I always sort of felt like Bankruptcy and Credit scores were supposed to work like:
Anyone can take *one* stupid risk. They might be ruined financially, but their debts can be forgiven and they can still have a life. Being ruined financially isn't a disaster like being put in prison would be.
But then your credit's trashed and no one will let you take a second stupid risk.
I'm not sure it actually works that way in practice, though... people get bankrupted for things that weren't their fault (medical problems, unemployment) and people who do take stupid risks can still find backing for more stupid risks later on somehow (I don't know how that works).
![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
timeasmymeasure
no subject
Date: 2008-05-06 05:48 pm (UTC)Anyone can take *one* stupid risk. They might be ruined financially, but their debts can be forgiven and they can still have a life. Being ruined financially isn't a disaster like being put in prison would be.
But then your credit's trashed and no one will let you take a second stupid risk.
I'm not sure it actually works that way in practice, though... people get bankrupted for things that weren't their fault (medical problems, unemployment) and people who do take stupid risks can still find backing for more stupid risks later on somehow (I don't know how that works).