stevehobbes

I have several accounts on different servers bud.

Soylent is people.

You can and will lose your home in many many states (non homestead states primarily). If the person you aren’t paying is your mortgage holder, you’re definitely going to lose your home You will also almost always lose non-primary residences provided they need to be liquidated to settle your debts. You will be given any excess money from the liquidations after your debts are settled.

If you’re settling debts you’re probably doing chapter 11 not 7.

Chapter 11 requires your lenders to play ball, but if they think they can make more money by extending terms of offering a discount than if they force you into chapter 7, they will.

If you make $5k/mo and your living expenses are $3k/mo and you have $3k/mo of debt for the next 30 months, reasonable lenders would look at that and say I’d rather have $1.5k for 60 months and I believe you can pay it rather than rolling the dice in chapter 7 on what assets you have or don’t have and what they’re worth when they finally get liquidated.

Fair point.

That’s chapter 7. There are some debts that cannot be wiped out via bankruptcy. That’s true for corporations too. And when it happens, they get liquidated.

You can’t really liquidate a person and cease it to be an ongoing concern. The dynamics are different.

Chapter 11 can and does get filed by people - but it’s a reorganization, and buys you time to negotiate with the debt holders if able for a reduced amount or a longer repayment plan or reduced interest instead of going through chapter 7 where they’ll get nothing or very little if it’s unsecured debt.

Both will tank your credit.

This is just not true.

Lemmy broadly is very group-think right now. There isn’t a large diversity of opinion yet; growth would be good - the real issue is when you have actually saturated a market, the only way to grow is through increasingly shitty things (see: reddit). Lemmy won’t have those same problems because the commercial model is so different (non-existent).