SureFire

I know this doesn't pertain to all you rich pimps

However if you are struggling to pay your bills; paying Peter to Paul, you may want to act now instead of waiting 180+ days when the new law goes into effect.


http://kyw.com/finance/finance_story_110154707.html

Head

All's well over here, but thanx.

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SureFire

Glad to hear that. I know a few small business owners that used their personal CCs to carry their business to get over the 9/11 US economy slump only to be hit with higher interest rates for being a few hours/days late with one payment to a creditor.

Really doesn?t seem fair that Bush, congress and senate pushed this law so quickly. I am guessing that next year a lot of people are going to say 'what the fuck' the economy hasn't gotten any better...bankruptcy...only to find out the laws changed

Rorschach

scott rictor's going to be loving that

bringer

glad to see he signed it

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bringer

"Under the new law, those 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 their 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 then order a repayment plan."

whats the problem with that?

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333-765-551

brutus

Boys, you are going to the bad direction. Bush eats your economy step by step. Innovative people need innovative society... that gives you also option to fail and recover.

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CJTraffic

What this law effectively did today was fuck every American who WILL be upside in their houses in a couple years when the real estate market does a self-correction and all you chuckleheads in those million dollar McMansions find yourselves leveraged to the eyeballs in credit card debt; thinking you had a way out because of the equity in your houses that is now gone because noone will buy a new house when the interest rates are at 10% - 12% (anybody remember the 80s?).

The banks and credit card companies financed Bush back in for four more and he just gave them what he promised in return. You're welcome America...bend over.

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AlienQ - BANNED FOR LIFE

Americans are not angry enough.

They are on to many drugs to really pay attention.

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bringer

so people making poor decisions shouldn't have consequences? that sounds like america currently. im glad a change is being made

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333-765-551

ThunderBalls

Because fuckass, almost half of bankruptcies are due to medical bills. So now when your grandma gets sick and can't pay her medical bills and has no choice but to file bankruptcy she will now lose her house. Christ you people are fucking ignorant.

bringer

my grandma has insurance. its not my problem if yours doesnt. my grandma also has savings to fall back on, another thing she chose to do when she was working in the fields. she didnt buy the benz, she put the money in the bank and made wise choices. i sick of people fucking up and expecting to get a clean slate. fuckass

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333-765-551

MrJackMeHoff

Or job loss.. Shit happens beyond your control sometimes.. Course that wouldnt happen to me(no job) but not everyone is perfect.

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ThunderBalls

You really are a dumb little kid arent you. Insurance policies have a thing called caps, when you get big you'll know this. I would explain this to you in greater detail but I'm not wasting my time on you, now go back to popping some pimples.

FunForOne

So, seems like your OK with me not paying you back money I owe you.


Can I borrow 10 grand? I swear I'll pay you back

FunForOne

Can I get a line of credit on cj ad space before october?

Choker

Not too sure about this. I do know that when trying to get a mortgage the mortgage brokers do not even count against you bad medical bills. And if you owe huge medical bills, most if not all will take 10 cents on the dollar or even less just to clear them up.

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SureFire

Just hope that you never have to decide on taking on a medical debt to keep grandma alive after her insurance says no and her savings is gone, and you or family hit the CC's to get through the rough times and have some more rough times

Screaming

i hope to never have to find out about all that

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tony286

People dont realize how easy it is to get in that situation, a few bad hits in a row.

Furious_Female

I pay cash for everything. I have a reloadable credit card and debit cards (which is nearly same as cash).

Some time ago, I looked around at people. No one is driving a 20 year hoopty anymore... nearly everyone around my area has a new or newer car, they are out in stores shopping everyday, they go on vacation a lot. Then I realized these people are just living off of credit and that's just horrible. They are living pretenious lives, with things they can't really afford and before this law, when they filed bankruptcy, it made things worse for everybody. I can't stand reckless credit users. People charging their groceries and paying 20% interest on them for 5 years... ridiculous!!

There's nothing wrong with buying some things on credit... but going overboard and living off of it is just excessive.

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pxxx

3 years and some change to go.

woj

The other half are those that fucked themselves over with poor planning and are looking for an easy way out. (you could even argue that medical bills is due to poor planning too, I would guess good chunk of those bankruptcies caused by medical bills are by people with no insurance)

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WarChild

Bush signed it, but who wrote it? Who passed it before him? Is it all on his shoulders? You might want to learn about your own political system.

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SuckOnThis

You'll soon get a big dose of the real world when she can no longer take care of herself and has to go into a retirement home. Won't take long for that 3k a month to eat up her savings and house. Do you plan on paying for it when that runs out? Fuck no, you'll expect Medicare to pay, another program created by the liberals.

SureFire

True, my mom is very sick and, us, kids are making payments to keep her in a home. If one of us looses our jobs (income), I am sure we could keep up with the payments. However, if we all lost our income at the same time I really don't know what we would do.

I guess we would all file for b/k with great credit just to keep mom in a comfort zone since the system screwed her and my father but in 180 days that is not an option.

