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Tom Coburn is a Big Fat Jerk


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Friday, March 11, 2005

Debt purgatory for life

A Kosmopolitan has posted the transcript from today's The Wall Street Journal This Morning here. Note that he's done so with the permission of WSJ, so it's doubtful you'll find this anywhere else.

The transcript concerns the effects of the bankruptcy bill, and includes some pretty grim warnings and predictions:


[...] Under this new bill, about 80 percent [of bankruptcies] will be Chapter 13's, where people would be strung along in what I call debt purgatory for the rest of their lives.

[...]

you're paying your debts for a very long period of time. You're not being relieved of them, you're just stretching out over a long period of time how you repay them.

[...]

about 90 percent of bankruptcy filings result from either large medical bills, divorce or loss of a job


There are other links at this post to the stories in NYT and elsewhere which decry the disaster this bill is.

Let me tell you a personal story which ought to give you some idea of why you should be scared out of your gourd by what's going on with the economy and with all this legislation.

My sister and I sold a house we co-owned last fall. I essentially forced her to sell because I was (and am) so freaked out by the economy and the political landscape.

The fellow who bought the house was (heavy emphasis on was) a millionaire. Transplant rom Dallas, doing some real estate speculating in Oklahoma. I figured he was well set to take the house on, although I knew it was one of three he'd bought over the past two years. I figured he could handle the taxes, which now (thanks to Bushonomics) are around $3K for the house, that he could handle the repairs, etc.

Apparently not. Because the market has gotten so bad, he's not even trying to sell it. Insead, he's trying to rent (which ain't gonna happen, I can promise you). He made it through not even 1/4 of the renovations on the place and ran out of money.

A millionaire with the line of credit from hell has run out of money.

You're not seeing this kind of stuff in the MSM. But it's a sign, a bad one.

And the bankruptcy and other legislation is for the sole purpose of CC companies and similar protecting their asses when it all caves in.

People, cut up those credit cards, get your debt paid, whatever. I just went today and started the process of protecting my place through Homestead Exemption. If you have those kinds of options available, do it NOW.

And buy seeds. Now. Before they, too, become priced like gold.

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