Bankruptcy reform bill

[Scooter]

Congress Passes Bankruptcy Reform Bill

 

39 minutes ago   Top Stories - AP

 

 

By MARCY GORDON, AP Business Writer

 

WASHINGTON - Tens of thousands of people who want to wipe out their debts in bankruptcy court would have to work out repayment plans instead under legislation Congress approved Thursday.

 

 

AP Photo

 

 

 

A 302-126 vote by the House sent the legislation to President Bush, who is eager to sign it, the biggest rewrite of the bankruptcy code in a quarter-century. It marks the second major change in law to benefit business since Republicans increased their House and Senate majorities in last fall's elections.

 

 

Debate in the House was acrimonious as Democratic opponents warned that the measure would hurt the economically vulnerable.

 

 

After eight years of strenuous efforts by congressional backers, banks and credit card companies, the legislation was catapulted toward enactment starting earlier this year. The legislation, which garnered some Democratic votes, cleared the Senate last month on a 74-25 vote.

 

 

The measure would require people with incomes above a certain level to pay credit-card charges, medical bills and other obligations under a court-ordered bankruptcy plan.

 

 

Opponents say the change would fall especially hard on low-income working people, single mothers, minorities and the elderly and would remove a safety net for those who have lost their jobs or face crushing medical bills.

 

 

The legislation "protects the credit industry at the expense of the consumer," Rep. Alcee Hastings (news, bio, voting record), D-Fla., declared in House debate. "It will drive more Americans deeper into financial crisis and weaken the nation's economy and social structure."

 

 

But backers in Congress and the financial services industry argue that bankruptcy frequently is the last refuge of gamblers, impulsive shoppers, divorced or separated fathers avoiding child support, and multimillionaires — often celebrities — who buy mansions in states with liberal homestead exemptions to shelter assets from creditors.

 

 

Rep. David Dreier (news, bio, voting record), R-Calif., said the legislation would save American families an average $400 a year in higher interest rates now charged to consumers to recoup losses from those who abuse bankruptcy proceedings.

 

 

In a bitter scene on the House floor, Democrats — most of whom opposed the legislation — used an array of parliamentary maneuvers to delay the final vote, forcing an unsuccessful roll call vote on adjourning the session and lining up one by one to register their objections in brief, biting statements.

 

 

Democrats were furious that the GOP leadership allowed none of the 35 amendments they had proposed earlier to be voted on. They particularly wanted provisions that would exempt from the new bankruptcy requirements military personnel returning from Iraq and Afghanistan, and people whose indebtedness is the result of financial identity theft.

 

 

Between 30,000 and 210,000 people — from 3.5 percent to 20 percent of those who dissolve their debts in bankruptcy each year in exchange for forfeiting some assets — would be disqualified from doing so under the legislation, according to the American Bankruptcy Institute.

 

 

Taking effect six months from enactment, the measure would set up an income-based test for measuring a debtor's ability to repay debts. 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 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 then order a repayment plan.

 

 

The legislation also would require people in bankruptcy to pay for credit counseling.

 

 

Underscoring the issue's political sensitivity, the liberal group MoveOn was beginning a campaign of radio ads this week against House lawmakers of both parties who support the legislation.

 

 

"We're going to call the Republican agenda what it truly is: a war on the middle class," said Tom Matzzie, the Washington director of MoveOn's political action committee.

 

 

New personal bankruptcy filings edged down from 1,613,097 in the year ending June 30, 2003, to 1,599,986 in the year ending last June 30, breaking an upward trend of recent years.

 

 

 

 

 

Under the current system, a federal bankruptcy judge determines whether individuals must repay some or all of their debt.

 

___

 

On the Net:

 

Information on the bill, S. 256, can be found at http://thomas.loc.gov/

 

American Bankruptcy Institute: http://www.abiworld.org

   

[Guest_ikonboard]

But do the fucking creditors want to add limits on how much credit they can extend? NO!

