Quote:
Originally Posted by juan ruiz
Just out of curiosity, why do they have "bankruptcy" to begin with  |
Because people are screw-ups and this is a form of welfare, that's why. It is something that is out of hand and should have lever been allowed to grow into the moster it is today. it should have never been allowed to change from the "temporary time out" it was designed to be. it should be a way of saying, hold on and give me a little time to get back on my feet so I can make all my payments. A few months maybe, that's it.
It should not be as get out of jail free card. it should be something to help people make their payments, not something to help people walk away from their payments.
There are times when people get in financial trouble through no fault of their own. A catastrophic illness that results in unimaginable debt could be one, but IMO that is RARE. I don't believe that most people who file for BK do it because of enormous medical bills. I'd like to see some facts on that.
I suggest that the
majority of people who file BK are doing it for one of two reasons:
either they were foolish and made some really, really dumb decisions and can't dig their way out of the mess that THEY created, or they are simply taking the easy way out.
Either way it is sleazy and irresponsible to stick everyone else with your screw-ups.
The financial institutions shouldn't be punished, the rest of the people who are still paying their bills shouldn't be punished, the people who screwed up should be punished. It's too easy to walk away from commitments. too easy to go back on your word, too easy to default on a legal binding contract.
Anyone who thinks it's perfectly OK to file for BK wasn't raised very well IMO. If someone thinks there is nothing wrong with filing BK except for the hit to their credit score, they have moral issues. BK means you lied. You went back on your word. you broke a promise. That should bother reasonable people. That should be something that most people don't want to do because of personal pride and self-esteem. It should be regarded as a last resort, something you do when you absolutely positively have no other option at all. It is not a decision anyone should make, it's something that eventually happens despite their very best efforts, something they should fight against with every ounce of strength.
It is something that should be embarrasing, something to be ashamed of in most cases. It is not something that should be regarded as "oh that's OK, no big deal".
When we treat it like that we encourage other screw-ups to make the same mistakes.
I understand that some people are just unlucky. I feel compassion for them but only to a point. I've found that the harder I work and the more responsible I act the luckier I get. I know people who are very unlucky and bad things happen to them every day, just ask them. But in most cases their "bad luck" was brought upon themselves through bad decisions or taking the easy way out of a situation instead of the right way.