Welcome to Debtors' Prison, 2011 Edition, page 1

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Topic started on 24-3-2011 @ 12:14 PM by David9176

Welcome to Debtors' Prison, 2011 Edition

More than a third of all U.S. states allow borrowers who can't or won't pay to be jailed. Judges have signed off on more than 5,000 such warrants since the start of 2010 in nine counties with a total population of 13.6 million people, according to a tally by The Wall Street Journal of filings in those counties. Nationwide figures aren't known because many courts don't keep track of warrants by alleged offense. In interviews, 20 judges across the nation said the number of borrowers threatened with arrest in their courtrooms has surged since the financial crisis began.

In September 2009, Jeffrey Stearns, a concrete-company owner, answered a knock at the door from a Hancock County, Ind., deputy sheriff. The deputy was holding a warrant to arrest Mr. Stearns for not paying $4,024.88 owed to a unit of American International Group Inc. on a loan for his pickup truck.

After being handcuffed in front of his four children, Mr. Stearns, 29 years old, spent two nights in jail, where he said he was strip-searched and sprayed for lice. Court records show he was released after agreeing to pay $1,500 to the loan company. "I didn't even know I was being sued," he said, though he doesn't dispute owing the money. "It's the scariest thing that ever happened to me."

online.wsj.com...

Really? Putting people in jail for bank debt? Even after we bailed out all the damn banks and wall street? WHY AREN'T THE BANKERS IN JAIL? Why aren't the people who caused this crisis in jail? Where are all the arrests? Investigations????

Fricking ridiculous!

edit on 24-3-2011 by David9176 because: (no reason given)

reply posted on 24-3-2011 @ 12:22 PM by Chrisfishenstein

reply to post by David9176

Let's go out and find the people in charge of all the companies that were bailed out and put them under citizens arrest, get a whole bunch of people together and press the issue. Fight back everyone!!!!

reply posted on 24-3-2011 @ 12:23 PM by greenovni

Same as child support. Owe money for a child that is not yours biologically? Go to prison!

While the REAL dad is out screwing around!

YouTube Link

CNN Article Of Non Bio Dad Court Case

edit on 24-3-2011 by greenovni because: Mispelled

reply posted on 24-3-2011 @ 12:30 PM by JibbyJedi

Don't ever be a landlord in many states, I'm owed over $10k from dead beat tenants. If they decide not to pay you rent, you can't pay your ridiculous mortgage usually. So you lose your house, and the tenants get about 20 years to pay you back rent owed. If they don't pay after the 20 years... nothing happens to them.
I think they should face consequences for their lack of contract agreement.
Garnish wages I'm all for, but the prison system is dehumanizing and traumatic places to put debtors into.

reply posted on 24-3-2011 @ 01:05 PM by thegoods724

No way, anyone that loans money to a person takes the risk that the person faults, hellloooooo if there was no risk it wouldnt be hard to get a loan, and there would be no reason for interest. If the person doesnt pay well then dont loan out money end of story.

edit on 24-3-2011 by thegoods724 because: (no reason given)

reply posted on 24-3-2011 @ 01:50 PM by deadbang

reply to post by David9176

Good article for you from last month's Rolling Stone magazine. Matt Taibbi is the journalist. He asks the exact same questions and then goes on to show our governments complicity in the perpetrators misdeeds and subsequent rug sweeping under excercise.

www.rollingstone.com...

reply posted on 24-3-2011 @ 04:02 PM by snowspirit

More than a third of all U.S. states allow borrowers who can't or won't pay to be jailed. Judges have signed off on more than 5,000 such warrants since the start of 2010 in nine counties with a total population of 13.6 million people, according to a tally by The Wall Street Journal of filings in those counties.

5000. That's a lot of people to be now thought of as criminals, when it was likely criminals that talked some of them into loans that they couldn't afford.

Others that lost their jobs, because of the banker criminals, and corrupt government upsetting the entire global economy.

I heard about these debtors prisons a while ago.
What a frightening time to be American.
I am so glad to be Canadian. Up here, they'll take your welfare cheque if that's all you have left, but at least you won't go to prison.

reply posted on 24-3-2011 @ 04:24 PM by dolphinfan

reply to post by David9176

Obscene, without question. Lending money is a risk taking proposition, which is why we have something called a credit rating. You loan someone money, you are taking a risk. There are civil remedies for going after someone who has stiffed you, for the state to get involved absurd.

What is comical is that while they are doing this they have these programs which allow you to walk away from debt. Programs that allow you to negotiate credit card balances, programs (and adjusted credit ratings) which enable you to walk away from your house. Programs that actually in large measure allow folks and provide incentives for people to be irresponsible regarding their debt.

I know of two different families who took second mortgages out on their $1M+ homes and then got them appraised. They were now under water on the loan and walked away. These are folks with net worths well over $10M, but they were able to stick it to the bank (and to the tax payers) and they did. They have tons of cash, so the hit on the credit score is no big deal. What did both of them do? Went out and bought huge homes that were under water (hence a great deal) for cash. They stick it to their bank and drive the property value of their neighbors down and walk away. These folks are total low-lifes.

Another trend that folks should be aware of is the person who is under water on their home and knows they will be foreclosed. They rent their home out. You move in and 6 months later the bank shows up and tosses you out because the home is now the bank's. The government created a program where they have to give you 90 days to vacate, which is a good thing, but the person who knows the home will be taken by the bank and pockets your rent is a scumbag. I just rented a house and the agent I worked with runs a credit check on the home owner now, along with the renter. He has had a few clients tossed out because the "owners" were running this scam. If you are planning to rent a home, you need to do a bit of homework on the owner.

These debt issues are all over the place, and while going to jail is a ridiculous punishment, it is indicative of too many programs (or lack of a needed program) being designed and implemented by too many groups. Too much government and once again, you have programs that conflict. There needs to be one organization that handles these programs. Folks need to be qualified for relief, folks with means who walk away should be held liable, etc.

reply posted on 24-3-2011 @ 04:31 PM by ArieZ

I'm not to certain about this information but I was told by my Foster Grandparents (R.I.P) That during the great depression when debtors couldn't pay they were jailed and forced into indentured servitude to the banks until the amounts were paid..They always taught me credit is good if you have the money to back it otherwise live within your means of employment...I would guess that any lender reserves the right in thier fine print to jail defaulters in case of non payment during economic collapse..I may be broke and struggling but I don't owe and to me that makes me rich.

reply posted on 25-3-2011 @ 01:21 PM by Xcathdra

reply to post by David9176

Do some more research would you please. They are not arresting people for ebing behind in their dues for 30 days. Its when it goes on a lot longer and all attempts at resolution have failed because people simply ignore the court subpoena / request for respons etc.

The other thing to keep in mind is one way being offered to people who cannot pay their obligations is time in jail, usually on weekends where the person reports friday night and is released sunday night. It allows them to pay their obligation by serving time.

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