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Wealth & Economics > Bankruptcy: shameful or happens?

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message 1: by Nik (new)

Nik Krasno | 13135 comments Parental advisory: It's not about Donald, guys..-:) You have a lot about him on the news.

Biz always entails risk. It's almost an axiom.. Having risk given, one of the natural eventualities is failure.. Don't know whether it's everywhere, but they say 9 out of 10 eateries, close doors during their first year in biz.
Not a nice situ, everybody loses money, anger, emotions, disappointment.

Sure, it can involve faults of the businessman, but errare humanum est..

So is it despicable or understandable and pardonable to a degree?


message 2: by Michael (new)

Michael Fattorosi | 477 comments I think this is a cultural issue. In the US its a common as Kleenex. In Italy I think its still shameful. I dont know about other countries.


Tara Woods Turner | 2063 comments You have to look at it on a case by case basis but I don't think someone is automatically bad because they lost a business. It happens.


message 4: by Ian (new)

Ian Miller | 9276 comments I think it depends on how they lost it, and whether they took a lot of others down with them by not paying bills.


message 5: by Nik (new)

Nik Krasno | 13135 comments So is it part of life or an irrevocable loss of face?


message 6: by Scout (new)

Scout (goodreadscomscout) | 5219 comments I don't know about commercial bankruptcy, but personal bankruptcy seems to me to be a result of not reading the fine print or of spending irresponsibly.


message 7: by Nik (new)

Nik Krasno | 13135 comments Scout wrote: "I don't know about commercial bankruptcy, but personal bankruptcy seems to me to be a result of not reading the fine print or of spending irresponsibly."

So, you do attach a culpability to it? But it can result from circumstances that don't depend on a person suffering from their occurrence. Can happen to anyone laid off where an industry goes bust, for example.


message 8: by Ian (new)

Ian Miller | 9276 comments I think it depend on why. If it happens through being laid off, say, no shame. If it happens through total lack of control, then shame.

Scout, not reading the fine print? That sounds ominous. Who does read the fine print on some of these things? I just bought a hard disk, and with it came a sheet of fine print, in the usual list of multiple languages, which seemed to be summarised as several hundred situations where you can't sue us. I could not be bothered reading that, although I concede I m hardly likely to go bankrupt as a consequence


message 9: by Scout (new)

Scout (goodreadscomscout) | 5219 comments I wasn't thinking of people being laid off. Of course, there's no shame in that. I was thinking of people who bought a house with no down payment and a balloon mortgage and didn't read the fine print and know what was coming. Then when it hit the fan, they played the victim, declared bankruptcy, and others paid for their mistake.


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