"When did you stop declaring bankruptcy?"

This is something that should be dealt with legally. Some one who files for bankruptcy is NOT a wife beater. Hell, we read every day about publically traded companies that file for bankrcupty and then emerge from bankrcupty and start selling stock again and nobody thinks that's a scandal.

Folks hiring for jobs that involve the handling of money often screen applicants for having filed personal bankruptcy. How is that fair? If they sreened for convictions of theft, that'd made sense. But going bankrupt does not mean you'll raid the cash register during the work day. It doesn't even make it more likely that you would.

Bankruptcy is a rough thing to go through, but it's not a crime. It just means a person didn't have enough money to meet their debt obligations. Lenders, presumably, take risk when they lend. The biggest risk is that the person they lend to won't be able to pay them back. The lender is compensated for that risk by charging interest. Not being able to pay is not a crime. It's a risk that the lender has forseen and charged a premuim to cover. It's just an anticipated and charged for part of a business deal.

We need to get back to the basics. If you lown a person money, you take on the risk that they won't pay it back. You charge interest to cover that risk. If they don't pay it back, you might be ticked off, but you are not a victim. You made the loan. Deal with the consequences.

Funny that when a loan is paid back, with interest, that nobody complains. That's just considered proper. And... it is proper. But a default, which is also proper, is some sort of tragedy or crime that defines a person's character?

thosethingswesay.blogspot.com

The Credit Card industry really likes it when people beat their wives and file for banktruptcy. The first may put the woman in the hospital and she misses work while the beater runs off with someone else. Soon, she'll need a credit card to help her "catch up."

Then, when he steals her credit cards and destroys her credit, she finally decides to get a divorce from him. He shows up with a gun and tells her all the people he'll kill if she doesn't sign the papers he has drawn up, so she signs. She's terrified. The papers allocate all of the credit card debt he ran up to her.

He doesn't pay her child support. She gets in deeper debt. She eventually files for bankruptcy.

Credit card company has run another successful ad campaign, even through its surrogates like Intelius.

By the way, Intelius published your name and your relatives for free for Google inquirers. You might think: oh, they use public records -- nothing I can do about that. Not so. You can fax them an Opt Out letter, but they ask for your personal info again to be sure its you. What else they do with that, I don't know.

Public records, in their publically recorded state, are not consolidated in one place by the government. Therefore, the act of compiling them in one central database is not a government act for public view. It is a private corporate act for its own profit. So I don't think Intelius should be able to call their records public records at all.

Finally, Credit Card companies do not really do any productive work for society except latch onto it like a parasite that vomits some cash into the system but then sucks it back into itself while leaving the host compromised.

I think they ought to be taken with the cigarette manufacturers with their nicotine death factories and imprisoned for treason against their own country. I mean, where would health care financing be today if these outfits would have quit making poison for people to suck on and lied to everyone about it so long ago? What beneficial self-investing dignity and qualities of life may have happened were strapped parents not paying so much interest? Or attorneys fees? Or getting ripped off by "easy credit" predators because the nazis at the cc companies have ruined their reputations falsely.

We ought to have a huge class action lawsuit for reputational destruction against these companies and put their financial outlook in the toilet.

destor23:

I bet if you look closely at the card offers, they charge somewhere close to $300 in fees in order to get a card that has a $300 credit limit. Then, when you say "I didn't agree to that," they then default you, charge you over the limit fees, late fees, jack the interest up to 30+% interest compounded daily on a two-month billing cycle.

Read those credit card offers closely.

Satellite Sky Blog

Find the Truth. Do Justice.

Interesting...how about an annual one week open season on the executives of these bloodsucking companies.

Also I guess there is a class of people who consider a person who has had financial problems the equivalent of a spouse beater. How dare them present themselves as potential source of extra income. Are women who have a bankruptcy likely to be sexually unfaithful to get some extra income? IMO, that is almost as absurd.

Money is the sinews of love, as of war.

George Farquhar

Re: Folks hiring for jobs that involve the handling of money often screen applicants for having filed personal bankruptcy.

It is actually illegal to refuse to hire someone or to terminate an employee with a bankruptcy on tehir record, though I'm not sure how well the law is enforced. Besides, someone who has gone through bankruptcy has gotten out of dent at least, and should probably be considered less a risk than someone who owes a pile of money.

