So on the radio this morning they brought up the topic of debt. Many people called in and talked about how much debt they were in. One 23 year old boy was $54,000 dollars in debt. HOW DO YOU DO THAT AT 23? It wasn't even for school, it was all stupidity. I just can't believe people aren't smart enough to figure this out. This particular kid filed for chapter 7 bankruptcy and never has to face the consequences of paying his debt off. Yeah I know it will go on his credit report, but why do they just get it erased? I don't really understand it, you do the crime, you should have to do the time (or in this case, you buy the crap you should have to pay for it). High schools are now requiring kids to take a class about credit card debt, and real life. I remember watching Channel 1 (back in the day) and Lisa Ling said if you bought a $500 stereo with a credit card and paid it off within a year you would actually end up paying $1000 for it. That was years ago and the interest rates were probably a lot lower, I can't imagine what it's like now. I only have one card and I got it right before my trip last summer, it really stresses me out and I don't think I will ever get myself into a ridiculous amount of debt. (unless it's for education, house, etc.) Here is the story that sparked this topic....
HOLY CRAP..... $40 Million in debt!!
(Despite the stupidity of this guy, this house is pretty spectacular)

Attorney Keith Barton allegedly traded on the success of the family business to rack up $40 million in debt, a lawsuit filed against him contends. Barton was the public face for Gregory, Barton & Swapp P.C., a family owned firm widely known for its "One Call, That's All" slogan. The firm dissolved earlier this year in a bitter public squabble. The lawsuit is the second filed against Barton by his sister-in-law Kim Brown, who is trying to recoup $1.2 million in unpaid fees she says Barton owes her advertising agency, Kim Brown & Associates. An earlier lawsuit claiming fraud on Barton's part was partially dismissed in August. Court documents filed Thursday in 4th District Court allege Barton used the firm's assets to fund a lavish lifestyle, which included construction of a 25,000-square-foot mansion in Alpine. Brown also claims Barton kept creditors at bay by lying about the firm's ability to pay its debts and promising payments once the firm received settlements from pending product liability cases. "By October 2003, Barton was carrying approximately $40 million in debt and the law firm had bounced 182 checks to its creditors and vendors because he was drawing out money above and beyond what the firm was able to pay," Brown's attorney Sean Egan said.

A Utah County man believes he got a bargain today when he paid seven million, that's seven million dollars, for a home in Alpine. The mansion was built and owned by attorney Keith Barton, who does extensive advertising for his personal injury firm, but it was the bank who sold it a foreclosure auction. There were just a handful of registered bidders who were qualified to bid on the property, which some appraisals had at more than twenty million dollars. But it took much less cash before the bidding was over. "If there are no further bids, the property is sold to Mr. Ledbetter who is the highest bidder at public auction, for seven million dollars." Keith Barton, who owned the home, attended the sale. Apparently, his last minute efforts to save it from the foreclosure sale failed. The home, which was on the real estate market last fall, for 14.9 million dollars was billed as a "pure work of art." It is on nine acres and has seven bedrooms, 13 bathrooms, a gourmet kitchen, ballroom, salon, gold leaf detail, marble, original stained glass, as well as a pool, granite stone pathways, barn, loft and a greenhouse." Lennon Ledbetter, Highest Bidder: "It's an unbelievable piece of property, unbelievable quality and finish; the details are unbelievable." The new owner says he will be sympathetic to the Barton family and will allow them some time to move out. Ledbetter is originally from Utah County and is involved in Quixtar, a multi-level marketing company in the same family as Amway. The furniture in the home was not included in the seven million dollars. Ledbetter plans to negotiate with the lender, who has a lien on that part of the property, so he can buy it too.

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