Your Questions About Debt Busting

Joseph asks…

Do you think the Republicans are responsible for screwing up the economy?

I’m just amazed at how quickly we went from boom to bust in just 7 short years of Republican rule. I can’t help but feel the trillion dollar tax cuts, trillion dollar war and unfettered wasteful spending has had something to do with that. Bush has increased the national debt from 6 trillion to 9 trillion and the dollar has plummeted. Are the Republicans to blame for the recession (and yes, we are in a recession now according to Merril Lynch)?

John answers:

Nah, mostly a mix of globalism and overspending.

Here’s why you’re a hypocrite: when a democrat is president, you won’t care if we’re spending too much. You’ll stop complaining.

Mandy asks…

Democrats want to protect terrorists and illegal immigrants, why not protect the United States from terrorist?

Senate Republicans Want to Revive Border Security Plan
Wednesday, July 25, 2007
With a comprehensive immigration bill in the dustbin, Senate Republicans sought Wednesday to win passage of its most popular piece, a $3 billion plan to improve security along the U.S.-Mexico border.
The budget-busting GOP measure would be added — over White House opposition — to a pending bill to fund the budget for the Homeland Security Department.
Republican sponsors such as Sen. Judd Gregg of New Hampshire said securing U.S. borders is as important a priority as fighting terrorism and the war in Iraq.
The move comes in the wake of the collapse in the Senate of President Bush’s immigration plan, a compromise combining the popular border security initiative with a deeply controversial plan to legalize as many as 12 million unlawful immigrants.
The White House has already threatened a veto of the underlying homeland security bill for breaking Bush’s budget and Gregg said the White House opposes the border security plan offered by Senate Republicans.
“The administration position … is that they oppose it,” Gregg said.
During the immigration debate last month, proponents of the broader approach such as Bush and Sen. Lindsey Graham of South Carolina argued that splitting up the compromise immigration package and passing border enforcement first would doom the broader effort.
But Graham said Wednesday that the public won’t accept more controversial elements — such as a plan to give million of illegal immigrants a way to earn U.S. citizenship, dubbed “amnesty” by opponents — until the porous border with Mexico is made more secure.
“Border security is the gate that you must pass through to get to overall comprehensive reform,” said Graham, who is up for re-election next year and facing political heat at home for backing Bush’s unpopular immigration plan.
The emergency border security funding proposal is similar to one Republicans tacked onto an immigration measure to garner more GOP support for the bill, which died last month.
Democrats had supported that move — an infusion of $4.4 billion in mandatory funding — as a way of drawing broader backing for the compromise bill.
But it also includes several provisions that Democrats said went too far, such as allowing law enforcement officers to question people about their immigration status, cracking down harshly on people who overstay their visas, and imposing mandatory prison sentences on illegal border crossers.
For their part, Senate Democrats mulled their options on the GOP plan, which requires 60 votes to pass the 100-member Senate since it would be financed through additional debt. Democrats didn’t immediately signal a willingness to kill the plan outright.
“On first glance, there’s some stuff in this proposal we can support, but much of it also appears to be pretty objectionable,” said Jim Manley, spokesman for Majority Leader Harry Reid, D-Nev.
One option under consideration is a Democratic countermeasure that would blend border security funding with bipartisan provisions to allow more foreign agricultural workers into the United States and to permit some immigrants who have grown up in the U.S. to become citizens if they go to college or serve in the military.
The GOP move is reminiscent of the successful plan last year to pass a bill to build vehicle barriers and 700 miles of fence on the southern border aimed at keeping out illegal immigrants from Mexico and other countries.
That effort was passed under GOP control of the House and Senate after the Senate passed a comprehensive immigration plan and House GOP leaders countered with the border fence initiative.

John answers:

Please go away, and take the entire terrorist-fearing, Bible-thumping, liberty-crushing, Religious Right with you.

Susan asks…

my LTD company has gone bust and there is an overdraft outstanding.?

As it is a limited company am I personaly liable for this debt or is is covered by the limited company.

John answers:

Your company is liable for it.

You may be personally liable for it in some cases.

Robert asks…

Thomas cook is going into debt will it go bust & will i lose my holiday?!?! HELP?

Thomas cook aparently is in dire financial difficulty, will it go bust do you think? Will i lose my holiday? Am in process of paying for it and it is for three weeks in july-august 2012 to turkey. If i do lose hol do i get money back/compensation??? HELP PLEASE

John answers:

Hi

Thomas Cook is a robust business and we’re confident that we will continue to provide holidays for many years in the future. It’s business as usual. You can be assured that your holiday is fully protected when you book with us. Customers are also covered under the ATOL scheme within the UK, so you can be confident that your holiday is safe. For more information please see http://bit.ly/scE14n.

Kind Regards
Lara

Betty asks…

In debt, considering bankruptcy! Help!?

Basically, my dad is in debt of 30k, this includes credit cards, loans, etc, he ended up in debt in 2009 when the economy went bust. He does have a good job earning some good money.
However most of his wage goes on the house payment monthly.

We have two houses, one is worth around £100k-£110k and it contains a mortgage of around 30k, we have people living in that house which the rent from them is paying for the mortgage.
Our other house is worth around £160k with a mortgage of 100k. So we’re just about paying mortgages off both houses and we cannot pay anything toward debts. We have plenty of equity in our houses to cover the debt but the trouble is that no one is lending. And we sit cannot pay it off. We were thinking of selling the other house, but we’ve worked hard just to earn it and it doesn’t feel right selling it.

Would bankruptcy be a good option for us? I mean what would it actually include? Will there be a risk of losing our houses?

We have 140k in equity and have 30k debts.

What do you guys think?

Please do not be rude, I want relevant answers.

Thank you

John answers:

With this market, I know that nothing is selling. If the rental property is worth 100K and your dad owes 30K on it, then could you put it on the market for 70K for an attempt at a quick sell and use the proceeds to pay off the 30K he has in debts? Plus, being a landlord sucks these days. I know about that first hand.

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