June 2012

At first blush you might wonder if today’s title has a religious theme, or refers to cashing in coupons for valuable prizes.  While this post’s thrust does involve deliverance of a sort, it’s not intended as an evangelistic outreach.  Instead, this essay focuses on a special provision in Chapter 7 of the Bankruptcy Code:

An individual debtor may, whether or not the debtor has waived the right to redeem under this section, redeem tangible personal property intended primarily for personal, family, or household use, from a lien securing a dischargeable consumer debt, if such property is exempted under section 522 of this title or has been abandoned under section 554 of this title, by paying the holder of such lien the amount of the allowed secured claim of such holder that is secured by such lien in full at the time of redemption.

11 U.S.C. § 722.

What does this passage mean?
Continue Reading Redemption In Bankruptcy

In my last post, I looked at some recent data examining the U.S.’s financial time bomb.  Is Europe facing a similar financial time bomb or can we look to it for help, inspiration, and great economic ideas?

II.        The European Financial Time Bomb

Returning to the U.S. Debt Clock (which I discussed in my previous post), you’ll see at the top left of the screen a link to “World Debt Clocks.” Click on that link and you’ll see a showing of the Public Debt to GDP and External Debt to GDP ratios.  If you’ve been following the news about the PIIGS (Portugal, Italy, Ireland, Greece, and Spain) you’ll appreciate what you see.

These countries are so awash with debt that they cannot dig themselves out.  And France and Great Britain are joining the club too.  Don’t look to Europe for solutions, they only have problems.

A lot of the European problems stems from the imposition of a single currency, the euro, on a congeries of countries with very different cultures, languages, and most importantly:  different economic and social policies. 
Continue Reading Bankruptcy Is The Wave Of The Future – Part II

As those of you who have followed my musings know, I maintain that the western world is headed toward financial ruin.  This post updates you with recent data supporting this position.

The good news is:  I also don’t see anything on the political horizon that has any hope of stopping it, so there’s no reason to put stock in anything the politicians say.  There:  isn’t it nice to be relieved of the disappointment that would come from buying into your favorite venal politician’s promises only to see those promises later evanesce into the hot air they were in the first place?

I.          The U.S.’s Financial Time Bomb

A.        The National Debt

Take a look at the U.S. Debt Clock to see what I am talking about.  
Continue Reading Bankruptcy Is The Wave Of The Future – Part I