 

Fuck them. If they are going to lend out money to people they know can't afford it they can eat shit. This is bullshit.

 

And do you really think they are going to lower rates? Bullshit again.

 

They already charge rates that are illegal.

 

The Fiscal Rape of America

For nearly two thousand years, most countries that were founded in Christian ethics followed the rule of usery. This was a Biblical injunction against charging more than ten percent interest on borrowed money. In the 1970's, then President Jimmy Carter, purporting to be a most Christian and moral fellow, repealed the usery laws in the United States allowing banks a free for all in money lending.

 

Near the same time as this repeal, Bank of America had initiated a relatively new concept, a banking credit card called Bank Ameri-Card. This ultimately grew into the Mastercard/Visa arrangement we know today. A notable exception to then and now is the fact that in order to have a credit card one had to qualify for it the same as if they were applying for a loan. The applicant had to prove credit worthiness and fiscal responsibility. Today, one needs only pass a credit report and the absence of bad credit automatically assumes fiscal stability.

 

The banks no longer require financial soundness. At interest rates that run 300 to 400 percent over prime rate

they can afford to have a higher ratio of losers and still make out like bandits. Recognizing this point, the average

American is indundated with solicitations from banks to have 'their' high interest credit cards. Kids just turning

eighteen are given cards while many have never had jobs and it was a surprise to me to discover that people who have just filed bankruptcy are soon the objects of solicitations for new credit cards even though they, clearly, should not indulge.

 

This country was founded with a fix in place for a very old problem. The Constitution forbade the existence of debtor's prisons and it was recognized that good people could get in over their heads due to no fault of their own except for a series of poor circumstances. During the last two years the Democrats have sponsered a bill through Congress to 'reform' the bankruptcy laws providing and exception for banks and their credit cards. Naturally, this benefits the banks and their userous interest rates at the expense of the people. The ad campaign is already underway noting that Burt Reynolds filed bankruptcy but still lives a luxurious life style. This manuever is an extention of the class warfare and class envy perfected to public policy during the last forty years.

 

The bankruptcy law was intended to give people a new start from bad circumstances. As with any law there are the few who misuse it to the detriment of the many who need it. The purpose of this 'reform' is to further the special interests of the banks by allowing a harrassment and seizure of what little may remain in a person's life until the statute of limitations expires. Even then, it is not uncommon for the banks to file illegal law suits against individuals for collection of debts knowing full well that the statute and their ability to collect has expired. They've learned that few people are sufficiently sophisticated in legal matters to defend.

 

We will discover what sort of man George W. Bush really is when this bill comes to his desk.

 

At the same time this matter is on the table, people who were paying $80.00 a month of household gas/heating

are now paying $300.00 and more depending upon the part of the country they live in and the type of fuel needed.

In Colorado, 2,600 homes had their gas services turned off in the dead of winter for an inability to pay the usery.

 

Gasoline prices which usually drop during the winter, per the fictions of supply and demand, remained 50%

higher than their base this same time last year.  Expect $2.50 for a gallon of gas by summer.

 

Many telephone companys have recently raised their rates for directory assistance 200% to $1.25 for a query.

If you use the auto connect function, you find that more than 30% of the time - you have the wrong number.

 

Your local telephone company charges you 25 cents a minute for a long distance call that Mci charges 7 cents a minute for. You get no prior notification of what your charges will be.

 

The utilities and monopolies have been given free rein to gouge to their hearts content with the banks standing in line for their share of the booty. Even when some agency steps up the plate to play the 'reform game', the people will still be nailed for 100% to 200% more than the service is actually worth in what used to be a free market economy.

 

This philosophy of raping the population smacks of the same mindset that once said, "Let Them Eat Cake".

 

At the same time, we see the IRS not willing to examine Jesse Jackson's books and payments from his tax exempt corporation to his mistress. The Service claims they don't have the resources to do many audits these days. As the sharks begin to feed  upon the corpus of the public, it is becoming more apparent that the government also is in a state of decline. They pass laws. Yet, the public has also seen they only selectively enforce those laws when it suits their agenda of the moment. Can it be any surprise that  contempt for our government has reached record levels?

