No. of Recommendations: 6
In my humble opinion, yes.

What if an owner of 10,000 acres of land suddenly could not pay his bills. Are you saying that he should not sell any land because he purchased it when he was flush with cash?

First: is it the land he can't pay the bills on? Or something else?

If it's the land, then yes, he can no longer afford it.

However, he has the option to sell part of the land. And keep some, no matter how modest, to live on/in.

With things like the boots, first, the moment they are worn they have utterly plummeted in value. Housing bubble notwithstanding, there's a difference between something being worth 5-10 cents on the dollar and being upside-down (especially if you didn't refi-cash-out subsequently).

Second, she has to wear something on her feet. Seems even more irresponsible to say "Oh, I'll sell these boots for a fraction of their worth and now I have to go buy something else because I have nothing suitable for an interview."

You can sell some land. You can't sell one boot.

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