From: "Dave Coull" <coull2-AT-btinternet.com> Subject: Kristopher's Bankruptcy Idea Date: Wed, 5 Mar 2003 13:30:35 -0000 Bryan Moore wrote > filing for bankruptcy will ruin your credit for life, > which means you'll never be able to borrow money again This is simply untrue. First of all, I filed for bankruptcy in January 1993. My bankruptcy lasted three years. After that the slate was wiped clean, and yes, I have found it possible to get credit again. For instance, I have at present nearly paid off the bank loan I got last year. Okay, so this was in Scotland, and the laws are a bit different, but I was even able to get a credit card from an American bank when I visited California. Thousands of people have found that bankruptcy does _not_ mean they will never be able to borrow money again. Secondly, if we are talking about _mass_ filing for bankruptcy, well, be serious. There is no way that banks and credit companies can afford to take the attitude you are suggesting to thousands, tens of thousands, hundreds of thousands, of potential customers. They would lose far more by doing so. They will shrug their shoulders and say, well, okay, so they did it because they were against the war, and it cost us a lot of money, but that doesn't mean they won't be useful customers in the future, and it is not in our business interests to take too hard a line. Here in the UK, a dozen years ago, we had a movement of mass non-payment of the poll tax. If a few individuals had refused to pay the poll tax, maybe the authorities could have come down hard on them. But faced with millions of people refusing to pay it, they were simply unable to take such a hard line. So what you say is probably wrong even at an individual level, and it is most certainly wrong when large numbers are involved. Dave Coull
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