The Case for Walking Away

I'd love to say "I have no credit card debt", but the reality is, I do. Car repairs, divorce lawyers, dental work...the list of charged items isn't very glamorous. Now, my commission sales job is dead, I keep at it, but it's getting worse and worse. I get 20 calls a day from these creditors...don't even answer my phone anymore. Filing for BK cost money that I don't have. I feel lucky when my rent is paid and utilities are on. I try to keep my spirits up, but it's getting harder and harder to hang in there.

When I was a kid owning your home was a status symbol. Now its how big your house is, what you drive, what you wear. I bet theirs not a one of you BK'rs out there that aren't living better than your parents or grandparents. "Karate for your kid??"..... lady you need professional help. BK won't save you.....it'll just postpone your problems. It's amazing how everyone has a story they have/need to tell. It's not your fault.....bullcrap!! You people need to go rent Cindarella Man. We could all be living it soon. And listen to the blood sucking lawyer give advce. Your house is the first one to be looted.

What about the future of the American people who are going to have to pay for your bankruptcy idea? This bad debt will have to be made up by someone.

I have never had credit card debt, only a mortgage. I bought a home for half the amount, I was approved for, I was raised not to go too far out there... just got tricked into taking this loan, mortgage people are trained on this. I was a mortgage broker for 2 years and did not approve of how my partner was doing loans, went back to being a Realtor. The reason for the whole housing issue is GREED and no reason not to run with it. You would be amazed at how easy it was to get a broker license and do almost ANY type of loan for any fee. I put people in good loans and if they didnt fit a good loan, I advised them to work on their credit 6 months and come back, to see. My associates would put them in these crappy loans, they would never dig their way out of. (why I quit) Mostly because they were pocketing $6,000-
10,000 instead of $1000-3000. per loan. GREED

Anyone buying into that Joe the Plumber bullSH8t is the one that's an idiot. We've all seen how the "trickle down" plan works...or rather doesn't. Read about the republican lady who wouldn't give halloween candy to kids because they supported Obama. Those who have something will NEVER give it up to someone who doesn't...they will trickle it up, across, anglewise, circular....but never DOWN. McCain's plan again wouldn't have done anything for normal workers because he would have given it to Joe...who would have held onto his sh*t tighter than even the most constipated.

I loved that you right wingers screamed socialism the minute someone tried to give the average lug a break. Take a buck from Joe so we can buy his overpriced toilet already. He, in turn, can employ a lacky at minimum wage to install it without lifting a finger himself. Last time I had a plumber over for a minor fix, it was over $250...with about a $5 part from Lowes and less than an hour labor.

Here's a novel idea we can borrow from the NFL. How about salary caps. Gee...that'd work for overpaid Hollywood actors (mostly democrat liberals you guys hate anyway) as well as CEO's, Dentists, Lawyers, POLITICIANS, and the like.

Here's another one....how about allowing bankruptcy to wipe out student loans too...instead of having them go on for all of eternity without any recourse except moving ourselves overseas with the jobs that were outsourced by the republican administration? That's a true fresh start...one that may be even more needed than a housing bailout for home owners. Frigging Sallie Mae gets 9%+ and I get nothing when rates go down....wasn't able to refinance even with good credit because they "averaged" the loans' interest rates to make it go only down to 8.5% with fees that added up to more than I'd have saved. Sallie Mae will chase you to the grave where I could walk away scott free from my home. There's where we need a break, and some trickle-down that right wingers won't give out.

Right wingers want a DUMB population so that we are stupid enough to fall for their line of BS. Look at the south....to stupid to keep from shooting themselves in the foot any chance they get by re-electing the same greedy politicians and lawmakers over and over again for the past 100 republican years down there. The war is over there too.

I don't feel sorry for anyone who was living beyond their means and is struggling now.
Posted By: bneddy @ 01/05/2009 10:06:32 AM)

IS THAT YOU, DICK CHENEY?

IT SOUNDS LIKE DICK CHENEY.

LETS GO DEER HUNTING.

