The STAR Chamber

OMG.

I feel like my head is about to EXPLODE.

I just finished taking a 3 and 1/2 hour essay examination on, you guessed it, DEBTORS and CREDITORS!

It was pure TORTURE.

Every since I learned the TRUTH about the Moneteray System, having to sit through two hours of DEBTORS and CREDITORS, two times a week, for what remained of the semester, was almost more than I could bear.

Just to give you a small sample of the DEVICES used to torture me, under § 1325(a)(5)(B) of the Bankruptcy Code:

The present value of an allowed secured claim [.e.g, mortgage] should be computed by using the prevailing market rate [which the FED determines at whim] for a loan of equal term and similar risks – In re Hollins (1995)

A. To determine the market rate, consider:

1. Short-term T-bills
2. Long-term T-bills
3. Prime Rate

[all is controlled at whim by the FED]

B. Remember: A Chapter 13 plan will not be confirmed if it doesn’t satisfy the best interests test [of course, not your best interest, but the Creditor's].

If a debtor has debts of 3,000 and he proposes a total payout of $3,000, the plan will fail because it doesn’t account for the time value of money.[!!!]

The creditors in this scenario would be better off in a Chapter 7 because they would be getting the money today. A dollar today is worth more than a dollar tomorrow.[!!!]

DAMN YOU!!!

MONEY does NOT HAVE TIME!!! ONLY PEOPLE DO!!!

AND,

MONEY decreases in value because at every turn it's encumbered with infinite quantums of INTEREST!!!