"Kyrie eleison" Posted July 31, 2009 Share Posted July 31, 2009 (edited) I know of some couples who have filed for bankruptcy due to living over their means. One couple has even done this more than once. Given this scripture verse, is filing for bankruptcy a mortal sin, if you don't live up to your end, in your opinion? Edited July 31, 2009 by "Kyrie eleison" Link to comment Share on other sites More sharing options...
StColette Posted July 31, 2009 Share Posted July 31, 2009 [quote name='"Kyrie eleison' post='1936858' date='Jul 31 2009, 05:08 PM']I know of some couples who have filed for bankruptcy due to living over their means. One couple has even done this more than once. Given this scripture verse, is filing for bankruptcy a mortal sin, if you don't live up to your end, in your opinion?[/quote] Could you clarify what you mean by "live up to your end"? Sometimes there's no choice but to claim bankruptcy for various reasons. I know some who have inherited debt from their parents or other relatives and the only way to deal with it was claiming bankruptcy. Another factor that can attribute to a person claiming bankruptcy is medical debt. Link to comment Share on other sites More sharing options...
"Kyrie eleison" Posted July 31, 2009 Author Share Posted July 31, 2009 [quote name='StColette' post='1936874' date='Jul 31 2009, 04:16 PM']Could you clarify what you mean by "live up to your end"? Sometimes there's no choice but to claim bankruptcy for various reasons. I know some who have inherited debt from their parents or other relatives and the only way to deal with it was claiming bankruptcy. Another factor that can attribute to a person claiming bankruptcy is medical debt.[/quote] This one couple that has claimed, has done so because they live over their means. They both like to live the good life, regardless of how much money they make. As far as the examples of inheriting debt or medical debt to save ones' life, I can see where there could be pardon. Link to comment Share on other sites More sharing options...
CatherineM Posted July 31, 2009 Share Posted July 31, 2009 When I was doing bankruptcies, the top three reasons for the financial trouble were divorce, disability/medical issues, and unemployment. That was 20 years ago, and I suspect that personal debt is one of the top three now. If someone goes into debt with the intention of paying it off, and some difficulty intervenes, then I do not believe that is a sin. However, if you use credit cards knowing you can not pay them off, not only is that a bad thing, it is also technically bank fraud. Link to comment Share on other sites More sharing options...
"Kyrie eleison" Posted July 31, 2009 Author Share Posted July 31, 2009 (edited) [quote name='CatherineM' post='1936931' date='Jul 31 2009, 04:45 PM']When I was doing bankruptcies, the top three reasons for the financial trouble were divorce, disability/medical issues, and unemployment. That was 20 years ago, and I suspect that personal debt is one of the top three now. If someone goes into debt with the intention of paying it off, and some difficulty intervenes, then I do not believe that is a sin. However, if you use credit cards knowing you can not pay them off, not only is that a bad thing, it is also technically bank fraud.[/quote] Catherine, In light of the recession going on and credit card companies charging exorbitant fees, to make up for credit freezes, or for whatever reasons, many people have stopped paying their credit cards. I have a co-worker who has done this. They lowered her credit limit, which went over what is charged on her card. So, now she is getting paid a late charge every month. She said she has always paid on time and they will not work with her. Edited July 31, 2009 by "Kyrie eleison" Link to comment Share on other sites More sharing options...
CatherineM Posted July 31, 2009 Share Posted July 31, 2009 [quote name='"Kyrie eleison' post='1936945' date='Jul 31 2009, 04:52 PM']Catherine, In light of the recession going on and credit card companies charging exorbitant fees, to make up for credit freezes, or for whatever reasons, many people have stopped paying their credit cards. I have a co-worker who has done this. They lowered her credit limit, which went over what is charged on her card. So, now she is getting paid a late charge every month. She said she has always paid on time and they will not work with her.[/quote] When a bank or credit card company changes the rules that she borrowed money under, that's completely different. If someone loses their job, or gets their hours cut, then they may find themselves unable to pay, not unwilling to. Just remember that we fought a Revolutionary War in order to do away with in part debtor's prisons. Link to comment Share on other sites More sharing options...
"Kyrie eleison" Posted July 31, 2009 Author Share Posted July 31, 2009 (edited) Then there is these big foreclosures going on. People are letting their homes go because the value is far below what they owe. I read on a forum that people are foreclosing, waiting it out, getting their credit fixed, then buying a house that is much newer and bigger for far less then what they owed to the former. It got me contemplating if this is a sin of sorts. Edited July 31, 2009 by "Kyrie eleison" Link to comment Share on other sites More sharing options...
CatherineM Posted July 31, 2009 Share Posted July 31, 2009 It can be hard to discern between just making a good business decision and taking advantage of people. Some people feel funny about buying a house in foreclosure because they might be taking advantage of someone else's misfortune. There are a lot of things that are legal, that aren't ethical. Link to comment Share on other sites More sharing options...
"Kyrie eleison" Posted July 31, 2009 Author Share Posted July 31, 2009 (edited) [quote name='CatherineM' post='1937040' date='Jul 31 2009, 06:03 PM']It can be hard to discern between just making a good business decision and taking advantage of people. Some people feel funny about buying a house in foreclosure because they might be taking advantage of someone else's misfortune. There are a lot of things that are legal, that aren't ethical.[/quote] This reminds me of an article that i read. It went on to say that if you buy a house that is foreclosed upon, don't be so chipper when you meet your neighbors, and especially don't brag about how much you bought the house for. The reason was that your neighbor/s are paying far more than the value of the foreclosed house you just moved into and they don't want to hear it and or the neighbors that left were the best neighbors they could ever have. Edited July 31, 2009 by "Kyrie eleison" Link to comment Share on other sites More sharing options...
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