Bankruptcy - two or three biggest cons?

Finance
47

Not to pester you for free advice, could you provide a precis of this in your juristiction? Thanx in advance and forgive the begging😉

48

I’d have to respectfully decline. It’s dangerous to give (or take) specifics on a legal area that is very complex and so fact dependent. The jurisdiction you’re in will also play a role in whether the bankruptcy courts will allow it, because of the intersection between state property law and (potential) fraudulent transfer issues (badges of fraud).

Here’s a good general article I just googled up tho’.
http://www.stjohns.edu/sites/default/files/documents/law/bankruptcy/bank-research2014-09-corkery.pdf

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49

My thanks. Understood and agreed.

50

From the “go big or go home” department, Venezuela is defaulting on the first of their $200B in debt.

https://www.wsj.com/articles/venezuela-goes-bust-1510703305

Venezuela is broke, which takes some doing. For much of the second half of the 20th century, a gusher of oil exports made dollars abundant in Venezuela and the country imported the finest of everything. There were rough patches in the 1980s and 1990s, but by 2001 Venezuela was the richest country in South America.

Then in 2005 the socialist Hugo Chávez declared that the central bank had “excessive reserves.” He mandated that the executive take the excess from the bank without compensation. Today the central bank has at best $1 billion in reserves.

Falling oil prices are partly to blame, but the main problem is that chavismo has strangled entrepreneurship. Faced with expropriation, hyperinflation, price controls and rampant corruption, human and monetary capital has fled Venezuela.

Like for personal bankruptcy, creditors seem to have short memories and their only consequence will be waiting maybe 10 years before some idiot yield chasers will loan to the next regime there and get burned. Argentina has played this game well.

51

But, but I thought he is with the people, you know, against the establishment and all that. Must be fake news.

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52

A couple people said it but I think it needs to be reiterated with one additional piece of advice.

Don’t try to give other people advice when they didn’t ask for advice. But, when you are close with people that, in your view, are doing something immoral, you should consider how much of your time/energy you should be spending with/on them. If you and your husband conclude that the actions of your husband’s friend classify him as someone he doesn’t want to be around, then he should drop him as a friend. When the friend calls up and asks, “Why don’t you call me anymore?” that is your opportunity to explain to them what they are doing is wrong and why they shouldn’t do it.

If you’re willing to council someone against something not because it’s immoral, but because it is just a dumb thing to do, you should have enough reasons to explain to them why it is a dumb thing to do or else maybe it isn’t actually a dumb thing to do.

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