 

During the years the federal government mandated a 55 mph limit on the nation's highways (to conserve fuel), most people ignored the law. Law enforcement made no attempt to cite the speeder unless they were at least 10 mph over the limit. Multiply an unpopular law against a raging contempt against the lawmakers and you find the fuel that revolutions are made of.

 

The American Revolution was initially fought with only 2% of the population having any active involvement.

However, once the fire was lit - it became a wildfire. There arrives a point in the historical course of events where there arrives the straw that broke the camel's back. Once that spark ignites, no power on earth - military or otherwise - will put it out. Also, one must note that the ignition point nearly always is located at a grass roots level with the 'common man' at a point he won't take it anymore and is willing to die rather than continue holding his ankles for a non representative government. How much closer are we to the flash point?

 

The only force in America, at this moment, that CAN hold back the forces of corruption, is George W. Bush. Your prayers should be dedicated to the proposition that he stays centered in integrity.

[Guest_ikonboard]

Amdt. No. 16, As Modified.; To protect servicemembers and veterans from means testing in bankruptcy, to disallow certain claims by lenders charging usurious interest rates to servicemembers, and to allow servicemembers to exempt property based on the law of the State of their premilitary residence. REJECTED -- We wouldn't want to discourage lenders charging usurious interest rates to servicemembers, would we?

 

Amdt. No. 37; To exempt debtors from means testing if their financial problems were caused by identity theft. REJECTED -- What? You're not even responsible for running up the debt? Well, too bad, pay up!

 

Amdt. No. 38; To discourage predatory lending practices. REJECTED -- We wouldn't want to discourage predatory lending practices, would we? Heaven forbid!

 

Amdt. No. 70; To exempt debtors whose financial problems were caused by failure to receive alimony or child support, or both, from means testing. REJECTED -- Starve your kids if you must, but don't you dare miss a credit card payment!

 

Amdt. No. 129; To limit the exemption for asset protection trusts. AGREED TO -- On the other hand, if you're rich enough to set up an asset protection trust before you declare bankruptcy, well that should be protected, right? Right?

[Guest_ikonboard]

Saves consumers $400 yearly , I dont think so! As a matter of fact I would bet the rates will continue to rise , regardless! Sure theres lots of freeloaders in this country , part of the rising medical costs are not due to bankruptcies! Its due to forgiving loans to illegals , paying for emergency room services . surgeries and hospital and ambulance services to these foriegn fucks who dont even say thank you! Nah, theres deeper issues here!

[aikenscout]

Yupper.....and corporations can still do it, and start the next day after wiping out every debt and piece of stock they have.

(like the parent company I work for) 1,100 shares down the toilet, and then never missed a beat. Next year showed record profits, stock with new initials on the board. Easy to show a profit when your debts go to zero. And you are correct sir..........f a bunch of credit card companies whining. Take a look at thier profit margins. Yea, they are hurting allright.  Nothing suprises me, except Bush jumping on it. Republicans are thier own worst enemies. Gee, lets just prove to everyone the stereotype that we are only for big corporations.........what a dumbass.

[highaltidude]

Ah, more insight in to how people view personal responsibility.

[aikenscout]

Deadbeats are just that.

But.......If you have ever been layed off, been with a company that went out of business, had a family member with terminal desease or injury that costs hundreds of thousands, been victim to fraud, etc, then you might appreciate a little help. Everyone who files for bankruptcy are not deadbeats. The vast majority are victims for many reasons. Not all people are born with rich daddies. I am no liberal, that's for damn sure. My comment on bush was speaking for the conservatives, it's an extremely stupid political move. (I would classify myself as Libertarian if anything). And no, I have not ever filed for bankruptcy. I have a near perfect credit score as can be had. I beleive in paying whats owed. But I also realize that if I can't work, or my job is lost tommorrow, It is going to be rough. Think about the single mom with 3 kids working 2 or 3 jobs to make ends meet, with a dirtbag ex who won't pay childsupport or whatever. Just be thankful you are not or have never been wondering where the next meal is coming from. And remember these are the credit companies who send out credit cards in the mail to me, kids, dogs, everyother day, and charge people 20 f'n percent. And all the comeons like no payments for 12 months, 0% for 6 months, etc., etc.

