Got a Question ... What happens to your debts in a financial collapes...

The Financial Collapse conspiracy...
You name it --- they are saying we are going to self detonate at any time..
... Ok, we are in debt ... no job ... no bankrupt ... what happens to like your house - car - investment Stock - bonds .. etc... let me tap your know how...~

Oh I cant wait to hear this one ..
I would sure love it if all would be forgiven and we would still walk away from it all with our house cars etc ...but I really doubt that would happen..........


I cant answer that one because I sure dont know .

[edit on 25-8-2008 by Simplynoone]

reply to post by Simplynoone


I would like to think so. My student loans and credit card debt just magically absolved and my home with no morgage to pay.

We might go into another "depression", but I seriously would doubt the big banks of the world would let this economic collapse happen. Way too many people owning way too much money.

[edit on 25-8-2008 by fishneedh2o]

reply to post by BornPatriot


Reminds me of the end of Fight Club. My personal opinion in this scenario is that we'd basically enter another "great depression". Those that try to revolt against the New World Order will be thrown in camps. The others basically will have to live in the great depression. Personally I would never revolt even if we were under fascist state because I am not a violent person by nature and am physically ill right now.

I live in Canada but I don't think the laws on this differ very much in the so called "Western world". If you don't declare bankrupcy, you're of course expected to pay your bills. If you do declare bankrupcy the government can take control of all of your assets and sell them off at auction to recover whatever they can for your lenders. They are paid out by scale of what there is to be had, against what they're owed. You are then free of your debts but left with next to nothing. (They let you keep your clothes and family picture album, etc- simply because they have little or no resale value).

You then are ineligable for credit for a minimum 7 years and must start from zero after that. Also, if at any time a judge who sees the case decides that it's somehow a calculated scam you're running (ie; pretty much after the first time they'll keep tabs on you're financial records), you may be subjected to frequant and very in depth audits and possibly subsequant prison time, if found to be 'taking advantage of the system'. (So for instance maxing all credit whenever you can, defaulting on all payments as long as you can, filing for bankrupcy and then begining again, and again....). They will catch on.

Hope this helps answer your question. As for a global meltdown scenario, I can't imagine that any state of a government would allow you any extra freedom just because 'everyone is doing it'. They would always be looking to rebuild a great culture/civilization at some point and giving stuff away for free just doesn't help in that. If you owe, you owe. If you pay, you keep. If you don't, you lose. If it ever gets to that point though, I might just sit on my porch in a rocking chair, with a shotgun and let them try to take it from me. That's right, I'd likely go, "bitter old man" on their collective a$$e$.

[edit on 8/25/2008 by Static Sky]

Originally posted by BornPatriot
The Financial Collapse conspiracy...
You name it --- they are saying we are going to self detonate at any time..
... Ok, we are in debt ... no job ... no bankrupt ... what happens to like your house - car - investment Stock - bonds .. etc... let me tap your know how...~

We will not self-detonate. The fact is - the people you owe money to understand this very fundamental law:

You cannot squeeze blood from a turnip

They will take what they can get because what they can get is better than nothing at all.

Sure - they'll try hard to get more - but in the end, nothing will blow up like in the movies and the most imaginative literature available.

The Lending industry WILL hit a wall - but it will effect the lenders much more than those who are borrowing.

With interest rates as high as they are - and loan terms stretched out to 7 years on a lot of new auto-loans, 50 year home mortgages, etc, the lenders are stretching themselves thin.

The real conspiracy is that they're allowed to get away with it - and then ruin the lives of Americans to recover.

That'll all change one day

It is coming, and depending on your age - you will see it happen.

When the money becomes worthless, your debt becomes worthless.


[edit on 27-8-2008 by In nothing we trust]

well if you owe 250,000$ on a house and the dollar turns to do do... like one dollar is like a penny today... and your note is 30 yrs... I'm sure you could come up with 250,000,000 penny's to pay it off ... do think this has a chance of happening...?

Well, if there is a financial collapse then there would be a de-facto fire sale.

There would be a great depression, and ensuing hyperinflation as the dollar's rampant overprinting is exposed while dollar hegemony collapses.

The benefit of this? Well, your mortgage might seem expensive at 500,000 USD at the moment... but if there was 1000% inflation, within a year you could pay off your mortgage.

Unless of course youre on an inflation adjusted mortgage, in which case its problematic.

I wonder what would happen to our bills if we had a massive cataclysmic event?
I mean a major one like if banks had to close (no one could write checks or get to their money )Most businesses were closed like the Light Companies,Mortgage Companies,Debt Collection agencies etc etc and no one would be working to make money what then ?

And when it got somewhat straightend out ,where business could be conducted again would we owe three months mortgage (if it took three months) or would we just all owe what was due when it all started .

Originally posted by 44soulslayer
... within a year you could pay off your mortgage.

Well that sounds like a good thing to me.

We should want hyper-inflation to take hold.

with a national economic collapse, the normal payment of debt structure would also collapse...

but out of that chaos, the Firms, Corps., Individuals with power ..
'power' defined as some form of wealth that others will accept as payment will hire an 'army' of collectors-enforcers.
When the chips-are-down, watch how many supposed freedom lovers turn coat and sign-on with the mega corps to protect the corporation interests and survive themselves.


they would be outside the legal system but would not be treated as law-less thugs...
however your debt (for car-house-property etc) makes you a static target, meaning they know where to get at you.


this coming financial collapse will be the return of the Feudal State
and all youse debtors will be human chatel...
welcome to the nightmare!




