Quote:
Originally Posted by swampwiz
But the bankruptcy laws do not share this feeling. Or do you think that we should go back to the brutish days of debtor's prisons?
Donald Trump went bankrupt what 4 times? Are you saying that he should have not done so? Are you saying that if a company goes bankrupt, that the shareholders should be made to come up with the cash? Why do you feel that the ordinary citizen should be not be able to avail himself of the same protection as the soulless corporation?
Do you think that the banks of today should make good on all the deposits that were frittered away in the Great Depression - including my grandfather, who was the victim of those banks that left him a pauper from all the years of hard work?
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How much was discharged? If you lost $35K in your investing it does not sound like that big of a deal... especially since you said you bought a house that was 'over the limit' (not sure where you live, but I think that is $1 mill in Florida)...
And to answer your question, it is not the banks that pay for your discharged bank... it is all the other customers of that bank. IOW, they lend to a lot of people at an interest rate that will pay all their expense and make a profit... included in this expense is an estimate for bad debt... if there were not any bad debt the interest rates would be lower for everybody...
Is it legal, sure... did you game the system... sure... do most people think that what you did was 'not right' (you can put stronger language in here for some).... sure...
Edit to add.... just looked up in our state and real estate is unlimited in price... but it can not be more than an acre in town or 100 acres elsewhere (200 for a family)...
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