Tuesday, March 24, 2009

This economy'll give you IBS

A colleague of a colleague won a several million dollar judgment and is trying to collect. The court-ordered deposition of the judgment debtor is scheduled in the near future. The following phone call took place between the debtor's attorney ("Debtor Lawyer") and the judgment creditor's attorney ("Creditor Lawyer"):

Debtor Lawyer: "My client will not be able to attend the deposition, she is sick."
Creditor Lawyer: "What does she have?"
Debtor Lawyer: "Diarrhea."
Creditor Lawyer: "That's not sick, or a basis for cancelling this court-ordered deposition. That's a natural reaction. Who wouldn't be shitting their pants after getting a multi-million dollar judgment entered against them?"

True story. You gotta empathize with any debtor's situation in this economy. At the same time, this particular debtor did significant wrongdoing to warrant the judgment entered against her.

Thursday, March 19, 2009

student loan bailout

An excellent point can be made to bail out student loan debt, as shown by this letter to Obama. It's scary how schools and lenders can tend to downplay to students the high price of education.