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When companies can't pay back a loan they declare bankruptcy without a second thought and face little societal judgment for doing so, but when individuals do th
by pyrophane 8y ago
When companies can't pay back a loan they declare bankruptcy without a second thought and face little societal judgment for doing so, but when individuals do the same thing is labeled not just as a financial shortcoming but as a moral weakness as well. I think that attitude causes a lot of harm. People subject themselves to a great deal of suffering to avoid having to say "I can't pay this back," when sometimes that is exactly what they should do.
- will4274 8y ago> When companies can't pay back a loan they [...] face little societal judgment for doing so Citation needed. At least where I'm from, the stereotype of the corner grocery store that declares bankruptcy every 7 years is still shared as a negative
- indentured 8y agoIf the worst I could do is get a bad reputation I would gladly discharge the $100,000 I owe... Because at the end of the day, maybe that store is viewed negatively, but guess what? They’re still not in debt anymore.
- will4274 8y agoThat's a different topic than the thread you replied to, but the answer is that you could never have gotten the loan if you could have gotten it discharged for free on graduation day.