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| | ABUSE of Bankruptcy a Crime? |
| created @ 12/10/2012 03:11 pm |
| mum expired. [EVERYONE] |
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I sit back and see people really abuse what bankruptcy is really all for..
By Definition....Ty WIKI
Bankruptcy is a legal status of a person or organization that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
So a person goes and files to the court that they are overwhelmed by debt
cannot provide the income to take care of those debts and basically get their debt wiped out. Dumped back onto society and we absorb that thru higher cost.
I wonder how it is then I see some who are in the process of bankruptcy get new car..rack all the remaining credit they have up to the max with wild spending.....and then expected to get a court to believe they actually DESERVE to be given a clean slate financially?
So When it can be proven that they are abusing the system..should they be held liable..the new cars be taken away and spend some time in Jail for Defrauding the creditors and the general public at large? |
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