Where Your Dreams Become Reality
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Poster: Concerned Citizen
Subject: RE: I'm Joe 6-pack: Can I just kick my fiscal responsibilities (the "can") down the road like the federal gov't.
Of course you can. People do that all the time. Go into debt. Declare bankruptcy, carry debt with you until you die for they can't collect beyond what you own after that.
What do you lose if you behave this way?
2) Financial Freedom.[/quote]
You don't lose integrity when you declare bankruptcy. Any contract takes into account the background law at the time, and bankruptcy is part of that law. Thus, when you enter into a contract with another party, it is agreed that you may have to declare bankruptcy.
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