4 ms·

If you have a million dollars and accrue a debt of $500,000 you are solvent. If you have $20,000 and accrue a debt of $500,000, you are bankrupt and your debtor

by jitl 2y ago

If you have a million dollars and accrue a debt of $500,000 you are solvent. If you have $20,000 and accrue a debt of $500,000, you are bankrupt and your debtors take a big loss and everyone is sad. (Also presumably if you have a bunch of money you did get it somehow…)

bdangubic 2y ago
$20k with $500k debt is a whole lot of airbnb enterprenuers racking in serious dough. debt is a great thing as long as you make money from that debt (you don’t pay taxes on the debt either) :)