posted on Mar, 13 2005 @ 11:35 PM
In a pure capitalist system or capitalistic world, unpaid debt will be punishable by law. This change in bankruptcy law is to encourage people to
move toward chapter 13 bankruptcy if a court feels that the individual can pay off their debts over a period of time.
The reality is, this will encompass a lot of individuals who file for bankruptcy. If someone is in $100,000 worth of credit card debt, they could pay
it off over 20-30 years like a mortgage. So any court could declare them to. In turn, they won't be able to afford a house and their life is
This first step is to simply acknowledge that debts will not be forgiven. And they are due.
Here is where some conspiracy theories can come into play though...If you get a speeding ticket or a ticket for driving without insurance, you recieve
a fine. That fine is essentially a debt punishable by law. A warrant is issued for your arrest if you fail to pay or answer to your creditor (the
government you hired to protect you.) Remember you are paying taxes to recieve that ticket.
Now to say we will ever get to that point, where unpaid debts in general recieve warrants, who knows. It depends on how bad debts get.
Another conspiracy theory could arise toward the fact that corporations are still able to file for bankruptcy with ease, so there is a double standard
and even a suggestion of a further concentration of wealth. Just another glass ceiling in place.
And the final nail in the coffin, would be to state that this is an attack on self employed small business owners to reduce or eliminate competition
for corporations. Because think about it, who files for bankruptcy individually?
Generally it's a small business owner who takes on a fair amount of debt for a business plan, fails, and then files. Not someone with 3-5k in misc.
credit card debt.
The only other large debts worthy of bankruptcy are from college loans which generally aren't forgiven during bankruptcy.
So this is a clear attack on small business owners or self employed individuals.
[edit on 13-3-2005 by Lord Altmis]