[aikenscout]

and another damn thing........

How about your ENRON buddies........

Don't forget how that shit works.

[TitanChief]

Ah, more insight in to how people view personal responsibility.

Dude, touche'...

[aikenscout]

Hopefully, there is more to this than getting the little guy. I remember Donald Trump filing for bankruptcy (again) a few years back. Didn't affect his lifestyle one damn bit. Now that kinda crap is rediculous.

[aikenscout]

Of course near to our hearts. You could always do what IMC did. Bankruptcy? Oh hell no, we just quit. Still haven't figured out how that works. That's quite a trick.

[TitanChief]

But do the fucking creditors want to add limits on how much credit they can extend? NO!

 

Fuck them. If they are going to lend out money to people they know can't afford it they can eat shit. This is bullshit.

 

And do you really think they are going to lower rates? Bullshit again.

 

They already charge rates that are illegal.

 

The Fiscal Rape of America

For nearly two thousand years, most countries that were founded in Christian ethics followed the rule of usery. This was a Biblical injunction against charging more than ten percent interest on borrowed money. In the 1970's, then President Jimmy Carter, purporting to be a most Christian and moral fellow, repealed the usery laws in the United States allowing banks a free for all in money lending.

 

Near the same time as this repeal, Bank of America had initiated a relatively new concept, a banking credit card called Bank Ameri-Card. This ultimately grew into the Mastercard/Visa arrangement we know today. A notable exception to then and now is the fact that in order to have a credit card one had to qualify for it the same as if they were applying for a loan. The applicant had to prove credit worthiness and fiscal responsibility. Today, one needs only pass a credit report and the absence of bad credit automatically assumes fiscal stability.

 

The banks no longer require financial soundness. At interest rates that run 300 to 400 percent over prime rate

they can afford to have a higher ratio of losers and still make out like bandits. Recognizing this point, the average

American is indundated with solicitations from banks to have 'their' high interest credit cards. Kids just turning

eighteen are given cards while many have never had jobs and it was a surprise to me to discover that people who have just filed bankruptcy are soon the objects of solicitations for new credit cards even though they, clearly, should not indulge.

 

This country was founded with a fix in place for a very old problem. The Constitution forbade the existence of debtor's prisons and it was recognized that good people could get in over their heads due to no fault of their own except for a series of poor circumstances. During the last two years the Democrats have sponsered a bill through Congress to 'reform' the bankruptcy laws providing and exception for banks and their credit cards. Naturally, this benefits the banks and their userous interest rates at the expense of the people. The ad campaign is already underway noting that Burt Reynolds filed bankruptcy but still lives a luxurious life style. This manuever is an extention of the class warfare and class envy perfected to public policy during the last forty years.

 

The bankruptcy law was intended to give people a new start from bad circumstances. As with any law there are the few who misuse it to the detriment of the many who need it. The purpose of this 'reform' is to further the special interests of the banks by allowing a harrassment and seizure of what little may remain in a person's life until the statute of limitations expires. Even then, it is not uncommon for the banks to file illegal law suits against individuals for collection of debts knowing full well that the statute and their ability to collect has expired. They've learned that few people are sufficiently sophisticated in legal matters to defend.

 

We will discover what sort of man George W. Bush really is when this bill comes to his desk.

 

At the same time this matter is on the table, people who were paying $80.00 a month of household gas/heating

are now paying $300.00 and more depending upon the part of the country they live in and the type of fuel needed.

In Colorado, 2,600 homes had their gas services turned off in the dead of winter for an inability to pay the usery.

