General Question

Spargett's avatar

How does the new bankruptcy work?

Asked by Spargett (5395points) February 26th, 2008

I know that before when you claimed bankruptcy as an individual, all if not most of your debt was wiped with a few drawbacks attached. I’ve heard that the new law is really harsh. Can some explain? Thanks.

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6 Answers

evilandbrief's avatar

It works like this: Pay up, you weasel. Or else.

Spargett's avatar

Then what is the point of declaring it?

Charlie's avatar

It has become the last resort for many and since they passed the new laws you could still end up paying for alot of your debts. They, the politicians and other money laundriers, have set up the new laws so that the creditor comes out better then the debtor. First, you have to pay so much to file for bankrupcy. This amount is determined by how much you owe. Then, depending what the debts are, the court will judge what you owe against what you have. They let you keep some stuff so you can still live but anything else of value is going to the auction block, the creditors. IF the creditors do not get enough from your stuff then you will still owe the differance. NOT a good deal. In better words, if you are down and out then the creditors are going to keep you down and out. That is the new LAW and it isn’t made for you the debtor, but for them, the Creditors. There is two things to be very careful when dealing with money. Watch out for the money changers and the lawyers. That is BIBLICAL! Better off just packing up and walking away from the whole debts. Hope you know that a FEDERAL RESERVE NOTE is not money. It is a promise to pay that pays nothing so really YOU never owed anything in the first place.

Spargett's avatar

If a Federal Reserve Note is a promise to pay and you give that note to someone, than aren’t you still promising to pay?

I don’t see why that point was illustrated.

Charlie's avatar

Someone is promiseing to pay someone something but NOBODY says what that payment of promise is or when. In other words—FUNNY MONEY. The Banks create money thru a debt/credit system with nothing of value to back it. At one time it was all backed by gold and silver on deposit with the Treasurer of the United States. Today, it is backed by nothing but Your promise to pay which is just another entre in the Debt/Credit book they keep. The point is that you never had any Constitutional money in the first place and now since there is just debt/credit entreis that you can’t give to you want to file bankruptcy. THIS country went bankrupt in 1912. I would presume that no court has ordered you to pay anything yet. Run before they do because once the court passes judgement you are fully obligated to pay. It is a bad situation and is going to get worse . And yes a promise to pay is what you do but you can’t pay anything with that promise. The promise comes from the Federal Reserve System which is a corrupt bunch of theifs which has a second business called the IRS.. The IRS has nothing to do with government any more then the banking system is FEDERAL. IT isn’t! It is a privately owned business. So when it comes down to it YOUR promise to pay is as good as their promise to pay. What are they going to give you to pay a debt with??

hossman's avatar

please don’t even consider taking legal advice from charlie.

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