The democrats and republicans are BOTH to blame......can't you people see this???? I am so sick of hearing how these socialists are going to fix the things that the last socialists did. They are ALL Owned by the bankers (The Federal Reserve Bank)===Private bank DO SOME RESEARCH instead of reading this crappy mainstream propaganda Obama's change certainly isn't real change, the same thieves financed him too. WAKE UP MY FELLOW AMERICANS.....PLEASE!!!!

Ok Please tell me how banks are "Broke"?

The poor banks are in trouble because they cant get your 30 percent interest rates.

Too many of you declaring BK.

The Stock Market geniuses wrapped all these bad card debts and BKs into neat little packages and sold them for trillions of dollars.
Now the Democrats and Bambi and Bush want us to pay for them again.

Reverse bankruptcy bail out for us, the tax paying American dummies.

Oh!
AND by the way- did I mention a TAX CREDIT?

I filed for bankruptcy 6 years ago, I have better credit now thanI ever did. Would I do it again ? in a heartbeat. As I said credit card companies & goverment are one of the main reasons we get in this mess.
I have never met anyone who was sorry they filed for bankriptcy period.

The only way bankruptcy would be ok is if an entire population signed on for it and admitted we all paid too much then how could anyone pass any judgement? With that, it is amazing how handling or mishandling money is considered a character marker in America when we make room for so many other off center ideas. If it goes as society has measured other things people that have not gone bankrupt will be considered ill or less than normal. I say make it be the hot thing to owe money but the terms would then have to be doable. The cost of living is out of wack so like any problem one first has to admitt it and stop hiding behind false success.

The Republicans did not even realize there was a problem with the economy until Sep 2008. That in itself is very sad. It appeared to be fine until the value of a barrell of oil dropped from 147 to 47 dollars a barrell... suddenly for no apparent reason.... I was wondering would that have ANYTHING to do with the fact our "president, vice president, and their "friends" ( administration) have family histories with the oil industry, going back 50 years, I am sure they had a bit of oil stocks and interests in oil companies. I just wonder if they miraculously pulled their money out before it "dropped" for no apparent reason,.... or is that the reason??!!

Finally, some accurate advice concerning the timing for and potential benefits of filing bankruptcy. As a bankruptcy practitioner for over 25 years and Chapter 7 Panel Trustee for over 23 of those years, I can confirm that the worst mistake people in financial trouble make is to wait too long to file. I cannot urge your readers strongly enough to contact a qualified and experienced bankruptcy lawyer or consumer credit counselor (not a get-out-of-debt scam) to find out how you may benefit from filing bankruptcy BEFORE you liquidate any of your assets, or take on new debt, in order to pay bills or other debts.

Ok Please tell me how banks are "Broke". I have made payments on an ARM for 5 years now, it is at a point I am possibly giving up... I have paid over $100,000. dollars in just interest. I have only paid less than $9,000. in principal, If I let my home go back to the mortgage company tommorrow, and they sell it for half the value, they will still be making a nice profit on my home, plus a tax write off, ( as if they had a loss), multiply that by at least another million or 2, and they
are raking in some doe!!! Please tell me why are we "bailing" out banks!!??!!??

Ok Please tell me how banks are "Broke". I have made payments on an ARM for 5 years now, it is at a point I am possibly giving up... I have paid over $100,000. dollars in just interest. I have only paid less than $9,000. in principal, If I let my home go back to the mortgage company tommorrow, and they sell it for half the value, they will still be making a nice profit on my home, plus a tax write off, ( as if they had a loss), multiply that by at least another million or 2, and they
are raking in some doe!!! Please tell me why are we "bailing" out banks!!??!!??

Posted By: chenaz @ 01/05/2009 9:27:07 AM -TIME FOR A CHANGE
Yeah!
After Jan 20th.
The MSM will start telling us how smart Dumbo is concerning your taxes and bailouts for Citi Bank,GM, AIG etc.

Bambi brilliance will over shadow our 7 trillion dollar debt that your young kids will have to pay back with Monopoly money forever..

Oh thank you!- Chris Dodd and Barney Frank and Fannie Mae for all the wonderful bankrupt houses you built.
Hey!
maybe we could sell them to all the illegal aliens that voted Democrat.

Sheeeesh!