 

Gasoline prices which usually drop during the winter, per the fictions of supply and demand, remained 50%

higher than their base this same time last year.  Expect $2.50 for a gallon of gas by summer.

 

Many telephone companys have recently raised their rates for directory assistance 200% to $1.25 for a query.

If you use the auto connect function, you find that more than 30% of the time - you have the wrong number.

 

Your local telephone company charges you 25 cents a minute for a long distance call that Mci charges 7 cents a minute for. You get no prior notification of what your charges will be.

 

The utilities and monopolies have been given free rein to gouge to their hearts content with the banks standing in line for their share of the booty. Even when some agency steps up the plate to play the 'reform game', the people will still be nailed for 100% to 200% more than the service is actually worth in what used to be a free market economy.

 

This philosophy of raping the population smacks of the same mindset that once said, "Let Them Eat Cake".

 

At the same time, we see the IRS not willing to examine Jesse Jackson's books and payments from his tax exempt corporation to his mistress. The Service claims they don't have the resources to do many audits these days. As the sharks begin to feed  upon the corpus of the public, it is becoming more apparent that the government also is in a state of decline. They pass laws. Yet, the public has also seen they only selectively enforce those laws when it suits their agenda of the moment. Can it be any surprise that  contempt for our government has reached record levels?

 

During the years the federal government mandated a 55 mph limit on the nation's highways (to conserve fuel), most people ignored the law. Law enforcement made no attempt to cite the speeder unless they were at least 10 mph over the limit. Multiply an unpopular law against a raging contempt against the lawmakers and you find the fuel that revolutions are made of.

 

The American Revolution was initially fought with only 2% of the population having any active involvement.

However, once the fire was lit - it became a wildfire. There arrives a point in the historical course of events where there arrives the straw that broke the camel's back. Once that spark ignites, no power on earth - military or otherwise - will put it out. Also, one must note that the ignition point nearly always is located at a grass roots level with the 'common man' at a point he won't take it anymore and is willing to die rather than continue holding his ankles for a non representative government. How much closer are we to the flash point?

 

The only force in America, at this moment, that CAN hold back the forces of corruption, is George W. Bush. Your prayers should be dedicated to the proposition that he stays centered in integrity.

bullshit, bullshit, BULLSHIT!!!! look, I have credit cards that have unlimited credit lines-literally-does that mean I'm gonna put a new corvette, new Chief, and a house on it? Of friggin course not. Why?

Because I'm responsible for my actions, that's why. Debt sucks, and if you're dumb enough to dig your own grave in debt, why shouldn't you have to dig yourself out? Now, if I'm a lending institute, darn straight I would be very selective about my clientele,especially with this "You owe me a free banctruptcy" attitude. but sure as shit some liberal whiner will complain how they were discriminated against-so, I'm suppossed to be fair about lending practices, and when some moron takes on too big of a loan, I have to eat it? fuck that. Just don't bitch when you can't get a loan because your credit score sucks ass, or you don't make enough money. Problem is, and ALWAYS IS, that people don't want to be responsible for themselves. We want the loan, but don't want to pay it;we want all the toys, but not the responsibility. Look, I want a dodge Viper, an corvette, a vacation home in steamboat springs, and a maid, and a monster truck, and ever year chief was made, and a Yacht from Chris craft, and etc.  I want it all, but I can't afford it. I can even get a loan for them all, probably, but Im not so stupid as to live beyond my means. too dangerous. Never live beyond your finances, but people nowadays are in to the instant gratification thing. time to be responsible for ourselves, and if we are extended credit, we need to be respectful to the institution that trusts us enough with their money, and respectful enouhg to our selves and our children. I know too many eople that corrupt the system, and every seven years or so, they run up the debt, and BK. I know one dude, I'm not shittin, has BK'd four times. FOUR FRIGGIN TIMES!!! I have absolutely NO respect for that. Every time this dude had a lame excuse,(divorce, business failure, blah, blah) I can understand a reorganizational BK..at least you honor your debt, but it blows me away that people just get to run amok, and say "fuck it" and you actually get to not pay your bills. How cool is that??

