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I think its pretty horrific how easy it is to abuse the bankruptcy system in my country (Canada).
A freind of mine had a small business of his own. He was to be quite honest a crap businessman and had to leave because of no inventory control, no proper billing or accounts recievables control etc.
He decided to go bankrupt over $30,000 and set a date about 12 months down the line that he would do this.
So, he took all of his RRSP's (401K's) - cashed them and started buying stuff, finished his basement, bought computers, tv's, go-karts all kinds of stuff. All the while whittling away his savings and maxxing out his cards.
At the end of the 12 months he declared the bankruptcy and everything was wiped from his record - he had to pay a pathetically low amount every two weeks from his paycheque for 6 months and then was discharged from the bankruptcy.
I was sickened by all this.
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"It is impossible to obtain a conviction for sodomy from an English jury. Half of them don't believe that it can physically be done, and the other half are doing it."
Winston Churchill
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