Really don't have the answers, but I will tell you that Bush made me mad today since he took the rights away that should be an option for every tax payer. And he uses every loop hole to avoid paying taxes

WarChild

Yes, Bush wrote this law, passed it all by himself. It's all on him!

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SureFire

Simple...senate, congress and the President. Boils down to who gave donations to get Bush and the others relected. Bush and the rest of government are just paying them back...did I say that

tony286

credit card companies gave 25 million to political campaigns. If you vote republican and are middle class you are voting against your interests.

hottoddy

Blame Congress boys. This bill has been a long time coming. The credit card lobbies have been paying ALL legislative entities big bucks to get this passed. You still have until October, however, to file your Chapter 7. After that, most people will be tracked into mandatory Chapter 13s - meaning you get to pay a portion of your debt back over a 5 year plan.

Bankruptcy needed some reform, but this is too much in favor of the CC companies.

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tony286

The cc companies cause alot of this, like the drug dealer who calls for drug reform. They gave my wifes 20 yr old sister who made $8 a hour part time a Visa with a $10,000 line of credit. That is fucking insane

hottoddy

Yep, and then they raise the interest to 24.9% when they're late on a payment. It's more than insane. Do I feel bad about people like this being able to get rid getting rid of such debt? ... fuck no. Fuck the cc companies.

BK reform is fine, but they need to pass some serious CC reform first. These companies force people into bankruptcy with their tactics.

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SureFire

I had no job and was going to college, for a 6-pack of diet coke I filled out the credits apps. Close to 15k in credit. Only used the citi-bank visa limit of 300.00.

It is insane how CC's just want you to spend. My college citi-bank was closed and I have 15k credit line with them now. go figure

rickholio

Heh, I love the social darwinist wannabes on here, with their standard cadence.

"Your grandmother got sick? Guess she didn't plan ahead to have all her sickness covered by having insurance, instead of wasting all her money raising a family, putting her kids through school, or any other of those luxuries when she SHOULD have saved up to be sick when she was old!

Oh, she had insurance, and it capped out?

Well then, she's too sick for society to support her. Obviously she's recklessly being a burden by daring to live and be ill! If she's going to die then she'd better do it, and decrease the surplus population!"

Ebeneezer would have felt right at home.

Here's a few facts for you, from the friendly folks at ABC:

You guys really should do some research before lipping off that bankrupts are people who play fast and loose with their finances and therefore deserve to be poor and fucked for the rest of their lives. Despite the murmurs of the ghosts of your misguided puritan forebears, affluence does not equate to goodness, nor does poverty equate to badness. Sometimes bad shit happens to good people... the majority of bankruptcies are directly related to bad luck, not bad planning.

tony286

its all so sad and Im not happy with the democrats either 75 of them voted for this also

jayeff

There were 1½ million personal bankruptcies in the US last year and according to a recent study at Harvard, the most comprehensive done to date, 95% arose from health issues (almost half), job loss, or family breakups: often a mix of the three.

The Senate attempted unsuccessfully to exclude medical emergencies from this bill and also to cap interest rates at 30%: yes, THIRTY percent. However, if you are rich, you will still be able to hide your assets in trusts. If you are sued for trying to close down an abortion clinic, you are protected. Farmers too. But 98% of the population are now effectively second-class citizens thanks to legislation which was all but written by the credit card companies. "Financial Services" make up a more powerful lobby in Washington than the oil industry.

This is in a country with a broken-down healthcare system that no-one seems willing or able to fix; which lost a million jobs last year; and in which close to 50% of children grow up with one parent. If it makes you feel better, talk about irrelevant stereotypes or kid yourself that this bill doesn't affect you. The fact remains that during your life there is an excellent chance that you or someone close to you will be in a traumatic situation that will in future be made much harder to endure.

Incidentally, although predictably Republicans voted for the interests of their corporate sponsors, so did dozens of Democrats, even though their party hacks are already anticipating that this and other bills similarly damaging to the middle class are potential election issues.

SuckOnThis

That about sums it up. Not a mention of the new law whatsoever on the local news here.

BradM

Issues like that are never brought forth in public.
9/11, terrorism, freedom, jobs. (shut the fuck up and pay attention to the keywords the media is feeding you. stop thinking please.)

Cogitator

The bill Bush signed is just another step in the direction of screwing over unsophisticated, regular folk that don't know they're being charged three times the normal price because they have no insurance. They also don't know that all usury laws have been tossed aside and credit card companies can start charging you 34% /yr "just because" without really telling you. All these removals of consumer protection, just so you know, began under Bill Clinton. Not Bush.

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xclusive

This is going to get bad in a year or two many people are going to lose thier houses.

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Rochard

I filed for bankruptcy ten years ago. I was making good money, but my bills were nearly equal to my monthly income. Something like buying new tires had to go on one of two credit cards because I couldn't afford it.

Filing for bankruptcy was a simple matter of filling out some information with a bankruptcy attorney and then showing up to court a month later. All of the stories about how a bankruptcy screws up your credit is bull - I was flooded with all kinds of offers because the credit card companies damn well know you can't file bankruptcy for another seven years.