Wait, you're now gonna say what about the person that falls on hardtimes, or the unwed single mother (never a single father, I guess...even though I'm one) what about them? Well, I say, reorganize,let your debtors know you are broke, and get set up on a payment plan. there are plenty of credit counselors that can help you pay YOUR debt without destroying your life.

for the record, no question, business should be held to an even higher standard than individuals. If a business can't make it, then pay your debt,and go your own way. If a business is out of money, then the owners/principles of the business should be held liable.

Stop blaming lenders-if your a chump, be responsible for being a chump-if you're dumb enough to pay high interest rates, then take the hit.  

[TribalChief]

Hopefully this puts an end to people making $70k+ per year living the high life to try and maintain an image piling up credit card debt and then pushing the "do over" button and doing it all over again. Why do you think that bankruptcies have been on the rise for so many years? Lets see the 15 year record of filings.

 

A LOT of people have had the easy out so far, it's time for those people to be responsible for their own actions.

 

Someone who has lost their job is probably going to have an income lower than the state median, which means they won't have to make payments, correct? Same thing with an injury.

 

Ya, that poor single mom paying 29% interest on her credit card. Information is power. I challenge EVERYONE here to call all of their credit card companies this weekend and ask for a lower rate and tell them you will transfer to another card with a lower rate if they don't.

 

As far as the ammendment to keep Vets from getting charged up the ass on a loan: VA has limits already in place for home loan brokers. There are a lot of slimy mortgage people out there, but VA protects them with these limits. As far as non VA loans, information is power holds true again. The more you know, the better off you are.

 

If the state of mind in America is to spend the money that we have instead of money that we don't have, we would'nt have most of these problems. The credit card companies are not to blame; that's like saying the corner store is responsible for every alcoholic that buys booze at the store, or the gun companies fault a kid shoots up a school.

 

I had over $80k in debt from my early 20's. I was told by my attorney, CPA, and credit counseling service to just file bankruptcy. I didn't. I busted my ASS to pay it down. It hurt, it was tough, it was MY FAULT, and it WAS THE RIGHT THING TO DO. I know of at least 20 people, friends and family who took the easy way out. Needless to say, I have a lot less respect for them for doing so.

 

I'm not saying that this new bill is perfect, but is a HUGE step in the right direction.

 

That's about my dimes worth right there.

[TitanChief]

Hopefully this puts an end to people making $70k+ per year living the high life to try and maintain an image piling up credit card debt and then pushing the "do over" button and doing it all over again. Why do you think that bankruptcies have been on the rise for so many years? Lets see the 15 year record of filings.

 

A LOT of people have had the easy out so far, it's time for those people to be responsible for their own actions.

 

Someone who has lost their job is probably going to have an income lower than the state median, which means they won't have to make payments, correct? Same thing with an injury.

 

Ya, that poor single mom paying 29% interest on her credit card. Information is power. I challenge EVERYONE here to call all of their credit card companies this weekend and ask for a lower rate and tell them you will transfer to another card with a lower rate if they don't.

 

As far as the ammendment to keep Vets from getting charged up the ass on a loan: VA has limits already in place for home loan brokers. There are a lot of slimy mortgage people out there, but VA protects them with these limits. As far as non VA loans, information is power holds true again. The more you know, the better off you are.

 

If the state of mind in America is to spend the money that we have instead of money that we don't have, we would'nt have most of these problems. The credit card companies are not to blame; that's like saying the corner store is responsible for every alcoholic that buys booze at the store, or the gun companies fault a kid shoots up a school.

 

I had over $80k in debt from my early 20's. I was told by my attorney, CPA, and credit counseling service to just file bankruptcy. I didn't. I busted my ASS to pay it down. It hurt, it was tough, it was MY FAULT, and it WAS THE RIGHT THING TO DO. I know of at least 20 people, friends and family who took the easy way out. Needless to say, I have a lot less respect for them for doing so.

