Something rather serious and urgent needs to be done to our bankruptcy laws. No financial institution should be able to drive someone into absolute abject poverty where they need direct food aid.
The law should only be after someone who won't pay, yet has the resources to pay. It should not make life intolerable for someone (and their family) who has no means to pay.
There are many many people out there who were given mortgages based on extraordinary earnings i.e. commission, bonuses, rental incomes, etc.
There's no way a bank should be able to force someone to end up dependent on food aid because they were so greedy and incompetent that they lent too much money.
If our bankruptcy and debt management laws are indeed as bad as they sound, I wonder if they are actually even constitutional or if they comply with European Human Rights law.



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