buy then bail strategy

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date buy then bail strategy Mark Bole 06-12-2008  Re: buy then bail strategy Elle 06-12-2008  Re: buy then bail strategy Ron Peterson 06-12-2008  Re: buy then bail strategy Mark Bole 06-13-2008  Re: buy then bail strategy Don 06-13-2008  Re: buy then bail strategy Will Trice 06-13-2008  Re: buy then bail strategy Mark Bole 06-13-2008  Re: buy then bail strategy Gil Faver 06-14-2008  Re: buy then bail strategy Will Trice 06-14-2008  Re: buy then bail strategy kastnna 06-14-2008  Re: buy then bail strategy Coffee's For Cl... 06-14-2008  Re: buy then bail strategy rick++ 06-15-2008  Re: buy then bail strategy kastnna 06-17-2008  Re: buy then bail strategy Don 06-17-2008  Re: buy then bail strategy Chip 06-17-2008  Re: buy then bail strategy Don 06-17-2008  Re: buy then bail strategy Douglas Johnson 06-18-2008  Re: buy then bail strategy Don 06-18-2008  Re: buy then bail strategy Elle 06-18-2008  Re: buy then bail strategy jIM 06-14-2008  Re: buy then bail strategy Coffee's For Cl... 06-13-2008
Posted by Coffee's For Closers on June 14, 2008, 8:13 pm wtrice@notmonitored.com says... > > > Don wrote: > > >> The real point was, since the borrower knows ahead of time they are > >> about to trash their credit record, they can take advantage of that > >> knowledge. > > > > > > Corporations and other businesses do stunts like this all the time. > > Somehow when an individual person takes advantage of loopholes in the > > law or the tax code or whatever, it is viewed as a terrible, unethical, > > immoral thing, but when a big company does it it is O.K., just business. > Many moons ago I had a co-worker who had gotten herself in over her head > to the point of needing to declare bankruptcy. Given that the > bankruptcy was imminent, she and her husband when on a protracted > vacation, including a trip to Disneyland, on credit with the clear > intent that this would be a "free" trip (what the heck, might as well!). > Yes, I consider this unethical behavior. Not just unethical. It is called, "load-up," and constitutes fraud. It can result in a creditor challenging whether that debt should be discharged or not, in the bankruptcy. And can potentially lead to criminal charges. Although the debtor/petitioner probably got away with it quite often, under the old BK rules. I suspect that there will be a lot less such behaviour under the new rules, with more people being pushed to Chapter 13 repayment plans, instead of a straight liquidation. -- Get Credit Where Credit Is Due http://www.cardreport.com/ Credit Tools, Reference, and Forum -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by rick++ on June 15, 2008, 2:35 pm > Many moons ago I had a co-worker who had gotten herself in over her head > to the point of needing to declare bankruptcy. Given that the > bankruptcy was imminent, she and her husband when on a protracted > vacation, including a trip to Disneyland, on credit with the clear > intent that this would be a "free" trip (what the heck, might as well!). For everyone of these crooks I can show a several people with six figure hospital bills from medical emergencies. After struggling for a few years they take the only reasonable way out. Reform both helps and hurts some. -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by kastnna on June 17, 2008, 4:36 pm > For everyone of these crooks I can show a several people with six > figure > hospital bills from medical emergencies.  After struggling for a few > years > they take the only reasonable way out.  Reform both helps and hurts > some. Please clarify. Are you saying that bankruptcy can be a good thing also? -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Don on June 17, 2008, 4:25 pm > Many moons ago I had a co-worker who had gotten herself in over her > head to the point of needing to declare bankruptcy. Given that the > bankruptcy was imminent, she and her husband when on a protracted > vacation, including a trip to Disneyland, on credit with the clear > intent that this would be a "free" trip (what the heck, might as > well!). Yes, I consider this unethical behavior. Agreed! It is unethical in the extreme. It should be unlawful! And if GM or American Airlines or any of the others did any similar self-serving act knowing that receivership was imminent, it would be unethical in the extreme. And its should be unlawful. -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Chip on June 17, 2008, 7:21 pm Don wrote: > Agreed! It is unethical in the extreme. It should be unlawful! And if GM > or American Airlines or any of the others did any similar self-serving > act knowing that receivership was imminent, it would be unethical in the > extreme. And its should be unlawful. > That has rarely stopped corporate America. If their lawyers say they can hide it, get away with it, postpone it until you are retired, or you have bought enough congress-critters to write a new law getting you off the hook or even get more corporate welfare- Go for it. Chip ======================================= MODERATOR'S COMMENT: Posters to this thread should relate comments to general financial planning. -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Similar Threads Posted HSA / IRA Strategy? March 23, 2007, 11:46 am RMD strategy April 22, 2007, 7:04 pm REIT strategy October 17, 2007, 3:03 pm Bond strategy October 18, 2007, 12:21 pm Bond allocaton strategy? January 22, 2008, 5:25 pm Strategy to Exercise Options June 18, 2008, 6:16 pm Interesting article on SS "file and suspend" strategy January 30, 2008, 10:35 am Covered Call Strategy... makes sense? 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