One more thought....
I did a search on "famous people who filed bankruptcy"
Many filed, from Mozart , Abe Lincoln ,
Walt Disney, and so many more.
All morally depraved ! Ha!

Delta beats me. But it's not Delta's fault. He tries to be a good company, and deep down he really is. He just gets so frustrated some times and I don't make things easier for him. I'm real hard to deal with. It's okay Delta, I'll take you back.

thosethingswesay.blogspot.com

First off, that link to the pdf of the study is bad. And I don't find any reference to it on Dr. Warren's HLS pages.

Second, an irony here is that Cap 1 became successful by using a formula for determining creditworthiness that ignored many of the parameters used by other banks. The nonstandard formula it used was very accurate in predicting customer value and at one time, anyway, they had a below-average default rate.

I believe that after the company went public, however, the formula was changed to make it more "conservative" and in line with standard industry practice. IOW, they're probably now swimming in the same toilet as all the other banking turds, as a direct result of emulating them.

Call it "poetic justice."

Thanks.

mp

If you have to ask what jazz is, you'll never know.
-- Louis Armstrong

That is true in most cases. But, if the credit check can be proven to be directly related to meeting job requirements, then it can be used. If it isn't related to the job requirements, it is illegal. For example, Someone with a poor credit history or a high level of debt can be considered undesirable for a job that requires a high level security clearance, because they can easily be influenced to compromise secrets. Another example is working for a bank, especially if you are going to have access to other people's credit reports.

Jim Anderson

The Truth About Credit

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That bible verse you mention is Psalm 37:21. "The wicked borrow and do not repay…" (NIV) This verse is talking about intent. If you have the money, you should repay your debt. Another verse Proverbs 3:27-28, says, “Don’t withhold repayment of your debts. Don’t say `some other time,’ if you can pay it now.” Which means it is better to live on cash. If you can't live on cash, it is an indication there is a problem. Borrowing money isn't going to solve it, especially on a credit card. So anyone who uses Psalm 37:21 to accuse those in bankruptcy as immoral are misquoting scripture, and pressuposing someone's intent.

Saving takes discipline, and is the way to force yourself to live below your means. The secret is to pay yourself first, and then use the rest to live on. If you can't seem to make that happen, you need to re-evaluate your standard of living. It is better to live in a cheap apartment and save, then to have a nice apartment and build up debt.

There are also a lot of scriptures on how lenders must forgive debt, but borrowing and then expecting the lender to forgive is bad intent. So when someone uses Psalm 37:21 to accuse you of being immoral, simply come back with Proverbs 3:27-28 and emphasize "if you can pay it." Also quote Exodus 22:25, "If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest." Also, Ezekiel 18:7-8, "He (if a man) does not oppress anyone, but returns what he took in pledge for a loan. He does not commit robbery but gives his food to the hungry and provides clothing for the naked. He does not lend at usury or take excessive interest. He withholds his hand from doing wrong and judges fairly between man and man." Also, the Bible says that lending is an act of charity, Matt 5:42
says, "Give to those who ask, and don't turn away from those who want to borrow."

Jim Anderson

The Truth About Credit

Facebook Profile

"Intelius, promises to check out two things about this potentially dangerous guy: 1) Bankruptcy"

I'm amazed that nobody has pointed out that the premise of the first paragraph doesn't make any sense. Yes I would want to know about it, if my fiancee had filed bankruptcy and not told me. There are lots of other things I'd like to know before getting married.

Domestic violence conviction is not about stigma either. It is about a real danger.

There are lots of stories that Elizabeth Warren can tell about the stigmatization of bankruptcy (I am not sure I agree). This is not one of them It is a nonsensical example that just hurts her case.

I assume then that you will also condemn all those corporations (and they are legion) who have declared bankruptcy? The amounts they have blown off are far, far greater than anything a private citizen has gotten out of. And while private citizens mostly just damage the already filthy rich (read: banks, the healthcare industry etc.) with their bankruptcies, corpoartions hurt their workers and their vendors, many of whom are struggling small businessmen.
Come on, let's hear the moral outrage!

When I had to file bankruptcy after a guy ran me down with a car (as in, I was a pedestrian and he was looking at me right in the eyes when he came at me with his car), do you think I'm part of the 99% "criminal" cases you refer to?

In my experience as a bankruptcy attorney, cases like mine were the rule, not the exception.

Satellite Sky Blog

Find the Truth. Do Justice.