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Saving capitalism for the many, not the few

Saving capitalism for the many, not the few

(3:30) American economist Robert Reich explains how the "free market" is nothing more than a set of rules. But who do the rules benefit? 'Saving Capitalism: For the Many, Not the Few' is available from: Amazon.co.uk and Amazon.com

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COncernedCitizen COncernedCitizen (988 days ago)
Latest comment:

This is nothing but hogwash and an advertisement for his book that is coming out soon.

He said there is no bankruptcy protection for student debts. That is incorrect. "At least 40 percent of borrowers who do include their student loans in their bankruptcy filing end up with some or all of their student debt discharged." LINK

He said there is no protection for a homeowner that cannot pay their mortgage.

"In the context of a Chapter 7 or Chapter 13 bankruptcy, your mortgage debt will be discharged (absent unusual circumstances) if you provide in your bankruptcy paperwork that you intend to “surrender” your mortgaged property, no creditor objects to your discharge, and the Court enters a “discharge order”. On the other hand, in a Chapter 7, if you provide that you intend to “reaffirm” your mortgage debt, and you sign a reaffirmation agreement, you will continue to be responsible to make payments on your mortgage, and that debt will not be discharged. Along with the responsibility to continuing to pay for your home, you will also have the benefits of being able to continue to live there (assuming you can afford it) and having the mortgage creditor continue to report information your ongoing payments to the credit bureaus. Similarly, in a Chapter 13, if you make your mortgage payments and cure any pre-bankruptcy arrears, your mortgage obligation should not be affected by the bankruptcy."

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Original comment
Latest comment:

This is nothing but hogwash and an advertisement for his book that is coming out soon.

He said there is no bankruptcy protection for student debts. That is incorrect. "At least 40 percent of borrowers who do include their student loans in their bankruptcy filing end up with some or all of their student debt discharged." LINK

He said there is no protection for a homeowner that cannot pay their mortgage.

"In the context of a Chapter 7 or Chapter 13 bankruptcy, your mortgage debt will be discharged (absent unusual circumstances) if you provide in your bankruptcy paperwork that you intend to “surrender” your mortgaged property, no creditor objects to your discharge, and the Court enters a “discharge order”. On the other hand, in a Chapter 7, if you provide that you intend to “reaffirm” your mortgage debt, and you sign a reaffirmation agreement, you will continue to be responsible to make payments on your mortgage, and that debt will not be discharged. Along with the responsibility to continuing to pay for your home, you will also have the benefits of being able to continue to live there (assuming you can afford it) and having the mortgage creditor continue to report information your ongoing payments to the credit bureaus. Similarly, in a Chapter 13, if you make your mortgage payments and cure any pre-bankruptcy arrears, your mortgage obligation should not be affected by the bankruptcy."

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