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[LuvOrlando]

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[ntsammy5]

Give them time.....

 

[RadioNate]

because Obama has been in office for 30 days????

Who knows what plans the government has for personal bankruptcy law.

Frankly, this country needs some patience.

 

[corndog]

I was just wondering how come with all the talk I keep hearing from Congress and our new President regarding helping people no-one has lifted a single finger towards reworking this countries Personal Bankruptcy Laws?

The Laws were modified in 2005 to protect businesses at the expense of regular people. Well, how come this new administration isn't moving towards making changes that would so easily help people? With all these people in danger of losing everything why is the easy answer being ignored? I just don't get it.

Probably because the reality was that it made it easier for folks to get help through bankruptcy, not harder.

 

[LuvOrlando]

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[LuvOrlando]

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[corndog]

How can you say that when it was titled "Bankruptcy Abuse Prevention and Consumer Protection Act"

The whole point of the changes were to make it nearly impossible to seek protection from creditors.

http://en.wikipedia.org/wiki/Bankruptcy_Abuse_Prevention_and_Consumer_Protection_Act

I do not dispute that was the intention. But the reality, as if often the case, is exactly the opposite of what was intended.

 

[LuvOrlando]

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[corndog]

A “presumption of abuse” will arise if: (1) the debtor has at least $166.67 in current monthly income available after the allowed deductions (this equals $10,000 over five years) regardless of the amount of debt, or (2) the debtor has at least $100 of such income ($6,000 over five years) and this sum would be enough to pay general unsecured creditors more than 25% over five years. For example, if a debtor had exactly $100 of “current monthly income” left after deductions and owed less than $24,000 in general unsecured debt, then the presumption of abuse would arise, [§ 707(b)(2)(A)(i)].


Do you really think so? I think you might want to take a closer look.

I don't need to "take a closer look". I was clerking for a bankruptcy judge when the change happened. I lived both sides, many times over.

 

[edwardsfire]

I feel that bankruptcy should be so incredible difficult that only a few can actually acheive it.
The old system was abused SOO much.
I know of folks that went out and spent and spent, then the bills came.
What did they end up doing? bankruptcy.
As for "hope" that is surely something that any freedom loving person is NOT looking for from the govt.
If so, you're in for a long wait.

 

[LuvOrlando]

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[ntsammy5]

.
I know of folks that went out and spent and spent, then the bills came.
What did they end up doing? bankruptcy.
As for "hope" that is surely something that

I won't answer this - just research the statistics - major causes of bankruptcy are medical bills, divorce and then job loss in that order.

 

[Anewman]

I don't need to "take a closer look". I was clerking for a bankruptcy judge when the change happened. I lived both sides, many times over.

So you should have no problem sharing what/how the changes made it easier for folks to get help through bankruptcy.

 

[manning]

I feel that bankruptcy should be so incredible difficult that only a few can actually acheive it.
The old system was abused SOO much.
I know of folks that went out and spent and spent, then the bills came.
What did they end up doing? bankruptcy.
As for "hope" that is surely something that any freedom loving person is NOT looking for from the govt.
If so, you're in for a long wait.

Shame on you, you are advocating personal responsibility.

 

[waltsgirl]

I work for a credit card company. Believe me people are filing bankruptcy. Our bankruptcy numbers are up which means people are able to and are filing.

 

[C.Ann]

I feel that bankruptcy should be so incredible difficult that only a few can actually acheive it.
The old system was abused SOO much.
I know of folks that went out and spent and spent, then the bills came.
What did they end up doing? bankruptcy.
As for "hope" that is surely something that any freedom loving person is NOT looking for from the govt.
If so, you're in for a long wait.

I know of only one family who ever filed for bankruptcy for the reasons you stated.. And sadly, they did it more than once..

I won't answer this - just research the statistics - major causes of bankruptcy are medical bills, divorce and then job loss in that order.

Every other family I have ever known who had to endure the shame of filing for bankruptcy filed due to enormous medical bills that couldn't have been paid off in three lifetimes..

As is usually the case, people hear the word "bankruptcy" and they automatically assume that every single person who has ever filed did so simply because they were shopaholics.. The same kind of stigma that is attached to people who have to avail themselves of any sort of public assistance - regardless of the reasons..

 

[Anewman]

I feel that bankruptcy should be so incredible difficult that only a few can actually acheive it.
The old system was abused SOO much.
I know of folks that went out and spent and spent, then the bills came.
What did they end up doing? bankruptcy.
As for "hope" that is surely something that any freedom loving person is NOT looking for from the govt.
If so, you're in for a long wait.

When corps file for bankruptcy protection, we can be talking about BILLIONS of dollars in debts. But why dont we tighten up those laws first?

 

[arminnie]

I happen to think people who are insolvent should be able to declare bankruptcy.

Always??? No questions asked? Just wipe everything clean.

I think they still can file bankruptcy - but if they have a significant income they are going to have to pay SOME of it back.

I saw several blatant cases of abuse in the 80s. Texas law protected homesteads (your home). A person with $2-3 million in CASH with $10 million in debt would go out and buy a mansion with the cash. Then as soon as all the debts were discharged they would sell the home and have their cash back.

Perfect legal at the time - but still a disgrace.

 

[golfgal]

I know of only one family who ever filed for bankruptcy for the reasons you stated.. And sadly, they did it more than once..



Every other family I have ever known who had to endure the shame of filing for bankruptcy filed due to enormous medical bills that couldn't have been paid off in three lifetimes..

As is usually the case, people hear the word "bankruptcy" and they automatically assume that every single person who has ever filed did so simply because they were shopaholics.. The same kind of stigma that is attached to people who have to avail themselves of any sort of public assistance - regardless of the reasons..

Medical bills are the #1 reason for filing bankruptcy--now WHY they had those medical bills might be at issue but it is still the number one reason-not overspending like most people think--loss of a job is the #2 reason.

 

[DarthKTrava]

Medical bills are the #1 reason for filing bankruptcy--now WHY they had those medical bills might be at issue but it is still the number one reason-not overspending like most people think--loss of a job is the #2 reason.

Hmmm... maybe due to either lack of insurance or crappy insurance that doesn't cover that particular procedure?