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   ?? Humpleupagus ?? (humpleupagus@eveningzoo.club)'s status on Thursday, 14-Sep-2023 10:08:08 JST ?? Humpleupagus ??

   • CrimeaRiver
   People will just stop paying as the economy collapses. In the US, a borrower can cram down the amount owed to current value in Chapter 13 bankruptcy. The banks are fucked.
   • Embed this notice
     penguin (penguin@eveningzoo.club)'s status on Thursday, 14-Sep-2023 10:24:17 JST penguin

     in reply to

     • CrimeaRiver
     tl;dr everyone take out massive loans you have no intention of paying back 😃
   • Embed this notice
     ?? Humpleupagus ?? (humpleupagus@eveningzoo.club)'s status on Thursday, 14-Sep-2023 10:27:00 JST ?? Humpleupagus ??

     in reply to

     • penguin
     • CrimeaRiver
     Let's do it. Party at my house. 🥳
   • Embed this notice
     penguin (penguin@eveningzoo.club)'s status on Thursday, 14-Sep-2023 10:27:21 JST penguin

     in reply to

     • CrimeaRiver
     there's gonna be so much coke 😏
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     ?? Humpleupagus ?? (humpleupagus@eveningzoo.club)'s status on Thursday, 14-Sep-2023 17:29:30 JST ?? Humpleupagus ??

     in reply to

     • CrimeaRiver
     • PhillyV
     No. Chapter 13 is a repayment plan. The debtor remains in possession. Collection activity is prohibited except through the bk court, so they can't foreclose. The debtor still has to perform the plan and make payments, but the debt owed on an underwater property is reduced to fair market value with the difference typically discharge as unsecured debt either completely or for pennies on the dollar.
     
     Chapter 7 is a different story. The lender will often move to lift the stay to the extent necessary to exercise their security rights, i.e. foreclose the property.
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     phillyv@noagendasocial.com's status on Thursday, 14-Sep-2023 17:29:31 JST PhillyV

     in reply to

     • CrimeaRiver

     @Humpleupagus @CrimeaRiver if you declare bankruptcy they will repossess the property.

   • Embed this notice
     phillyv@noagendasocial.com's status on Thursday, 14-Sep-2023 17:36:58 JST PhillyV

     in reply to

     • CrimeaRiver

     @Humpleupagus @CrimeaRiver ahh, I see. Thanks for explaining

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