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Originally Posted by juan ruiz
Just out of curiosity, why do they have "bankruptcy" to begin with  |
Quote:
Originally Posted by NICKG
we were faced with cancer...we had no choice. what was really crappy was that they would come to us and say "your neice needs this platlet shot, it is 10000, without it she might die"...we did it. But right next door was a kid from some 3rd worlds place with all the toys..cable, video games and private room,m phone, everything you can think of donated, while we were in a room with 3 others..no tv, phone and no frills because we could not afford it. We were forced into bankrupcy(sp)...
would I do it again? 100% yes..my neice is a happy healthy 20 y/o..money is fleeting and after 8 years, I only occasionally get declined for credit(we have 720+ fico) own a home, and live as good or better than we did 10 years ago...I have no regrets doing it..her hospital bills alone were nearly 1 million..then the Docs...none of whom got a dime from us, billed like 2.5 million to us while all along donating their services to the "poor" kid next door (scumbags...)
Sadly this has only fueled my disdain and mistrust of dr's in general
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That should answer your question. Nick, that's really a sad story. I think this is a good example of where BR is a win-win, or best case scenario in a bad situation.
I read bankruptcy reports often enough, because I work in sub-sub-sub-prime car financing. Usually at least a couple per year. Now granted, things in Canada are MUCH different because nobody gets stuck with medical bills. My personal take on it is that anyone can get in over their heads with debt, no doubt fuelled by their own lack of responsibility, but still, everyone makes mistakes and should be given a 2nd chance. Ok, first bankruptcy. Second BR means you didn't learn your lesson and should be shown no mercy. You now work for your creditors, end of story. Nothing is written off, all debts are to be repaid in an order and amounts decided by a judge. You miss a payment, you go to jail. You don't show up for work without a dr's note, jail. Etc etc. Too many people know how to play the system and just use BR to write off bad debts. (FWIW, we will extend credit to someone with a BR on their record, but rarely, if ever, with 2.)
It's easy to get credit (from company's like mine) so who cares about your credit report. Nothing frustrates me more than seeing a BR proposal that shows something like $2K assets and $20K liabilities - that's not a serious debt, that's just trying to get out of paying for things.
I reviewed one proposal a year or 2 ago where they were trying to w/o their car loan, even though the proposal showed a household surplus of $250/month, and their payments were $240 and change. I called the trustee and asked him to explain. He said it was a projection of monthly finances and that money might not be there. I walked him through it and said these are all reasonable expenses and income, there's no reason for that surplus to not be there. He said it might not be, but never could offer a valid reason why not - i.e. the debtor just didn't want to pay. I've come to believe that some BR trustees are the scum of the earth.