Houses passes new Tougher Bankruptcy law

[Razorguns]

Guess they finally caved into Corporate America. If you wanna file bankruptcy -- do it quick. It's gonna get REAL difficult now!


http://www.msnbc.msn.com/id/7494698/

"....The bill would establish a new test for measuring a debtor’s ability to repay. People with insufficient assets or income could still file a Chapter 7 bankruptcy, which if approved by a judge erases debts entirely after certain assets are forfeited. Those with income above the state’s median income who can pay at least $6,000 over five years — $100 a month — would be forced into Chapter 13, where a judge would order a repayment plan.
Under current law, a bankruptcy judge determines under which chapter of the bankruptcy code a person falls — whether they have to repay some or all of their debt."

What's funny -- all those hippie liberals who support Democrats cuz they think they think like them -- the democrats SUPPORTED this republican-led measure. So much for "the public's party".

Bankruptcy in America has officially been closed off. RIP.

Wonder how the credit card world is gonna change now.

 

[chewyxrage]

Well I don't plan on going bankrupt so I'm good.

Quit rippin' on hippies slut

 

[chesty]

it won't. in the end most people who would have filed now will still file and get what they want. being able to repay a certain amount is relative and not always tied to your income.

Liberals nothing but liars.

 

[Razorguns]

it won't. in the end most people who would have filed now will still file and get what they want. .

Not always.

Most bankruptcies are from people making above-medican income -- but overburdened with massive medical bills, etc.

Now if you can pay $100/month -- bankruptcy is not an option.

I just think it's funny how they finally succumbed to it. Credit Card companies have been fighting tooth and nail to eliminate bankruptcy for decades (since 1978). They finally made it so the only way you can file chapter 7 is if you can't even pay $100/month (from what i read).

Lot of bankruptcy lawyers are gonna have to change professions now. Chapter 13 is useless for the most part.

 

[chesty]

who is gonna prove that you can pay 100 dollars a month. I couldn't and I make well above the median (school loands, taxes, ex wife, and standard living expenses and i don't live extravegantly either)

 

[Razorguns]

who is gonna prove that you can pay 100 dollars a month. I couldn't and I make well above the median (school loands, taxes, ex wife, and standard living expenses and i don't live extravegantly either)

From Paychecks, expenses, bills, etc. you provide. with the application.

I'll say it once -- i'll say it again. *IF* you ever get sent to an emergency room for any reason -- DON'T EVER -- submit your social security number if you don't have medical insurance. That way the state picks up the bill. They'll treat you like an illegal mexican.

Otherwise you'll go home 1 week later and be staring at a $50,000 bill attached to your credit report, and now bankruptcy is *not* an option.

 

[CFZB]

when I first heard that the dems supported it I was furious.Then I actually looked at the changes and It didnt really change much.Other than some loopholes for the rich to help keep thier shit and "encouraging" predatory marketing by credit card companies...for the average joe it hasnt changed to much.

Pandering to special interests?

yes.

The Large corporations and Millionaires always get a better deal dont they?

but since it realy didnt change much for the avgerage joe what could the dems do....? stand up and say ...

"NO! IF THEY CAN PAY THIER BILLS I STILL WANT THEM TO GET OFF SCOTT FREE!"

how well would that have gone over? not well is my guess.

the system stinks and the countries so broke we are taking it in every hole...and its only going to get worse untill bush is gone.

Either way it realy sucks you are right.

 

[CFZB]

heres what happened and who voted.

FINAL VOTE RESULTS FOR ROLL CALL 108

BILL TITLE: Bankruptcy Abuse Prevention and Consumer Protection Act


http://clerk.house.gov/evs/2005/roll108.xml

 

[WODIN]

Should be interesting to see the economic impact this has over the next decade. It will take that long for the real impact to be felt.

 

[CFZB]

Should be interesting to see the economic impact this has over the next decade. It will take that long for the real impact to be felt.

they are trying to hit a gnat with a sledgehammer with this.The amount of people who are trying to declare bankruptcy because of frivolous spending is very minuscule.This bill just is not helping anyone but corporations at all.And it does piss me off about the 70 odd dems repaying their "funders" with this legislation.I always hated that about politics.I hope they all get voted out.bastards.