[quote=AN] . . . BTW, last I check, the many small business owners who leverage to start their business and fail didn’t get bailed out. So, again, your broad stroke brush is horrible. . . .[/quote]
AN, you need to spend some time in BK court, just to observe. I think it would be enlightening for you. Thousands upon thousands of small biz loans made in this country and “guaranteed” by the “Small Business Administration” (SBA) have defaulted since the inception of the program. Many of the applicants merely had to show a “business plan” to obtain these loans from banks.
I happen to know of a person who applied for (and obtained) one of these loans from a well-known Big Bank. This individual had zero “clients” in said “business” for the four years preceding his application! Of course, the Big Bank didn’t check this info out before handing him the money.
The debtor promptly bought a large boat with the proceeds and then defaulted on the loan after seven months of payments.
When the Big Bank sued and got a default judgement against this individual for the $65K (plus interest and late fees), the judgment debtor promptly put the boat into a relative’s name before they could file a writ of attachment on it.
The Big Bank then filed a lien on his home but they are junior to other creditor’s liens and, in any case, the home (which the debtor rec’d “free and clear” from his deceased father over 30 years ago) is overmortgaged.