 

I'm not saying that this new bill is perfect, but is a HUGE step in the right direction.

 

That's about my dimes worth right there.

   

[Guest_ikonboard]

Yep, makes sense that is someone steals your info from a Credit Bureau and runs up a huge debt for you that you are responsible. Yep, I agree with that one.

 

Amdt. No. 37; To exempt debtors from means testing if their financial problems were caused by identity theft.

REJECTED -

- What? You're not even responsible for running up the debt? Well, too bad, pay up!

[johnh]

Most bankruptcy's are from medical bills not Visa cards.

 

I think this is bad policy. Bankruptcy has worked well as a safety valve to help people start over.

[jaycox]

This is a double edged sword! Granted people should take responsibility for their own actions but theres alot of flaws here in this......... My concern unless I missed something here is what about Corp. America????? We have seen some MAJOR Corps. WRITE off Billions of debt, Whos gonna make them make restitution on their debt? Pension funds raped and their still in business but they dont have to make restitution!

Problem here is theres a bigger reason for them passing this law and we may not know for years what it is.... but what ever it is Its gonna cost the Middle Class alotta money.

 

Hahaha one other thing "Hey TribalChief 70,000.00 + a year isnt the High life I promise you

[FiremanDave]

If the country can't balance it's budget, why the hell should I?

[TribalChief]

Hahaha one other thing "Hey TribalChief 70,000.00 + a year isnt the High life I promise you

hahaha Hey Jaycoc I know $70k isn't the high life, I was using that as an example of MIDDLE CLASS I promise you.

[TribalChief]

Yep, makes sense that is someone steals your info from a Credit Bureau and runs up a huge debt for you that you are responsible. Yep, I agree with that one.

 

Amdt. No. 37; To exempt debtors from means testing if their financial problems were caused by identity theft.

REJECTED -

- What? You're not even responsible for running up the debt? Well, too bad, pay up!

That one doesn't make sense to me.

 

I'm sure as an educated man on these topics that you are aware that bills are bundled together with several other portions. The only thing I can think of is that the exact way the amendment was written was not satisfactory, as is the case in many bills.

[TribalChief]

Most bankruptcy's are from medical bills not Visa cards.

 

I think this is bad policy. Bankruptcy has worked well as a safety valve to help people start over.

·  42% of households recently had $1,000 or less in all combined checking and savings accounts, CDs, mutual funds, stocks, and bonds.

 

       · More than half of all adults have incomes that vary, significantly, from month to month.

 

       ·  More than 10% of households have monthly debts greater than their incomes.

 

       ·  Adults not working due to unemployment are dwarfed in number by those not working due to chronic or temporary illness or injury.

 

       ·  Medical debts are incredibly dangerous, due to uneven distribution.  Nine of 10 households don't have any.  Others often owe massive amounts.

 

       ·  Only 25% of low-income households have credit card debt.  But 48% of zero-net-worth households do, and they owe nearly twice the average amount.

 

 

-------------------------------------------------------------

 

 

The above was taken from an overview of a study performed two years ago.

[Guest_ikonboard]

The problem was the Carter admin removing usury laws. Prior to the Carter Admin both the creditor and the debtor had responsibilities.

[TitanChief]

Most bankruptcy's are from medical bills not Visa cards.

 

I think this is bad policy. Bankruptcy has worked well as a safety valve to help people start over.

show me the statistic. Most are from irresponsible idiots, I'd contend. Yes, some are from real bad misfortune, but even then, there is always some type of agreement debtors are willing to make, if you negotiate with them. I know I'd take $5 per month rather than the loss. At least its some type of effort. too easy now to ditch out on our respnsibilities.

[TitanChief]

If the country can't balance it's budget, why the hell should I?

Well, are you an individual, or part of the collective?

[porkchop]

If the country can't balance it's budget, why the hell should I?

Well, are you an individual, or part of the collective?

If 6 was 9..........