For anyone evenly remotely considering filing a BK pay attention to the fact that your options are going to be very limited under Federal law Very SHORTLY. The president is expected to sign new BK legislation that will severely curtail the right to do a Chap 7 BK. The new law will be effective 6 months from the date of Presidential signing at the outside. The law may even be effective at an earlier date. Make yourself aware as to whether you have an option to file under the Federal law or your state law. Pay attention to the news as the legislation progresses. The new Federal law may supercede your state law if the state law is more generous. BEWARE!!
True! The republicans (no offense to anyone on this board) have made the BK laws quite the issue. Now they have the power needed to pass it into law RAPIDLY.
More Bankruptcy Law change!!!! When I filed a Chap BK in 1998 due an injury, I had the option of filing under Federal or California BK statute. The California law is much more generous so chose to follow it. If I was to file now I would be concerned that the option to file under California law may be ended. I just don't know. The U.S. House passed the restrictive legislation. The Senate is likely to pass it and the President has indicated he will sign it. Sorry I had to break my post into 2 posts but the new board appears to eliminate your post if you take to long to construct it. I lost a detailed discussion of this matter earlier today. I hope PBM straightens this out.
Re: More Bankruptcy Law change I believe that part of the new Fed law would be to seize assets, such as house, car and any retirement $$ that you may have in a 401k, ROTH or reg. IRA. That is so lame! Just goes to show how the powerful the banking lobby is!
RE: Bankruptcy Law Change With all due respect to Greg, I don't see this legislation as Republican or Democratic. The U.S. House passed the legislation overwhelmingly. The credit card companies greased the pockets of both parties. The only reason this legislation didn't take effect in 1999 or 2000 was that Clinton's impeachment consumed too much time in 1999 to passthe bill and Clinton pocket vetoed the bill in 2000 when the politicians when home to run for re-election. Most politicians just have conveniently forgotten that filing a BK is usually the result of a personal catastrophy. Such as illness, injury, job loss, medical bills etc. The whole situation is very sad.
RE: Bankruptcy Law Change You're right, Jim. This legislation was bought and paid for by the credit-card companies, the banks and even the credit unions. Last time about 70 senators paid for it -- including lots of Dems who received those nice, fat campaigh contributions in exchange for it. Look for the same results this time. (Gee, all the TV commentators are so up in arms about political influence being used to gain presidential pardons. Yet O'Reilly et al see no problem with dollars buying legislation such as this.) Also, I read somewhere that at least 10 percent of Congress has been through a bankruptcy. Our only hope is for a Wellstone filabuster.
RE: Bankruptcy Law Change Author: Jim (---.lib.uci.edu) Date: 03-02-01 12:21 Sorry I had to break my post into 2 posts but the new board appears to eliminate your post if you take to long to construct it. I lost a detailed discussion of this matter earlier today. I hope PBM straightens this out.++++++++++++++++++++++++++++++++++++++++++ ======================================================== They ALL READY HAVE= They extended the time so now you have plenty of time to write your text" I commend them for their speedy response l b
RE: Bankruptcy Law Change The measure would make thousands of mothers and children owed support by bankrupt fathers take a back seat to credit card companies in collecting the money. Bush's biggest donor during his campaign was MBNA Corp., one of the world's largest credit card companies. The House voted 306-108 for it Thursday, with majority Republicans solidly in support and Democrats split. It's definitely more of a Republican bill although I'm not sure Ronald Reagan would have supported it. I think I read somewhere that one of his kids went through bankruptcy and he saw how it could help. Also he was president when the economy was bad so he probably understood that this would cause hard times for honest people.
RE: Bankruptcy Law Change I haven't read the law, but most of it sounds like it makes sense to me. It could actually help a lot of us cra challenged individuals. If the credit card companies know that it will be more difficult for an individual to file bk, don't you think they may be a bit more generous with giving out the cards? This is just my opinion, but I believe that if you have the money to pay the debt, you shouldn't be able to just wipe it out. If someone chooses not to pay their bills, that is their choice, but they should have to deal with the after effects of such action. Sorry if this pi**es some people off, but I had to voice my opinion
RE: Bankruptcy Law Change I declared bankruptcy in 1992 after using credit cards for 2 years to pay $126,000 in medical bills not covered by insurance. I did not have the money to repay that debt and for the first time in my life I was in financial trouble. Bankruptcy saved our home and car and made it possible to rebuild our lives. That was the point of it. Not to "choose not to repay my debt", and believe me, I've paid for the after effects of bankruptcy for the last 8 years. To be able to start over after a financial catastrophe was one of the greatest blessings of my life.
RE: Bankruptcy Law Change Author: marvin (---.omhaw1.ne.home.com) Date: 03-03-01 01:30 This is just my opinion, but I believe that if you have the money to pay the debt, you shouldn't be able to just wipe it out. If someone chooses not to pay their bills, that is their choice, but they should have to deal with the after effects of such action. ================================== B U T What about those who don't ?????????? ___________________________________________________________ Sorry if this pi**es some people off, but I had to voice my opinion +++++++++++++++++++++++++++++++++++++++++++++++++++++++++ You have the right to your opinion-more power to you;however it leaves out several other angles of looking at things:lb
RE: Bankruptcy Law Change If someone chooses not to pay their bills, that is their choice, but they should have to deal with the after effects of such action. Author: marvin (---.omhaw1.ne.home.com) Date: 03-03-01 01:30================================== ==================================================== WHO SAYS it's always a choice??
RE: Bankruptcy Law Change I respect everyone's opinion here. That is what the board is about. But if you have even the slightest possibility of needing to do a Chap 7 BK follow the news on the legislation. Also, familiarize yourself with the BK law in the state you reside in. Many states follow the Federal law. So the moment the Federal law changes so goes the state law. I was lucky that I was able to use the California statute. I kept my retirement funds. Federal law appears ready to end that exemption from what I have been told.
I agree Marvin I think this might bring bankruptcy back to just the people who really need to file due to unforseen catastrophies. I think that was Marvins point too. It used to carry more of a stigmatism and fewer people filed. However over the last 10 years or so people have started filing when they ran up the cards and what and didn't feel like going through the hard struggle to pay off all the debts. My EX sister in law filed because she said she added up all her bills and was tired of never having any money to do fun stuff. She didn't need to file. LB, there are of course lots of people who need to file. Who can't help the situation that they are in. Due to medical bills, job loss, or family catastrophe. They will still be able to file if I read the new legislation correctly. My take on the changes is that it makes ita little tougher to qualify and makes the consequences of filing harder... thus taking the "casual" filer out of the equation. These "casual" people meaning those who just use bankruptcy as a place to dump all the bills will think a little harder before they run to the attorney. I personally know 6 people who have filed. 2 had legitimate reasons for filing and hated having to file. 4 just decided that they were tired of paying and wanted to "start again" without any bills. I hope this new legislation can make it harder for the 4 people I know to file and make them think long and hard before they run up bills again that they don't feel like paying.
Re: I agree Marvin I don't agree with the individuals that agree with this recent bill that was past. I myself had to file and not being able to figure how I could make ends meet working 11-12 hours a day six days a week for years. I was so tired that I could not enjoy life. I filed on 12,000. I cannot explain what a releif it was to lift that burden off my shoulders I got to the point I considered sucide because I had no end to my debts. It has given me a second chance. I hope that it does not pass so others may be able to use this option if needed. I will never be in that position again I hope. Afer I filed I have received over 75 applications for credit cards. Its very sad that these large companys buy and sell our reprensentatives in the house and senate. Many of our representatives become very immune to the people that they were voted to represent when their own pockets are lined by the big companys.
