MIKE SELVON asked: Filing for bankruptcy is a drastic measure that overwhelms most people because of the detailed paperwork that must be done. In addition, for most people it is an emotionally draining experience to go through. Because of the complexity of the matter, and the fact that emotions can cloud judgment, it is a…
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Does it ever make sense to purposefully default on consumer debt obligations?
AustinoBambino asked: Specifically, say one has had his car repossessed. Would it make sense to then default on other consumer debts with the hope of paying them off later at a discount after write-off? The idea being: one’s credit has sustained major damage because of the repo so future defaults (even when one has the…