Comments on: Why Do People File for Bankruptcy? http://www.tampabankruptcyblog.com/2008/03/08/why-do-people-file-for-bankruptcy/ Clark & Washington presents Mon, 03 May 2010 18:24:44 +0000 hourly 1 By: admin http://www.tampabankruptcyblog.com/2008/03/08/why-do-people-file-for-bankruptcy/#comment-7 admin Wed, 07 May 2008 18:20:07 +0000 http://www.tampabankruptcyblog.com/2008/03/08/why-do-people-file-for-bankruptcy/#comment-7 I am not making fun of anybody. Bankruptcy is a serious step and no one should pursue bankruptcy unless it is a last resort. I am glad that Tony was able to sell his flat for a profit. However, I suspect that his profit is more a function of the real estate market where he lives than his decorating skills. My point is simply that people sometimes decide to spend money on pursuits based on their emotions rather than on sound financial reasoning. Here, Tony invested a lot of time and money into a business concept (redecorating houses in a Star Trek theme) before investigating whether a market existed. In my view, that was a bad decision, even if there was a lucky ending. I am not making fun of anybody. Bankruptcy is a serious step and no one should pursue bankruptcy unless it is a last resort.

I am glad that Tony was able to sell his flat for a profit. However, I suspect that his profit is more a function of the real estate market where he lives than his decorating skills. My point is simply that people sometimes decide to spend money on pursuits based on their emotions rather than on sound financial reasoning. Here, Tony invested a lot of time and money into a business concept (redecorating houses in a Star Trek theme) before investigating whether a market existed. In my view, that was a bad decision, even if there was a lucky ending.

]]> By: Chris Aguilera http://www.tampabankruptcyblog.com/2008/03/08/why-do-people-file-for-bankruptcy/#comment-6 Chris Aguilera Mon, 05 May 2008 07:51:05 +0000 http://www.tampabankruptcyblog.com/2008/03/08/why-do-people-file-for-bankruptcy/#comment-6 This is a bad example of a bankruptcy. You should make fun of somebody else. The flat in question sold for £425,000 last year (see boingboing.net) or about $850,000 dollars - five times the apartments appraised value. That comes to $85K yearly income, not bad I think for an out of work DJ. How much did you make from your hobby last year? I bet it was a little less than Tony Alleyne did. I realize this story could have had a less happy ending and Tony probably had to make it through some lean times, but give him credit for his success. I too have a crazy dream, one involving running an electric car manufacturing company, and sadly have never had the cojones to give it a try. I praise Tony for his courage. I'm too scared of going bankrupt. This is a bad example of a bankruptcy. You should make fun of somebody else.

The flat in question sold for £425,000 last year (see boingboing.net) or about $850,000 dollars – five times the apartments appraised value.

That comes to $85K yearly income, not bad I think for an out of work DJ. How much did you make from your hobby last year? I bet it was a little less than Tony Alleyne did.

I realize this story could have had a less happy ending and Tony probably had to make it through some lean times, but give him credit for his success.

I too have a crazy dream, one involving running an electric car manufacturing company, and sadly have never had the cojones to give it a try. I praise Tony for his courage. I'm too scared of going bankrupt.

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