The Instigator
nonprophet
Pro (for)
Tied
0 Points
The Contender
Pokemonzr
Con (against)
Tied
0 Points

Personal Bankruptcy is worth doing

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Post Voting Period
The voting period for this debate has ended.
after 0 votes the winner is...
It's a Tie!
Voting Style: Open with Elo Restrictions Point System: Select Winner
Started: 5/21/2014 Category: Economics
Updated: 2 years ago Status: Post Voting Period
Viewed: 1,158 times Debate No: 55117
Debate Rounds (3)
Comments (25)
Votes (0)

 

nonprophet

Pro

First round is for acceptance ONLY
Pokemonzr

Con

Well then, I accept.

I only ask that there is no disrespect, trolling, or semantics in this debate.

Good luck!
Debate Round No. 1
nonprophet

Pro

Personal bankruptcy was designed to relieve a person of unsecured debt. Credit cards are unsecured debt because there is no collateral used to secure the loan.
Most people are brought up to believe that not paying back a loan is "stealing". That's not the case with credit cards for 2 reasons:
1. The money you "borrow" from a credit card is not real money from a bank. The money gets created by the bank out of thin air, so anything you "pay back" is 100% profit for the bank.
http://zeitgeistmovie.com...#

2. The crazy interest rates of 20% or higher are really stealing from the public. If a person puts their money in the bank they get 1% interest, but if they borrow in a credit card they pay 20%.

The ONLY "negative" or consequence of declaring bankruptcy is that it will be on your record. This is not as bad as it sounds.
1. Because after 7 years, nobody will care and 7 years is not a long time.
2. During those 7 years, you will probably not need credit.
3. Even if you did need credit during those 7 years it wouldn't be impossible to get it.

If you build up your credit score, you will get many offers for credit cards. It's possible to get up to $50,000 or more in credit cards. just by paying the minimum balance

If you are a college student, your student loans can not be forgiven with bankruptcy. However, you can pay back your student loans with credit cards.
The same is true if you owe the IRS. You can't get rid of what you owe to the IRS with bankruptcy. but you can pay the IRS off with credit cards.
If you have $50,000 is student loans or $50,000 you owe to the IRS, it would be very simple to just pay them off with credit cards and declare bankruptcy. Starting life with a zero balance rather than -$50,000 is much better.
If no bankruptcy, in 20 years you would have the money paid back and be at zero or with bankruptcy, you could save money and be at +$50,000 or more due to interest. That's worth it!

If you don't have college debt or IRS debt, it would still be worth spending the $50,000. You can buy new car, fly around the world, get new clothes and electronic devices.
If you declare bankruptcy, they can't take any of that away from you. The car should last you 7 years so you wouldn't need a car loan again. Instead of spending 20 years to pay the $50,000 back, you can start at zero with
$50,000 worth of things and SAVE money instead of paying back credit cards.

Not only is it worth it, You'd be crazy NOT to do it!
You get $50,000 for free and in return you get a mark on your record that nobody will care about after 7 years.
No brainier!
Pokemonzr

Con

Pokemonzr forfeited this round.
Debate Round No. 2
nonprophet

Pro

I should have NEVER allowed a 13 year old to debate me. Of course I get a forfeit!
Pokemonzr

Con

"I should have NEVER allowed a 13 year old to debate me. Of course I get a forfeit!" -The words of my opponent. In most eyes, these can be hurtful words, and in most eyes, these are rude words, not accepted in debate. So, I ask voters, just because I forfeited one round, not to award conduct points to my opponent because of his third round/comment.

Before I begin, I would also like to apologize for my forfeit. I shouldn't have started this debate, because (1) my opponent obviously does not like me, and (2) finals are upcoming, and I was busy studying, so, naturally, time got away from me and it automatically forfeited. So, my opponent won't have any opportunity to present refutations to my arguments. I will not present refutations to his, therefore making it even.

Also, before I begin, I would like to point out that my opponent utterly detests me only because of my young age (13), however he does not even state his age, and the one he states is indeed a lie (99).

