From: "Kristopher Barrett" 
To: 
Reply-To: "Kristopher Barrett" 


>> Perhaps the people in the peace movement should start gathering
>> pledges from middle-class folks.... pledges to immediatly declare
>> Chapter 7 federal Bankruptcy the instant US troops land in Iraq.
>
>
> Well, I am no expert on the laws in the USA, and I'm not sure exactly
> what Chapter 7 federal bankruptcy entails, but this sounds like
> a good idea to me.

Basically, the court cleans out your savings account, and any luxury goods
in excess of limits set by individual states. Usually that means they can't
take your clothes, basic household goods, tools needed to do work, a single
used car, and your firearms.

Real estate title can have a lien placed against it, but patented (
homestead and mining act ) property can't be touched.

If you are an average apartment dwelling middle-class american, you can
walk away free from your entire debt, and only lose the ability to declare
bankruptcy again within the next several years.

A web search of the words "Bankruptcy chapter 7", and limited to
.com and .gov domains will turn up plenty of info on US bankruptcy.

> I do have experience of being declared bankrupt under Scottish law.
> Right after Christmas 1992 I received a letter from the Montrose branch
> of the Bank of Scotland about me owing them so much money. I immediately
> wrote back to them saying that I was thinking of voluntarily declaring
> myself bankrupt. This terrifies the banks. The local bank manager came
> round to my house to see me on New Years Day. Now, of course New Years
> Day is a bank holiday in Scotland, and a day when any self-respecting
> Scot is either suffering from a hangover or starting to get drunk
> all over again. Yet the bank manager considered the possibility
> of a customer voluntarily becoming bankrupt such a threat, he came round
> to wish me Happy New Year and beg me not to do it. He said
> they would arrange whatever very easy terms I wanted for repayment, but
> please don't go bankrupt.

Heh. The banks in the US were so afraid of this during the recent stock
crash, that they treid ( and failed ) to get congress to remove Chapter 7
from the books.

> So while I'm no expert on the law in the USA, if my own experience of
> bankruptcy is anything to go by, I would think the US banks would be
> shitting themselves at the prospect of organised mass bankruptcies.

Yep. Not only does it hit them where it hurts, but it also is of great
benefit to the protestor. And it gives people who are still laboring under
the capitalist work ethic delusion an excuse to dump these chains without
feeling guilty about it.

> Thank you, Kristopher. This is great. We are actually having
> a serious discussion about ways to effectively oppose this war.

Just trying to keep my mind on the real enemy. We have all got better
things to do then take out our frustration with the State out on each
other.


--
Regards,
Kristopher Barrett    http://www.cotse.net/users/kbarrett

--- BBBS/NT v4.00 MP