/biz/ - Business & Finance

>>54196316
because it's not your money duh

You might be onto something there

>>54196316
>you borrow money from someone
>the person you borrowed from eventually runs out of money
>"Well why should I have to pay you back now that you're broke"
Are you retarded?

>>54196800
>borrow money from corporations (not people. Nobody owns the underlying assets except majority shareholders)
>majority shareholders sell their shares as company goes bankrupt
>share price goes to zero and is therefore no longer a purchasable security
>as a non purchasable security the shares therefore no longer exist and hard assets are sold to cover more losses
>company no longer exists as its property has been distributed
>therefore your debt no longer exists
>your debt has been sold for pennies on the dollar
Here's the neat thing. You don't need to pay back your debt if the original owner ceases to exist. You simply file a cease to honor and they can't do shit
If you believed any of this you're a gullible retard

>>54196316
This is why you need to make sure there's no other banks left to buy. Systemic collapse and the debt goes away.

>>54196872
but the thing is that the assets of the bank, i.e. the mortgages and whatever else, get bought up by another bank (or even private investors), so there's zero reason why someone who had borrowed money should not have to pay it back
pay denbts

>>54196872
aha but corporations ARE people chud

>>54196990
My entire post was a lie retard. Of course they have to pay it back. Debt purchasers exist for this exact reason. You can make a ton of money buying debt for pennies on the dollar if you can make people pay it back

You can unironically just sit out this transferred debt.
The people buying these contracts don’t actually expect everyone be able to pay. They’re bought with the assumption that a significant amount of people will never pay up. They’ll try to bully you into paying but if you just ignore them, they’ll never actually follow through with any sort of collection. If you want piece of mind, you can offer a partial payment after stalling for a year or so and then they’ll consider the debt paid with only a fraction of the cost.

>>54196872
>price goes to zero
>shareholders and therefore owners magically no longer exist
on what planet do you exist? Even if an entity ceases to exist, there are liabilities on its books that are still enforceable, no matter how much you cry about it

Consider the following:
>Daddy loans you $50,000
>Daddy dies of a heart attack two weeks later
Do you owe $50,000 to daddy's estate or is the debt forgiven?
However this works, it should work for corporations. If a corporation files for bankruptcy (dies), it's equivalent

M&A is a different story though

>>54197734
depends on if your daddy had you sign a contract that has clear terms for this exact situation, ie. is he jewish

>>54196316
read the contract you signed zoom zoom