Going To Prison Over Debt.

Should failure to pay a private debt be an imprisonable offense?

  • Yes

  • No

  • Depends on how poor they are

Results are only viewable after voting.
Absolutely. Hopefully people who don’t pay their school loans go to prison. Disgusting people
 
Cubo de Sangre said:
Here's how I look at it. Private lenders charge interest and factor in risk. They take the chance of not getting paid back in order to earn a profit. If that chance doesn't pay off then it's simply a failed business venture. Too bad so sad.
Click to expand...



I like this thread, would just say the ability to force repayment impacts that risk. Make it easy for people to not pay and the cost of borrowing goes up for everyone. Those that pay end up paying for those that don’t.

Of course that little nugget of libertarian wisdom ignores how debt can be used in reality to entrap people into slavery. It’s the prefect example of why theory does not work with reality. Without the ability to go bankrupt and discharge your debts as well as regulation over predatory pricing, you would get people getting dupped into being slaves.

All to say, people not paying is not just part of the risk, you need recourse to keep borrowing costs reasonable. You also need boundaries and regulations to stop financial assholes from ruining lives. Again there is a balance to be achieved.
 
Gandhi said:
I like this thread, would just say the ability to force repayment impacts that risk. Make it easy for people to not pay and the cost of borrowing goes up for everyone. Those that pay end up paying for those that don’t.

Of course that little nugget of libertarian wisdom ignores how debt can be used in reality to entrap people into slavery. It’s the prefect example of why theory does not work with reality. Without the ability to go bankrupt and discharge your debts as well as regulation over predatory pricing, you would get people getting dupped into being slaves.

All to say, people not paying is not just part of the risk, you need recourse to keep borrowing costs reasonable. You also need boundaries and regulations to stop financial assholes from ruining lives. Again there is a balance to be achieved.
Click to expand...

Thanks. I think if the government is gonna get involved then it should be to the extent of garnishments. Unless the private lenders are gonna reimburse the people for incarcerations costs they can fuck off with the prison approach. Court costs are already enough bill to foot.
 
Cubo de Sangre said:
Thanks. I think if the government is gonna get involved then it should be to the extent of garnishments. Unless the private lenders are gonna reimburse the people for incarcerations costs they can fuck off with the prison approach. Court costs are already enough bill to foot.
Click to expand...

Yeah I think the govt should set the rules of engagement and how a reset can be sought.

Both cases refer to restrictions on the lender’s actions and should aim to balance maintaining civil liberties while keeping free riding to a minimum.

And I agree the ultimate responsibility is on the lender to do due diligence and present honest transaction (ie not use teaser rates). Once the loan is made the lender can go after assets and income with certain restrictions.

The idea of prison is disgusting.
 
We already have modern slavery in the prison system. Poor mainly black and latino people - coerced into guilty pleas by threats of "throwing the book" and getting insane sentences for minor crimes. Then they go to work in our for profit private prison system for fortune 500 corps. making everything from Kevlar vests our military uses to McDonald paddies for about $1.30 a day at 10 hours of work six days a week. They try not to let you out because it's basically free labor so tack on time for everything. Tha t$1.30 you must pay back to prison for toiletries toothpaste and phone-calls stuff - you leave with nothing.

As an added bonus they can;t vote just like slaves couldnt.

I read a lot of Chis Hedges and among other things he exposes this assault prisoners and debtors over at Truthdig if you're interested. No one cares though because they are weakest and most think they probably deserve it even though many are innocent and just poor.
 
LOL, what’s next? You can only buy provisions from the company store, and it will be deducted from your wages? Oh, and bean and coffee prices are up. You actually owe the company 3 month’s hard labor.

No, this is ridiculous. I can’t think of anything more counterproductive than throwing someone in jail for owing a private debt, completely eliminating their ability to pay said debt, and thus the taxpayers becoming completely responsible for keeping them.

Absolutely freaking ridiculous and it’s pretty clear there is some dirty pool going on in these instances.

The consequences of welshing on a debt are ruined credit, seizure of collateral or liens on property. No collateral or property? The lender is pry predatory, but that is a chance lender’s take when they partake in usury.
 
Fawlty said:
Only when it's defying a court order in a situation where the person can actually pay. So, only indirectly imo. The hit to your credit is already punishment enough in most cases.
Click to expand...

In principle I agree with this. Philosophically though, I subscribe to the "If it's good for the cub, it should be good for the lion' perspective.

If you want to send a person to prison for not paying child support or whatnot, fine- but you should then also be willing to send corporate presidents and officers, as well as public servants with financial authority, to lengthy prison terms as well for not paying debts than are orders of magnitude more than the average Joe.

One significant corporate bankruptcy or LBO can loot hundreds of millions from hundreds of thousands of people.
 
I thought the only "debts" that could imprison you were tax fraud and failure to pay child support.

I thought everything else was remedied through wage garnishment.
 
This sounds like a poor person problem. Who cares.
 
cooks1 said:
In principle I agree with this. Philosophically though, I subscribe to the "If it's good for the cub, it should be good for the lion' perspective.

If you want to send a person to prison for not paying child support or whatnot, fine- but you should then also be willing to send corporate presidents and officers, as well as public servants with financial authority, to lengthy prison terms as well for not paying debts than are orders of magnitude more than the average Joe.

One significant corporate bankruptcy or LBO can loot hundreds of millions from hundreds of thousands of people.
Click to expand...

Investors know their investment in a company is a risk along with investors.

Incriminating bad business ventures could several limit the economy.

Not taking care of your kid is straight up child abuse.

Now garnishment should be the first recourse but if a guy is making money in a way where you can't garnish it and he's not taking care of his kids...

Apples to Oranges
 
Fawlty said:
According to Sherdog legend, this is the career change that made @Revolver rich.
Click to expand...
And a legend was born...
gustavoarellano_1007_3.jpg
 
PolishHeadlock said:
Investors know their investment in a company is a risk along with investors.

Incriminating bad business ventures could several limit the economy.

Not taking care of your kid is straight up child abuse.

Now garnishment should be the first recourse but if a guy is making money in a way where you can't garnish it and he's not taking care of his kids...

Apples to Oranges
Click to expand...

Nah. Debt is debt. A company and their representatives should have no more, or less, recourse to avoid a debt than a person. And failures to pay should be dealt with no more or less severely.

In many ways there is parity now. Companies can declare bankruptcy. So can people.

If you want to deal with people more harshly, do the same with companies as well.
 
cooks1 said:
Nah. Debt is debt. A company and their representatives should have no more, or less, recourse to avoid a debt than a person. And failures to pay should be dealt with no more or less severely.

In many ways there is parity now. Companies can declare bankruptcy. So can people.

If you want to deal with people more harshly, do the same with companies as well.
Click to expand...

Nah.

Investments are different than children
 
You must log in or register to reply here.

Similar threads

LeonardoBjj
Social ‘Don’t get sick. It’s too expensive’: medical debt is putting more Americans in financial crisis
2 3 4
Replies
63
Views
2K
KeepingItReal
K
LeonardoBjj
Economy China Evergrande has been ordered to liquidate. The real estate giant owes over $300 billion
Replies
19
Views
624
LeonardoBjj
LeonardoBjj

Latest posts

Forum statistics

Threads
1,236,650
Messages
55,432,112
Members
174,775
Latest member
kilgorevontrouty

Share this page

Back
Top