Internet's first get-out-of-debt community - 134,000 members

Hi all

For the past few days I was busy arranging a charity show for an old age home. The event gave me an opportunity to spend time with some good people. Prior to this show I had a different perspective of looking at things…but meeting with these elderly people changed it. Im gonna share my story with you guys. Rose Stephens at the age of 60, a time she would rather have been spending sitting on an arm chair with her grandchildren is unsure of her financial life. Uninsured and buried under $150,000 in medical bills, some mortgage and some credit card bills too. She has lost her house, her car and everything. Even her son didnt help her; she was forced to fight alone. She had no option to pay her debts. She feels as if she has committed a sin… you know when you are doing nothing about your debts, this is how one feels. She once told me - I am a Christian, and Bible says that when I owe somebody money, I HAVE to pay them back. I feel I still owe that money, even when the court says I’m judgment proof. This particular incident really made me think a lot about ignoring one’s debt.

I have posted a new article on the wiki and would like all of you to help me in improving it.

Nelly

Posted: Thu Sep 20, 2007 7:02 am Subject:

What are you saying? I know there are people who make debt with no intention to pay but most of the people on here, I think, are good people who have found themselves with impossible circumstances. Sometimes there are things more important than old debts. Feeding babies and putting a roof over their heads today is one of those things.

Posted: Thu Sep 20, 2007 8:54 am Subject: debt

I agree with ya, lisawilliamson.............the people, on this forum DO want to take care of their debts. 'We' are trying to figure out how. That's what makes this forum a GOOD one. We get good help and advice, from those who have been through it. All of this, for free,too!!

Posted: Thu Sep 20, 2007 9:03 am Subject:

I am confused as to what you are saying. Are you advocating Nit paying your bills?
Please clarify

Posted: Thu Sep 20, 2007 11:48 am Subject:

Don't get me wrong. I had similar reaction when I heard it for the first time. "Do nothing at all"?????? Legally that is still possible for judgment free people.

Also there are ways to make yourself judgment free. This article looks a little out of way for our forums but I wanted to share an opinion, it is not a recommendation. It is another option that few uses.

I think I should add some more points like how to make yourself judgment proof (rather execution proof, where judgment can't be executed on you) .. I was impressed by following sentence

What is better
Suicide or Ostrich method.

Posted: Thu Sep 20, 2007 12:09 pm Subject:

It also does depend on the area you live in. I recently was in court and the first thing the judge said after he sat down was:

"If you are coming here today with a defense that you are judgement proof don't even bother. That is not an acceptable defense in this courtroom."

He went on to explain that even if you are "judgement proof" a judgement will still be entered against you, and it will eventually catch up with you. Yes, you may be broke and have no assets now, but unless you are old like in the example, eventually you would want to make some money or do something. Then the judgement would catch up with you and you would have to pay up.

Newmember · Posted: Thu Sep 20, 2007 12:23 pm Subject:

goudah2424, what do you mean by judgement proof. can you explain the state wise relation also. this topic is a bit interesting. thank you for starting it, I liked the article.

Newmember · Posted: Thu Sep 20, 2007 6:44 pm Subject:

what is judgment proof? can you please help me understand?

Posted: Thu Sep 20, 2007 7:24 pm Subject:

Posted: Thu Sep 20, 2007 7:49 pm Subject:

Posted: Thu Sep 20, 2007 10:09 pm Subject:

I read the article on how ignoring one's debts can be an option to handle too much of debts. Is this option applicable for all the financially messed up people?? Just a query.........

Bethany

Posted: Thu Sep 20, 2007 11:47 pm Subject:

Hi Bethany

Avoiding one's debts is not an option for all the debt struck people. Only few opt for it and let me tell you something, people who go for this option have NOTHING TO LOSE. They do not have a house, no job and an already marred credit report. Iam not recommending this option because it is not FOR EVERYONE only few people choose it.

Take care
Nelly

Posted: Sat Sep 22, 2007 5:00 pm Subject: debt

I agree, when some of you say, " it will catch up to you." And it will!! Figure out the best method, for 'YOU' and stick with it. Paying off debt isn't eqaqsy, BUT, if companies/ CA's know you are attempting to pay them off, ALOT of them ( NOT ALL>>) will work with you.

Posted: Sat Sep 22, 2007 5:15 pm Subject:

I have heard of the do nothing approach and in certain cases it might be feasible. Personally if a person has no assets at all,they are better off filing a bk in my opinion to protect yourself from future lawsuit/judgements.

Posted: Sat Sep 22, 2007 5:18 pm Subject:

this seems like it would be an option for very few people! I mean most DO own homes, DO own cars and DO work with paychecks that can be garnished... And if ur expecting a judge to rule in ur favor that's wishful thinking!
JMO,
Ang

Posted: Sat Sep 22, 2007 5:38 pm Subject:

For anyone going in front of a judge please remember judgement proof/execution proof is no defense to a suit.It simply means they get a worthless piece of paper for their time and effort.

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