[edit on 30-8-2008 by St Udio]

You go bankrupt., bluntly.

The lender(s) get all your assets, and all your money.

There is no free lunch for someone in debt in a financial collapse. The person with actual money (not credit, cash) wins as assets get VERY cheap.

In the 1930s homes got down to 1x annual incomes on average in many areas. If you happened to have that 1x in cash, you now own a house - free and clear. Fortunes are made this way if you're not in debt.

If you are in debt you will be ruined.

delete

[edit on 2-9-2008 by cpdaman]

Originally posted by St Udio
with a national economic collapse, the normal payment of debt structure would also collapse...

but out of that chaos, the Firms, Corps., Individuals with power ..
'power' defined as some form of wealth that others will accept as payment will hire an 'army' of collectors-enforcers.
When the chips-are-down, watch how many supposed freedom lovers turn coat and sign-on with the mega corps to protect the corporation interests and survive themselves.


they would be outside the legal system but would not be treated as law-less thugs...
however your debt (for car-house-property etc) makes you a static target, meaning they know where to get at you.


this coming financial collapse will be the return of the Feudal State
and all youse debtors will be human chatel...
welcome to the nightmare!


[edit on 30-8-2008 by St Udio]

You da man ST udio


indebted ness wold be a KEY to the "PLAN"(if there is one lol)

and i refer to the plan that carroll quigley writes about in tragedy and hope

seriously indebtedness is honestly the key to the "money changers" for thousands of years, cross them, or threaten there system and you will not have much of a future- there is historical president for this statement (jesus christ tried ....no i am not religous .... lincoln tried, kennedy tried))

indebtedness gives those creditors and large financial body's and eventual gov't LEVERAGE (i include gov't in a sense because they will Nationalize the financial bodies that go under, keeping them from going under, and keeping your debts on the books )

debt peonage in a fascist feudal NWO order

don't worry though the NWO moves alot slower than people think.....I hope

*btw the coming time of economic pain is when people will be more open to accepting uncomfortable truths......

during times of economic boom's people are more apt to dismiss uncomfortable truths cause they infringe on their happiness

in the coming years their will be less bliss in many lives so there will be LESS BENEFIT Of being willfully ignorant ..........*

a smaller % of people can balance happiness with uncomfortable truth but those are the one's that put in a concerted effort and use their critical thinking skills toward these things, while most others may have other hobby's interests......

[edit on 2-9-2008 by cpdaman]

here's a good snippet from a man who understand's the plan

Michael hudson

with a question from interviewer Mike whitney

www.marketoracle.co.uk...

10 MW--- The housing market is freefalling, setting new records every day for foreclosures, inventory, and declining prices. The banking system is in even worse shape; undercapitalized and buried under a mountain of downgraded assets. There seems to be growing consensus that these problems are not just part of a normal economic downturn, but the direct result of the Fed's monetary policies. Are we seeing the collapse of the Central banking model as a way of regulating the markets? Do you think the present crisis will strengthen the existing system or make it easier for the American people to assert greater control over monetary policy?

and part 1 of the answer

Michael Hudson: What do you mean “failure”? Your perspective is from the bottom looking up. But the financial model has been a great success from the vantage point of the top of the economic pyramid looking down? The economy has polarized to the point where the wealthiest 10% now own 85% of the nation's wealth. Never before have the bottom 90% been so highly indebted, so dependent on the wealthy. From their point of view, their power has exceeded that of any time in which economic statistics have been kept.

and part II

You have to realize that what they're trying to do is to roll back the Enlightenment, roll back the moral philosophy and social values of classical political economy and its culmination in Progressive Era legislation, as well as the New Deal institutions. They're not trying to make the economy more equal, and they're not trying to share power. Their greed is (as Aristotle noted) infinite. So what you find to be a violation of traditional values is a re-assertion of pre-industrial, feudal values. The economy is being set back on the road to debt peonage. The Road to Serfdom is not government sponsorship of economic progress and rising living standards; it's the dismantling of government, the dissolution of regulatory agencies, to create a new feudal-type elite.

read the whole link , including the "magick of compound interest"

from this perspective you can see there is truly nothing "uniquely NEW" about the NWO, except unless your like everyone else that has the perspective of a couple generations that weren't around before the industrial revolution.

as economic pain spread people may actually be WILLING to allow themselves to "GET IT!" that the fed (to paraphrase the late george carlin)

they don't care about you , they don't care about you, at all, at all, at all

some optomists don't know how to balance uncomfortable truths with their world view (some do) so they try to dismiss them out of hand or assume that because one may not be true they all are. basically willing to believe what ever it takes to maintain a happy bubble that can't balance uncomfortable truths- that's right i said it again






[edit on 4-9-2008 by cpdaman]

In a "disaster" scenario it really comes down to how much money you owe and who wants it. If they have the means to find you and the will to use violence, obviously you won't be magically absolved of debt. However if the creditors simply can't enforce collection, you don't have to pay. If this scenario continues you're de facto debt free. Someone mentioned the Fight Club scenario, this is really the only way you could expect your debt to be legally absolved, i.e. the physical destruction of the record. This already happens as banks lose contracts, if they can't produce the contract when they attempt to enforce it, they lose all legal standing. Short of a war or somesuch that destroys the major corporations' datacenters, you can count on being indebted for the foreseeable future.