I looked but didn't see this question on the board. This was in 1997, before the new, stricter bankruptcy laws came into effect, so why couldn't they just declare bankruptcy? Don't you get to keep your house and a car, although you have to give up other items you've financed? Or am I mistaken?
shareOops--I see this took place in 2000 (not sure where I got 1997). Still, had the bankruptcy laws been changed by then?
sharefacts (and answers to your questions aside)...
this was a (1.) comedy (2.) remake of a 1977 film.
taking those 2 things into account...
you could easily be right, and it wouldn't matter. it is hollywood we're talking about.
:) thank you. I realize it sounds like I'm taking it WAY too seriously--I only asked because if they didn't even address the issue, there may have been a reason having to do with the laws of the time.
shareI think they didn't bother addressing it because most of us don't know about the bankruptcy laws so actually addressing would be useless to us.
shareBankruptcy laws vary from state to state. In some states, the homeowner is only allowed $10,000. equity in their home. That is not much equity in any state. It also depends on the people whom you owe money and if they choose to take legal action. And most judges would not allow the debtor to keep a vehicle that had a debt or any value. Bankruptcy laws are indeed interesting, but even the trustee assigned to each case may vary it.
share