Quote:
|
Originally Posted by Kard63
One of my friends intends to apply for credit cards and lie about his income on the application to get a higher limit. Then he intends to max the cards out and file bankruptcy.
I told him I think he will go to jail, he thinks he will just lose everythign he owns.
Who is right?
|
There is a new law that is going to be passed by Congress within the next month or so. It was on CNN today and it looks like nothing will get in its way of passing. Bush has also said he will sign it. With this new law about 95% of the people that now file for bankruptcy will no longer have their assets sold and the slate wiped clean. They will put into payment plans to pay off the debt.
Also, cc companies verify income. They don't just take your word on it.