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Ostrich approach - Ignore debt for long and it will vanish

Date: Thu, 09/20/2007 - 06:13

Submitted by Good Nelly
on Thu, 09/20/2007 - 06:13

Posts: 2846 Credits: [Donate]

Total Replies: 20


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


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.


lrhall41

Submitted by lisaawilliamson on Thu, 09/20/2007 - 07:02

( Posts: 210 | Credits: )


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!!


lrhall41

Submitted by sdchargers_63 on Thu, 09/20/2007 - 08:54

( Posts: 1798 | Credits: )


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.


lrhall41

Submitted by Good Nelly on Thu, 09/20/2007 - 11:48

( Posts: 2846 | Credits: )


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.


lrhall41

Submitted by goudah2424 on Thu, 09/20/2007 - 12:09

( Posts: 7935 | Credits: )


Quote:

what is judgment proof?

Rather call them execution proof. Judgment-proof is more commonly used term but "execution-proof" is a better term. Even when the creditors or collection agencies win a judgment against you, they still have to collect, which is impossible to do if you do not have any money/asset. You are proof of the execution of collecting that judgment.

In some states you can own a mansion and your collectors wont be able to touch it.


lrhall41

Submitted by Good Nelly on Thu, 09/20/2007 - 19:24

( Posts: 2846 | Credits: )


Quote:

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.


When collecting for a certain jurisdiction, a ticket would eventually become a judgment...at least once a week, a debtor would call in, pissed about the public record affecting their mortgage application...these were often people whose obligation went back 3-5 years on avg.


lrhall41

Submitted by Morningstar on Thu, 09/20/2007 - 19:49

( Posts: 1633 | Credits: )


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


lrhall41

Submitted by Good Nelly on Thu, 09/20/2007 - 23:47

( Posts: 2846 | Credits: )


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.


lrhall41

Submitted by sdchargers_63 on Sat, 09/22/2007 - 17:00

( Posts: 1798 | Credits: )


Hi Thanks2all

There are some states that have limitless homestead exemption. These states are Florida, Kansas, Arkansas, Iowa, the district of Columbia, Louisiana, Oklahoma, Texas and South Dakota.

Regarding your second question, a creditor stops making all attempts to collect the debt when he feels that the debtor by no means can pay off the account, in such cases the account is charged off

Take care
Nelly


lrhall41

Submitted by Good Nelly on Wed, 09/26/2007 - 00:47

( Posts: 2846 | Credits: )