Many want to use bankruptcy law to avoid paying off their debts. However, in the long run, what does it get besides a bad reputation? People with such a track record are tainted and may find obtaining loans and things from banks more difficult, if not impossible. Smart entrepreneurs use bankruptcy because they benefit from it when they move money into positions where it cannot be touched. That is not the right thing to do.
Some billionaires have risen above others by avoiding paying contractors and others who have supplied them with goods, such as buildings or vehicles. They moved their money to trust accounts or created offshore accounts where they eventually depleted. Some also use a spouse or partner to give away money while their business was in operation.
The problem is that they left others bankrupt whom they then refused to pay. Usually these are the contractors and their subcontractors that usually involve small family businesses that cannot bear large losses.
Money is an invention for power and some think the world owes them so they don’t care who they hurt in their race for the most wealth. So how does the little one avoid bankruptcy?
Years ago, this was a problem I faced when a change in Australia’s economic security caused an inevitable depression in my business. However, it was compounded by the breakdown of the marriage and three teenage children dependent on me. The situation was extremely dire, as he owed many money that could not be repaid.
Working my way through it was the first step. Getting a job that took me to another state and gave me the opportunity to avoid debt collectors and others allowed me to pay off all debts for several months. For doing them good, no one persecuted me. That is probably the best lesson one can learn by being honest.
My father raised me with this thought “if you never tell a lie, you won’t get in trouble.” For me, bankruptcy when one could and should pay people is a lie. Those to whom my business referred were honest, hard-working and responsible people. What right does anyone have to deny him his just rewards?
Before you file for bankruptcy, think about the consequences. If everyone stops paying their bills, the world of finance will also cease. While money is an invention, it is the foundation on which the World Order is built. If it collapses, so does everything related to our civilization. So instead of filing for bankruptcy, choose a better way to pay off debts, even if it takes months to do so.
