You can be jailed for debt

[DJDIGGLER]

Re: You can be jailed for debt

This falls, or rather I fall right in the middle of this conversation. I agree with having the cash up front before you buy. I've never had a credit card and never will.
How I fit in this mess.
1. I refinanced my home durring the property value spike. I borrowed against the increased equity. Which was money that actually didn't exsist. So when the bottom fell out my home turned into a "toxic asset".
2. I recieved a extreme eye injury in a cage fight last summer. Long story short, $50,000 and a series of surgeryies, which there still may be one more, and my insurance companny denied my claim. They quoated my policy and told me that the fight was a form of self destruction.
3. So due to the fight, and my old boss being a dick head about my time lost due to my injury/surgeries I got laid off. Just for the record. I'm not just a hired hand, at the time of my lay off I was a general foreman. I had three foreman who in turn each had 10 men on their crews.
So here I am, unemployed, for over 9 months. In debt up to my eyes. As some of you know I'm a union pipefitter, and can only work on the jobs the union hall says I can. I hit the bench in 9/2010 at #276. Now I'm #155. It's not a pretty picture. I'm facing these choices, bankrupcty, sueing the insurance company, or being sued by the medical financial groups who I owe money to.

My best advice to you, as it's only my opinion so take it at face value, is to claim bankruptcy when all is said and done. You won't win with the insurance company because they do have a case, and they have money...lots of it. You won't win suing the financial groups either unless you've built a rock solid case which will take years. So that leaves you with Bankruptcy. It's not as bad as it seems, I had to do it. Not my favorite thing, but once it's all over you can start fresh and learn from your mistakes.

[daved150]

Re: You can be jailed for debt

i hate to say it, but i agree with diggler (not that i hate to say THAT, just hate that, thts what you should do, lol) bk is the way to go for you. i'm looking at that as well. there's a bankruptcy (bk) in my future too, but i'll tell you why i'm waiting, and maybe it will prove to be good info for you.
the reason why i'll wait is becouse you really only want to do this once...if you have to do it at all. a second bk is the kiss of death. chances of you EVER aquiring primary financing after bk #2 is slim to none! so, i'll wait until i'm absolutely sure i'm in a position to stand up after the discharge. right now i just have to avoid phone calls. they cant go after my unemployment and they are still trying to get me too settle. i have a credit card i can get after the bk to rebuild with, (not that i want it, i just know how to rebuild the quickest way possible), and with my house, the truck (always reconfirm auto), dte (reports to credit now), and this card, i'll have my 4 lines of credit.

[Fitter X]

Re: You can be jailed for debt

I don't use credit. The only loan I have is my house payment. I'm not concerned about my credit score. I try to operate outside the system as much as possible. Credit is designed to enslave the populace.
" I owe my soul to the company store."

[daved150]

Re: You can be jailed for debt

OK...just advice.

[rc10j1]

Re: You can be jailed for debt

If u need a job the army is still hiring!

[JsJs24]

Re: You can be jailed for debt

I don't use credit. The only loan I have is my house payment. I'm not concerned about my credit score. I try to operate outside the system as much as possible. Credit is designed to enslave the populace.
" I owe my soul to the company store."

I agree with you. Credit scores are a joke. Unfortunately, if you apply to work for a major company you don't want bad credit, but no credit at all shouldn't hurt. The only loan I have is my home mortgage. If I can't buy it cash then I simply don't buy it, including vehicles.

[Fitter X]

Re: You can be jailed for debt

If u need a job the army is still hiring!

I'm to old. I would have re-uped a while back. I'm a vet from the 80's.

[Fitter X]

Re: You can be jailed for debt

The exsistance of the federal reserve is a violation of the Constitution.

[JsJs24]

Re: You can be jailed for debt

The exsistance of the federal reserve is a violation of the Constitution.

Yes it is, and so was the federal income tax but they simply added the 16th amendment in 1909 to permit it.

Fitter X, are you familiar with the Austrian School of Economics? It is not Austrian at all but was merely founded by two economists from Austria. If you're not familiar with it you ought to give it a look. The Austrian economists have pointed out everything that will ruin our country and economic prosperity. Mainly, the federal reserve is the cause of most of our troubles. Ron Paul is a supporter of the Austrian model, which is why he has been working so hard to audit the Fed and wishes to End the Fed, of which he titled one of his books. Ron Paul predicted that the housing bubble would burst 5 years before it happened, thanks to his Austrian roots. And when asked about the next crisis we'll face he said the dollar will bust if we don't curb our spending. But most people are too naive to believe this is possible, however most people haven't a clue about economics. We have been taught by our schools to believe the Keynesian approach to economics, which is the basis of socialism, and conveniently enough Keynes was a socialist. We need to listen to economists such as Hayek, Rothbard, Mises, and Hazelitt if we are ever to get out of this mess.

If you aren't familiar with the Austrian School I would suggest ordering the book Economics in One Lesson, written by Henry Hazelitt. Also, go to http://mises.org/ and read the daily articles as well as research other writings on there. There is an abundance of information on that site and it is a school that offers classes online and has its main campus at Auburn. I am attending one of their economics conferences July 10 in Las Vegas.

[Fitter X]

Re: You can be jailed for debt

Only a little bit Js. I never studied econ in school. I will look into these though.

[JsJs24]

Re: You can be jailed for debt

Only a little bit Js. I never studied econ in school. I will look into these though.

Trust me, you wouldn't have been taught the Austrian model if you had studied econ in school. Once you learn the Austrian model everything will begin to make sense more so than ever before.