Quote:
Originally Posted by GH85Carrera
Back in the 1980s oil bust a lot of the people in the business were leveraged to the limit, and they just folded up and declared bankruptcy. All those bad loans is what brought down Penn Square bank and started a big banking crisis.
https://en.wikipedia.org/wiki/Penn_Square_Bank
One of my friends refused to declare bankruptcy. He sold his fancy house and his entire lifetime of assets were sold and he paid off every debt. Many of his friends told him to just walk away. He said no way. It took him many long years to get back what he lost, but no one he owed was not repaid. |
Your friend did not take the easy way out that seems so acceptible today. I have way more respect for someone like him. People have problems and fall on hard times. I get that but some just work the system and screw people over, I do not get that.