You know, this is all interesting information and stuff, but here's the thing.
Why put yourself in this position to begin with? Live within your means. Don't go into debt (unless it is to buy a house).
And then there's the moral issue. If you borrow money, shouldn't you pay it back? In full? Or is all about gaming the system?
I run a business. Clients owe me money for work I have done. I expect to be paid in full. I also expect to pay others in full.
This set of mutual expectations keeps an economy going efficiently.
Bankruptcy should be a last resort for people whose circumstances have changed dramatically, and those changes have been out of their control. It should be rare.
But not in today's consumer driven society. Buy now pay later. Or don't pay at all. It's another thread pulled on the social fabric to slowly tear it apart.
Why put yourself in this position to begin with? Live within your means. Don't go into debt (unless it is to buy a house).
And then there's the moral issue. If you borrow money, shouldn't you pay it back? In full? Or is all about gaming the system?
I run a business. Clients owe me money for work I have done. I expect to be paid in full. I also expect to pay others in full.
This set of mutual expectations keeps an economy going efficiently.
Bankruptcy should be a last resort for people whose circumstances have changed dramatically, and those changes have been out of their control. It should be rare.
But not in today's consumer driven society. Buy now pay later. Or don't pay at all. It's another thread pulled on the social fabric to slowly tear it apart.