Personal bankruptcies wipe out huge debts

HERE’S THE INTERESTING PART

Admitting total financial defeat is actually a highly structured legal strategy. Filing for personal bankruptcy completely wipes out unsecured debts, forcing creditors to eat massive losses while allowing individuals a legally sanctioned 'do-over' at the cost of their credit rating.

From the Stacky collection1 min read

Personal bankruptcies wipe out huge debts — STACKY / Economy

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Japan possesses the highest national public debt in the developed world, routinely hovering around two hundred and sixty percent of their entire gross domestic product.

Japan possesses the highest national public debt in the developed world, routinely hovering around two hundred and sixty percent of their entire gross…

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Credit card companies actively refer to customers who pay off their balances in full every month as 'deadbeats' because they don't generate any revenue from exorbitant interest rates.

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Nothing screams fiscal responsibility like forcing future generations to foot your current grocery bill. Treasuries issue formal IOUs to fund immediate…

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Thomas Jefferson died deep in debt

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North Korea literally ordered one thousand luxury Volvo sedans from Sweden in the 1970s and then just completely ghosted them on the invoice after the cars were successfully delivered.

North Korea literally ordered one thousand luxury Volvo sedans from Sweden in the 1970s and then just completely ghosted them on the invoice after the cars…

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Global debt has ballooned to over 300 trillion dollars, a figure that massively outweighs the total amount of actual, physical money and easily accessible liquid assets that currently exist on planet Earth.

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Personal bankruptcies wipe out huge debts

A bigger world.One discoveryat a time.

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Japan possesses the highest national public debt in the developed world, routinely hovering around two hundred and sixty percent of their entire gross domestic product.

Credit card companies actively refer to customers who pay off their balances in full every month as 'deadbeats' because they don't generate any revenue from exorbitant interest rates.

Issuing government bonds is borrowing from grandchildren

Thomas Jefferson died deep in debt

North Korea literally ordered one thousand luxury Volvo sedans from Sweden in the 1970s and then just completely ghosted them on the invoice after the cars were successfully delivered.

Global debt has ballooned to over 300 trillion dollars, a figure that massively outweighs the total amount of actual, physical money and easily accessible liquid assets that currently exist on planet Earth.

A bigger world.
One discovery
at a time.