Bankruptcy and Bitcoins
Hello this is jeff kelly and today I want to talk to you about bankruptcy and bitcoins now some of you may be saying what in the world is a bitcoin a bitcoin is a virtual currency let's recorded somewhere in the cloud somehow you can store them on your computer they actually do actually make physical coins that you can store the code onto so you may say yourself why would anybody care about using a Bitcoin well the reason is when you make a transaction there's no middle man there's nobody charging a commission for the exchange for example like when you buy stuff with Visa or MasterCard Visa MasterCard they get paid a percentage of every transaction that takes place it's not a large percentage typically somewhere around two three percent and the merchant has to pay that so that's why a lot of times you'll see merchants say they'll give you a discount for cash but with bitcoins it eliminates the middleman it you know also if somebody from another country wants to buy something there they typically are going to have to pay a fee for exchanging their local currency for american dollars well with bitcoins that's eliminated it's just trade for trade now you may say to yourself why in the world is why am I talking about bank machine bitcoins well here's why I think that not only will bitcoins change in a lot of ways international business because i do think as more people gain confidence in the currency i think more people will try to use it because they can save a lot of money on a large scale but as far as the bankruptcy world goes and i really hate this but i know that you know with human nature of the way it is eventually somebody some day some dum-dum is going to try to hide assets in bitcoins assuming that they are they're going to assume that there are a hundred percent untraceable and I don't know how they're going to do it but somehow the federal government will find out and they will trace of that person that person wind up going to jail and I am worried that it will create an alarm in the system and somehow they're going to come up with a make it tougher for the honest people that really do need relief and really do need to file bankruptcy this has happened before for example in the 90s you could wipe out student loan debt in bankruptcy and personally I think that's the way that it should be what happened was there were a few there were a few small number of cases where these doctors went to medical school ran up a ton of student loans successfully wiped them out into bankruptcy and all of a sudden you know fueler a few years later you can't discharge any student loans in bhangra shoot so by the way I think that's a really good issue to run on for Congress so I'm hoping that somebody out there or someday will pick up on that because you're going to get a lot of votes if you run on that issue because there are thousands upon thousands of college graduates all across this nation who are basically economic slaves because they have such a high burden of debt hanging over them that they'll never going to be able to pay off until these laws change but back to bitcoins you know if if any client ever comes in and meet with me and says hey Jeff I want to talk to you about hiding assets to file bankruptcy by the way that's never happened to me before in 16 years but if it did I would say you got to leave my office as quickly as possible because I don't want anything to do that most bankruptcy attorneys don't want anything to do with that and you know there's there's no case there's no amount of money nothing is worth risking jail over and a lot of people don't realize this but if you screw up your bankruptcy petition you don't list all your assets they can put you in jail now you know if you're honest and upfront you list everything that you own you know list all your income list all your assets you're not going to have any problems I've been practicing for more than 16 years now and I've never seen anybody get prosecuted for bankruptcy fraud and I think the reason is I've got really good clients everybody tells the truth they lay it out and bhangra she's actually a it's a very good system you know trustees are looking at real paycheck stubs they're looking at tax returns they look at land records so it the way it is right now it's pretty easy for them to get a good feel for a person's economic situation I'm nervous about the whole Bitcoin thing because I'm afraid people may be tempted to try to stash a little away in the bitcoins and hope they can get away with it but it's not worth it i assure you it's not worth it I I have done a jail ministry and let me tell you what jail is an awful awful place there's no amount of money worth losing your freedom over anyway that's my two cents on the bankruptcy in bitcoins and I hope that the future will prove me wrong and that nobody's going to be dumb enough to try to mess around with that and file bankruptcy have a great day thank you.
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