitute. We worked with them on thier security deposit. We cut them slack when they couldnt pay rent.

Finally they stopped paying completeley, and they used free legal services like tenantsunion.org to prevent our ability to evict them,

They lived for free for months and months, having thier freebie legal bury us in 1000's and 1000's of dollars in legal fees, and mold inspections, envirnmental inspections, etc... All passing, but very expensive, and guess who had to pay....

our choice was, pay now, or lose our house.

We worked very hard to afford that, and certainly are not rich. We did our best to help what seemed like nice, but low income people.

Now our credit is trashed, all of our credit cards are maxed, the debt we owe from this is real, and not going away.

we incurr a permanent loss, wouldnt it seem fair that they incurr a permanent debt?

Even if you wish to portray us as "investors" does that change anything? We work very hard to keep that little rental running, it is neither cheap, nor easy.

Does the title "investor" mean its ok to steal form us, and then have that debt legally wiped clean?

Not all creditors are creditors by choice. We had no idea that these awful lowlife legal defense organizations could put such a financial hurt on us, the legal fees were much more than the lost rent. so you could say we signed on for a risk of $xxx a month, but due to circumstances outside our control, the damage done to us, was much greater.

similar example: (although highly unlikly)

the bank spends your money. and then has the debt legally erased.

sound ok? no!!
(and yes i understand the fdic thing, im just making an analogy)

but in your above mentioned logic, since you were going to profit by making .00002% interest, you also are a "investor" and you are assuming risk, hence you are culpable. If you had really wanted risk free vcash storage, you would have put it under your mattress.

these people almost caused us to lose everything. we financed thier "second chance" with cash straight out of our wallet.

Even worse, we had to beg, borrow, and bounce, to finance thier second chance.

where is the justice in that?

why is justice one of those concepts that allways applies to other people?

I am not a faceless corporation, but rather just another geek working 70 hours a week. my wife does similar. that little rental is our everything.

and it shouldnt matter. even if i was a huge corporation, does that make it ok?

and the bankruptcies have consequences, which cost everybody *except* the peopl who incurred the debt: higher interest rates foir credit cards, higher insurance rates, etc...

So its not just investors who get hurt, its everybody.

It is not unreasonable to expect people to act responsibly.

by filing bankruptcy however, you are forcing (not asking) everybody else to finance your irresposibility.

Think of it in personal terms. Think of losing your house or your car, so somebody can "move on" with thier life.

-leesus
+++









heh!! found you!!!

my situation is thus....

We did help the destitute. We worked with them on thier security deposit. We cut them slack when they couldnt pay rent.

Finally they stopped paying completeley, and they used free legal services like tenantsunion.org to prevent our ability to evict them,

They lived for free for months and months, having thier freebie legal bury us in 1000's and 1000's of dollars in legal fees, and mold inspections, envirnmental inspections, etc... All passing, but very expensive, and guess who had to pay....

our choice was, pay now, or lose our house.

We worked very hard to afford that, and certainly are not rich. We did our best to help what seemed like nice, but low income people.

Now our credit is trashed, all of our credit cards are maxed, the debt we owe from this is real, and not going away.

we incurr a permanent loss, wouldnt it seem fair that they incurr a permanent debt?

Even if you wish to portray us as "investors" does that change anything? We work very hard to keep that little rental running, it is neither cheap, nor easy.

Does the title "investor" mean its ok to steal form us, and then have that debt legally wiped clean?

Not all creditors are creditors by choice. We had no idea that these awful lowlife legal defense organizations could put such a financial hurt on us, the legal fees were much more than the lost rent. so you could say we signed on for a risk of $xxx a month, but due to circumstances outside our control, the damage done to us, was much greater.

similar example: (although highly unlikly)

the bank spends your money. and then has the debt legally erased.

sound ok? no!!
(and yes i understand the fdic thing, im just making an analogy)

but in your above mentioned logic, since you were going to profit by making .00002% interest, you also are a "investor" and you are assuming risk, hence you are culpable. If you had really wanted risk free vcash storage, you would have put it under your mattress.

these people almost caused us to lose everything. we financed thier "second chance" with cash straight out of our wallet.

Even worse, we had to beg, borrow, and bounce, to finance thier second chance.

where is the justice in that?

why is justice one of those concepts that allways applies to other people?

I am not a faceless corporation, but rather just another geek working 70 hours a week. my wife does similar. that little rental is our everything.

and it shouldnt matter. even if i was a huge corporation, does that make it ok?

and the bankruptcies have consequences, which cost everybody *except* the peopl who incurred the debt: higher interest rates foir credit cards, higher insurance rates, etc...

So its not just investors who get hurt, its everybody.

It is not unreasonable to expect people to act responsibly.

by filing bankruptcy however, you are forcing (not asking) everybody else to finance your irresposibility.

Think of it in personal terms. Think of losing your house or your car, so somebody can "move on" with thier life.

-leesus
+++

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