A recent blog online dealt with a debtor who admittedly owes Chase Bank $75,000 for an SBA loan secured by business assets. He owes the Chrysler Corporation for a $7,500 loan on a repossessed Jeep, and he owes U.S. Bancorp $48,000 in unsecured visa credit card debt ($30,000 of which was business debt and the other $18,000 for personal debt). Each of the companies is filing lawsuits against the debtor, but none of these creditors have received a judgment to date.
The debtor is irate over the lawsuits because all three of three creditors were involved in the U.S. bailout in 2008 and 2009. Here are excerpts from his blog:
“I will go and represent myself as legal counsel. When the judge asks me to present my case, I will tell him how each creditor went bankrupt and received Federal bailout money financed in part by me. When this creditor needed mercy, the U.S. taxpayer stepped up to the plate and bailed them out. However, when I was only two months behind on my wife’s Jeep payment, without notice, Chrysler had it towed out of our driveway in plain view of our neighbors. I explained how each bailed out creditor overspent and went bankrupt by living lavishly beyond their means, and in so doing, they pulled down the economy with them. This in turn bankrupted my business and sent several of my long-term devoted employees home with layoff notices. I will tell the judge that this creditor would not even be in business today to sue me if we did not bail them out with our hard earned tax dollars. I will then submit Exhibit #A which will be a 5-page report of almost 1,000 large corporations and banks that received over half-a-trillion dollars in Federal bailout money. I will note to the judge that my business name is unfortunately not on that list, and that is why I am in court today.
I will also submit as Exhibit #B, a news story from the Washington Examiner in 2009 about how Chrysler purchased the most expensive Superbowl TV commercial in history right after they received over $15-billion in bailout money in tax dollars financed by me. I will make sure to mention that U.S. Bankcorp received $7-billion in bailout money and Chase Bank received more than $30-billion in bailout money.
I will remind the Judge that, although these banks did pay the money back to the government, I am still waiting for my bailout check. If I had received one, I wouldn’t be in court today. In addition, I am asking that you void out this debt based on the fact that if we didn’t bail these banks out, they wouldn’t have had the money hire an attorne and sue hard-working Americans.
Worst case scenario is the creditors get a judgment, and I file for Chapter 7 Bankruptcy the next day before they can get another court date to try to collect. Best case scenario is that the judge agrees with me and declares the debt non-collectable. My wife thinks I might be able to convince at least one of the judges to do this if it is within his power to do so. Even if I lose, at least I got to vent in a public hearing about these corrupt corporations and banks that got our bailout money while we all got the shaft in return. What do you think… is this idea insane or genius?”
Interesting concept, so I say go for it, especially if he can afford the court costs. It will be genius if he wins and a little crazy if he loses. If he loses, he will most likely need the services of a good bankruptcy lawyer who can help him understand how the complex bankruptcy laws might apply to his financial situation.
If like the debtor in this story, you need relief from the stress of debt and you live in or around the metropolitan area of Rochester, New York, contact us at www.betterbankruptcy.com .We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.
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