I learned my lesson. Since then I've had no credit cards, and I'll never have them again. With the exception of a car or a house, if you can't plunk down the cash you don't need it.

The credit card companies are behind this. They push the credit on us, screw us, and now they just tightened the screws.

This will come back to haunt the credit card companies. Once people get stuck in this rut and there is no way out, bankruptcy will no longer be an option. These people will not be able to spend money to boost the economy.

Thanks Bush.

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JFPdude

I had the very same conversation with the wife about this tonight. She thought it was a good law until I explained everyone will be within their budgets now and not take so many risks.


No risks no new business. No new business No growth. No Growth ... well you get the picture.

Thanks Visa Again you have done so much for us

SureFire

I thought you filed B/K from your previous posts. Your wife had no idea what you went through? To lazy to see if the search works

JFPdude

What I filed was not protection from debts. I filed for restructuring. I also climbed out of it with no record on my credit within 6 months because I paid all the creditors off.

There is a huge difference in the filings. Many people think bankruptcy is cut and dry .. it's not. There are many chapters to bankruptcy some are for temporary relief from creditors others are for permanent relief from creditors.

spunkmaster

"50% of children grow up with one parent"

Don't you think this is the fucking problem not the GOP ?

spunkmaster

Top Ten Reasons People File for Bankruptcy
by Debt Consolidation Info at 12:25AM (EST) on March 8, 2005 | Permanent Link | Cosmos

1. Eliminate the legal obligation to pay many of your debts.

This process of wiping the slate clean is called a discharge of debts. The goal of a discharge is to reduce debt to give you a fresh start. Whether it is through straight bankruptcy (Chapter 7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy), most or all of your debts can be cleared.

2. Stop foreclosure on you house and allow you to effectively make payments to catch up on missed payments of your mortgage.

If your home is in foreclosure, Chapter 13 Bankruptcy will stop the foreclosure any time prior to the sale. Bankruptcy does not eliminate mortgages on your property without payment. Rather, bankruptcy will structure a plan in order to repay your mortgage arrears (the amount that you are behind).

3. Prevent your car or other property from being repossessed.

Even if the creditor has repossessed your car, filing bankruptcy can effectively force them to return your car or other personal property (if the bankruptcy is filed quickly enough). The past payments you have missed will be consolidated into your Chapter 13 Bankruptcy plan. After this you will no longer pay the finance company, rather you will make monthly payments to the trustee of your Chapter 13 Bankruptcy who will then pay the finance company.

4. Reduce or even eliminate high medical bills.

Sometimes an unfortunate accident or major recently discovered illness can completely ruin a family. Many families have to make choices on allocation of bills. Often, bills that were once important become insignificant to the large medical bills acquired by a loved one. Filing Chapter 7 Bankruptcy can greatly reduce the amount of medical bills.

5. Recent loss of employment.

Studies show that loss of work is one of the most common reasons people file for bankruptcy. This is very easy to see. A family can get comfortable on two maybe even one salary. They can take on regular amount of debts, join clubs, and pay normal bills with relative ease. All of a sudden one or both spouses lose a job and a family must go from two salaries to one. Losing a job is closely tied to high medical bills. Losing a job means this family may be left without the protection of insurance that was once provided by their employer. Often times these two factors combined create an almost impossible mountain to climb without the help of bankruptcy.

6. Stop harassing behavior from creditors.

Some creditors do not always take the right course of action when attempting to collect a debt. Often, creditors will persistently call the home of a particular debtor with demeaning and abusive behavior. Not only is this unethical it can rise to the level of unlawful. In essence, bankruptcy will put on hold the demands of many creditors and stop the harassing phone calls and other inappropriate behavior all together.

7. Restore or prevent your utilities from being shut off.

As you have probably seen many of these reasons overlap. Some lead to another. If your home is in risk of foreclosure then your utility bill may also be in risk of being terminated. Filing bankruptcy can prevent the utility company from leaving you in the dark.

8. Provide help for large amounts of student loan debt.

While it is true that your student loans will not be eliminated like several other types of unsecured debt, bankruptcy can consolidate your student loan debt. This consolidation will allow a debtor to make monthly payments through Chapter 13 Bankruptcy that are within the financial ability of the debtor.

9. End wage garnishments.

Chapter 7 Bankruptcy will stop wage garnishment. Wage garnishment basically takes away your weekly earnings often times leaving you without necessities. Chapter 7 Bankruptcy allows you to purchase necessities for you and your family. Chapter 13 Bankruptcy will also help in this regard.

10. Challenge certain claims of fraudulent creditors.

Bankruptcy will allow you to challenge these claims from creditors who are trying to collect more money from you than you really owe. An attorney can provide the support and the backing you will need to step up to these creditors. Attorneys often even the playing field between a big creditor and a single debtor. Filing bankruptcy with an attorney can stop fraudulent reporting by a creditor.

Original content from http://www.bankruptcyhome.com

SureFire

Hum, interesting. From what you posted it was B/K...nothing wrong with that but stop the lies