So now, with that aside, I would like to present my main arguments.

My opponent has stated that there are only three negative consequences to bankruptcy, however I disagree, and I will prove this throughout my arguments.

Argument 1:
Personal bankruptcy is not worth doing because it ruins your credit for a minimum . Personal bankruptcy releases you from many debt obligations such as credit cards, however this is shown on the credit reports and drastically lowers your FICO credit score. Not to mention, when bankruptcy is filed, your credit cards are taken away. So, filing bankruptcy means that you're now on a strictly cash spending 'diet', and who uses cash anymore? The majority of people today in the modern world use credit cards. Therefore, personal bankruptcy harms your credit and your spending.

Argument 2:
Personal bankruptcy is not worth doing because it stigmatizes you as being irresponsible, unreliable, and immoral. When bankruptcy is declared, you have had debts on a number of things, such as a car, a house, a washing machine, dryer, etc. and essentially, you don't pay for it. This is like stealing. You know you can't afford to buy it, yet you purchase it on credit and you don't pay for it, so who then pays for it? The people who pay for it are everyday people like you and me, or the store owner, who has to pay for the person's debt. So when we go to buy it, it's that much more because of the person who declared bankruptcy. Therefore, personal bankruptcy is immoral because it makes other people suffer.

Argument 3:
Personal bankruptcy is not worth doing because you will become part of a public record. In many court documents, if personal bankruptcy is filed, and this can even extend to the newspaper, all because you stupidly filed personal bankruptcy because it was "worth it" as pro is suggesting. Therefore, you will not be able to keep your finances private if you file personal bankruptcy; your finances will go public, and most people like to keep them private.

Voters, before this round is over, let me remind you, that if you file personal bankruptcy, you need a plan to pay it back when your bankruptcy is over. But how will you pay it back if you have bad credit and no credit cards? Can you pay thousands of dollars in cash? Probably not, because you're bankrupt.

In conclusion, I believe that personal bankruptcy is not worth doing because it ruins your credit, it stigmatizes you as being irresponsible, immoral, and unreliable while other people suffer for your mistake, and lastly because your finances will go public.

Thank you for reading, and please vote for the Con side of this debate. Good luck pro!
Debate Round No. 3
25 comments have been posted on this debate. Showing 1 through 10 records.
Posted by UchihaMadara 2 years ago
UchihaMadara
you salvage your win record through ties by not acquiring any more losses.... duh
Posted by nonprophet 2 years ago
nonprophet
"the only way he can salvage his win record is by setting up his debates so that no one can vote on them." -Romanii

How do you salvage a win record with ties? Seriously, explain that one to me. This I have to hear!
Posted by nonprophet 2 years ago
nonprophet
My reasons shouldn't matter. Either you accept my conditions or you don't.
If you do, then don't complain. If you don't then who cares?
Posted by Romanii 2 years ago
Romanii
Again, I don't care about that at the moment. I'm just saying that your reasons for wanting no votes are absurd, rooted more in bad sportsmanship than any of your BS reasons.
Posted by nonprophet 2 years ago
nonprophet
Yep, it's a fact: Nobody forced anyone to accept the debate.
Posted by Romanii 2 years ago
Romanii
Heh, it's actually an objective fact. Not just an opinion.
Posted by nonprophet 2 years ago
nonprophet
That's your opinion. Nobody forced anyone to accept the debate.
Posted by Romanii 2 years ago
Romanii
Lol yes it is technically a tie because you are too much a coward and a sore loser to accept that generally, when people vote agaist you, it's because you ACTUALLY LOST THE DEBATE, rather than because they are wrong/biased.
Posted by nonprophet 2 years ago
nonprophet
@Romanii Looks like a tie to me!
Posted by Romanii 2 years ago
Romanii
Public Service Announcement:

NONPROPHET LOST THIS DEBATE.
HE LOST EVEN AFTER MAKING FUN OF HIS OPPONENT'S AGE.
No votes have been placed for this debate.