US Bankruptcy: PF'ers Weigh In on the Risk

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  • Thread starter Galileo
  • Start date
In summary, the US PF'ers think the debt is not only a scary economic future, but also a scam. They fear for the country's future, but also think that it won't be as bad as people say.
  • #36
Let us Set Aside what we have been Taught,
and Discuss the Truth.

Lawful Money is Gold and Silver Coins of the United States
12 USC 152

Legal Tender is fancy Paper with green Ink.

Dollars are made of Paper and Ink.

There is No shortage of Paper or Ink.

The federal gov will pay for Socialist Security or any other program.

The effect will be:

When the National Debt reaches GDP
then the European Banks thru the European governments
will cause the US Dollar to no longer be the Reserve Currnecy of the World.
See CSPAN Dec24,2008

CSPAN

US Bankruptcy
When US Deficit reaches GDP,
(that will occur in 1.3 Trillion in Deficit spending,
@ 2011 - 2012)

Europeans will no longer accept US Dollars,
US Dollar will no longer be Reserve Currency of the World,
Euro Dollar to become Reserve Currency of the World.

CSPAN Dec 24,2008
http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=282910-1

Click on Watch Flash Video

Move Time Cursor to 1:10:20
Watch from 1:10:20 - 1:11:50

also watch 1:07 - 1:12


That will be Stage 1 of the US Bankruptcy

Stage 2 will be:

China or any other government that accumulates US Dollars
then Buy Businesses and Houses
then move Communist / GloBaalists into those homes, and businesses.
then China can Buy the USA,
Home by Home,
Business by Business.






China has Accumulated 2 Trillion US Dollar:
the new Merrill Ling or Smith Chang Investment Company to the US.
On Friday, March 9th 2007, China announced they were starting an investment company this week in the US and 1 Trillion Dollars would be transferred to the company at this time designated for US Investments and maybe another Trillion Dollars on the way soon.
This will make the new Chinese investment company,
the largest liquid capital for investment company in the US.
China will also be investing in the real estate and Stock market also.
China said they still would continue to buy US Treasury notes.
http://cafr1.com/China.html

The GDP of the USA is 14 Trillion,
http://www.forecasts.org/gdp.htm




and that is how the USA can be taken over,
and the American people will not even know what happened to them,
until Congress removes NAFTA ,GATT, Free Trade, Stops Foreign Wars,
this will be the Future of America Created by the US Congress.
 
Last edited by a moderator:
<h2>1. What is US Bankruptcy and how does it work?</h2><p>US Bankruptcy is a legal process that allows individuals or businesses to declare that they are unable to pay their debts. It involves filing a petition with the bankruptcy court and going through a series of steps, including liquidating assets or creating a repayment plan, to address the debts.</p><h2>2. How does bankruptcy affect my credit score?</h2><p>Filing for bankruptcy can have a significant negative impact on your credit score. It will stay on your credit report for up to 10 years and can lower your score by 200 points or more. This can make it difficult to obtain credit in the future and may result in higher interest rates.</p><h2>3. What types of bankruptcy are available for individuals?</h2><p>There are two main types of bankruptcy available for individuals: Chapter 7 and Chapter 13. Chapter 7 involves liquidating assets to pay off debts, while Chapter 13 involves creating a repayment plan to pay off debts over a period of 3-5 years.</p><h2>4. Can I keep any of my assets if I file for bankruptcy?</h2><p>It depends on the type of bankruptcy you file for and the laws in your state. In Chapter 7 bankruptcy, some assets may be exempt from liquidation, such as your primary residence or a certain amount of equity in a car. In Chapter 13 bankruptcy, you can usually keep all of your assets as long as you stick to the repayment plan.</p><h2>5. How can I avoid bankruptcy and manage my debts?</h2><p>The best way to avoid bankruptcy is to create a budget and stick to it, prioritize paying off high-interest debts, and seek help from a credit counseling agency if needed. It's also important to communicate with your creditors and try to negotiate a repayment plan or settlement before considering bankruptcy as an option.</p>

1. What is US Bankruptcy and how does it work?

US Bankruptcy is a legal process that allows individuals or businesses to declare that they are unable to pay their debts. It involves filing a petition with the bankruptcy court and going through a series of steps, including liquidating assets or creating a repayment plan, to address the debts.

2. How does bankruptcy affect my credit score?

Filing for bankruptcy can have a significant negative impact on your credit score. It will stay on your credit report for up to 10 years and can lower your score by 200 points or more. This can make it difficult to obtain credit in the future and may result in higher interest rates.

3. What types of bankruptcy are available for individuals?

There are two main types of bankruptcy available for individuals: Chapter 7 and Chapter 13. Chapter 7 involves liquidating assets to pay off debts, while Chapter 13 involves creating a repayment plan to pay off debts over a period of 3-5 years.

4. Can I keep any of my assets if I file for bankruptcy?

It depends on the type of bankruptcy you file for and the laws in your state. In Chapter 7 bankruptcy, some assets may be exempt from liquidation, such as your primary residence or a certain amount of equity in a car. In Chapter 13 bankruptcy, you can usually keep all of your assets as long as you stick to the repayment plan.

5. How can I avoid bankruptcy and manage my debts?

The best way to avoid bankruptcy is to create a budget and stick to it, prioritize paying off high-interest debts, and seek help from a credit counseling agency if needed. It's also important to communicate with your creditors and try to negotiate a repayment plan or settlement before considering bankruptcy as an option.

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