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I'm surprised that after several years, the collection agency hasn't sued my friend. Should he just keep all of his money in a safe at home and not deposit any of it into a bank account and use check cashing stores to cash any checks that he gets? If there is a lien on your bank account, what...

I never knew you can have a home, car, or bank account seized to pay off credit card bills, student loans, or medical bills. I always thought that the worst thing that can happen is wage garnishment.

Is it always the case where collection agencies don't have proof that they own the debt? If that is the case, why would anyone pay a collection agency? I found some interesting videos... http://www.youtube.com/watch?v=5geYlYRj5xg...

I guess my friend doesn't have to worry about getting a loan, since he lives with his mom in her house and his mom gave him her used car, which is paid off. He doesn't work, except for some occasional cash only side jobs, which he doesn't deposit into a bank account. He is a creditor's worst...

Regarding your answers to questions 2 and 3, are you sure a collection agency or creditor can seize your home, car, or bank account to pay off student loans or credit card bills?

I have a friend that owed $40,000 with interest in student loans to Sallie Mae for going to a cooking school in Manhattan. He decided to just stop paying the loan one day. He got a few letters and phone calls from Sallie Mae and then they gave up trying to collect and just sold the loan to some...

There goes that idea. In this bad job market, you have to be crazy to co-sign for a student loan.

Can everyone take out a private loan for college for the full amount? If so, everyone can just take out the private loan, graduate college, and then just file for bankruptcy.

Plus we could have all made some nice money buying puts on the health insurance company stocks.

If it was dischargeable in bankruptcy, I bet everyone would graduate college and then just file bankruptcy. No one would ever pay their student loans back. I have a friend that owed $40,000 with interest in student loans to Sallie Mae for going to a cooking school in Manhattan. He decided to...

That is a brilliant idea actually.

Once everyone is required to have health insurance in the U.S. starting in 2014, I bet everyone will be waiting longer to see the doctor and get treated in the emergency room, plus an aging baby-boomer population will increase the wait times.

$1,000 to have a baby is very cheap. What country are you from? Someone should make a documentary film about different countries' costs for various medical procedures compared to the U.S. Would you happen to know if a U.S. tourist goes to a hospital in Europe for an emergency, do they...

It doesn't cost $10k per year to raise a child. I have a 3 year old girl and it costs us about $2,500 per year for food for her and $500 for clothes and that is it. She gets gifts from other family members. She will be going to public school where it is free. Do you really think that poor people...

Two years ago, I pretty much stopped eating meat. I eat chicken on rare occasions, but no more beef, pork, or fish. I don't eat eggs and I drink fat free milk. I obtain my protein from the fat free milk and soybeans. In the past one year, my total cholesterol has dropped from 253 to 206. I...

Who cares if you are blue collar or white collar... what matters in the end is money. My dad has a friend who started a pipe fitting business in NYC 40 years ago. The guy is now worth around $100 million.

Student loans should be eliminated. If you want to go to college, it should be where you have to pay cash upfront before the start of each semester. I bet that would make tuition prices drop.

We have decided not to have any more children, since we would rather give all of the attention to our one child, not because the hospital and Ob-Gyn cost would be $7,000.

Can they take social security income, disability income, or unemployment compensation? Can they take an inheritance?

I don't have assets offshore or cash resources. All of my cash is in the bank or in a brokerage account. I was just curious about bankruptcy and how it works. I don't plan to file for bankruptcy ever.