Did You Know They Have Debtors' Prison in Dubai?

[NashVegas]

From NYT:

Sofia, a 34-year-old Frenchwoman, moved here a year ago to take a job in advertising, so confident about Dubai’s fast-growing economy that she bought an apartment for almost $300,000 with a 15-year mortgage. Now, like many of the foreign workers who make up 90 percent of the population here, she has been laid off and faces the prospect of being forced to leave this Persian Gulf city — or worse.

“I’m really scared of what could happen, because I bought property here,” said Sofia, who asked that her last name be withheld because she is still hunting for a new job. “If I can’t pay it off, I was told I could end up in debtors’ prison.”

With Dubai’s economy in free fall, newspapers have reported that more than 3,000 cars sit abandoned in the parking lot at the Dubai Airport, left by fleeing, debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills). Some are said to have maxed-out credit cards inside and notes of apology taped to the windshield.


http://www.nytimes.com/2009/02/12/world/middleeast/12dubai.html

I find this all very amusing, the idea of these Global economy Jet-Setters languishing away ...

[tridim]

1. Wonder if Halliburton owes any debt in Dubai?

[Cassandra]

2. No wonder Repukes love it there.

[Blue_Tires]

7. yeah, it's the free-market's shangri-la

it's now the new Monaco

[closeupready]

3. This is where we are headed, as banks continue controlling Congress,

lobbying for things like bankruptcy 'reform'.

[soothsayer]

6. yep! and watch for no-chattel mortgages that attach to te person, not the property

[RaleighNCDUer]

4. Funny, somehow an ad agency employee doesn't quite sound like

a jet-setter to me.

Jet-setters wouldn't be abandoning their unpaid-for cars at the airport - they'd be flying the cars out with them.

Sounds more like middle-class squeeze to me.

[NashVegas]

5. Probably Was Making A Good

$80-$100k or more. And you should look into RyanAir :)

[4 t 4]

8. I would be all for a Lenders prison