Its not that I have a problem with people paying their bills. I think its a good thing. I find it odd how many creditors will not allow a person to set up a payment plan unless and until they file bankruptcy. And then if they go for the version that lets them pay off over time, they are punished more than if they go for the version that wipes the slate clean (longer time on the credit record, etc).
But this version requires you to pay off your bills unless you can afford to set up a personal trust to protect your assets from your bankruptcy. Unless you can afford to incorporate to protect your assets from bankruptcy, etc etc etc. In otherwords, if you are lower income, you pay. If you are higher income, you sequester your money away from the risk. Or if you are lower income, you sacrifice paying for health care, so you can pay the trust-establishment costs. oops,t hen you go to an emergency room with your fever and we all pay......
A bad fix of a bad law is worse than the bad law. Incomplete fixes are one thing - some things have to be changed incrementally for political or other reasons. But changes for the sake of change, changes that are contradictory to the intention of the law, changes that apply consequences dispropionately not to the most 'deserving' but to those who cant afford to evade them, those are bad.
Intention of the law: ooooh can of worms there. The presumed intention of a law that allows people to wipe out debt, is to let those who try hard, and thru outside circumstances fail financially, to get a new start, rather than driving them onto the streets and onto welfare.
This can be deduced from the law itself, because yes, we all pay a little when someone defaults. Just as we do when someone becomes indigent and goes on welfare &/or medicaid.
Hey ! I dont have to declare bankruptcy when my small business fails (that I was too naive or too close to the bone financially to incorporate). I can just fail, let my debts fester, and go on welfare/medicaid! Oh wait....... society would still be paying my bills...........even more of them.
Altoid - curiously strong.