Quote:
Originally posted by lendaddy
Actually a consumer can declare bankruptcy while still being able to pay 100% of their debts(and not having enough left for day to day expenses). If you could prove that your income was less than your obligations you would breeze through a BK no contest style. Always happy to educate.
Again, you don't know what bankrupt means, you think having an income is a barrier to BK, it's not and I'm sorry that the logic evades you.
Our country certainly could be headed for BK , but for now we still cash flow. And a large portion of our obligations are short term and our "income" is constantly increasing. All our bills are getting paid, but yea it's possible.
Ignorance is curable, do you want to be healed?
I would be more polite if I thought you weren't just being obstinate for its own sake.
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Not only are you not polite, but you are obviously lazy. Google on Title 11 of US Code for the legal definition of insolvency needed to file for bankuptcy. Sorry, but your first paragraph is incorrect.
I never said anything about income--you added that to the discussion.
I said being unable to pay 26% of your debts was not being bankrupt. It isn't.
Just check and
your own ignorance can be cured. I would post the web link for you, but knowledge only comes with a little hard work.