change in bankruptcy law = the coming recession - Page 2 - JeepForum.com
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post #16 of 19 Old 02-13-2008, 07:12 PM
AMK
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The bankruptcy amendments in 2005 did not make nearly as much of a difference as some of you are making them out to be. Chapter 7 (liquidation + discharge) is still available. Chapter 13 (reorganization for individuals with regular income) is still available. 11 U.S.C. s 109. The amendments did create a presumption of abuse where the debtor met certain income requirements and would be otherwise eligible for chapter 13, but still filed chapter 7. See 11 U.S.C. s 707(b).

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post #17 of 19 Old 02-14-2008, 06:49 AM
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One of the problems is with the people who borrow. Yes, the lenders are sharks, especially credit cards and "no payments, no interest until 2010" crowd, but they are making tons off the interest on these idiots. The people who borrow need to be educated on common financial sense and how to live on sound financial principals. Waiting to get declined by a credit card offer typically means it it too late for you and you are in real trouble.

On the other hand, I like the "no interest, no payment" gig. I only use it if I can write the check for what I am buying, but I do like using other peoples money for free. Just be sure to pay it off before the deadline. Has anyone read the fine print?? WOW!! Interest, usually around 20 percent is charged from the time of purchase, not after the deadline. This is where they are cashing in!!

A quote from my wife: "I don't even want to know how much it cost, I'm not in the mood to be that pissed off today."
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post #18 of 19 Old 02-14-2008, 07:20 AM
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Quote:
Originally Posted by Elwood View Post
One of the problems is with the people who borrow. Yes, the lenders are sharks, especially credit cards and "no payments, no interest until 2010" crowd, but they are making tons off the interest on these idiots. The people who borrow need to be educated on common financial sense and how to live on sound financial principals. Waiting to get declined by a credit card offer typically means it it too late for you and you are in real trouble.

On the other hand, I like the "no interest, no payment" gig. I only use it if I can write the check for what I am buying, but I do like using other peoples money for free. Just be sure to pay it off before the deadline. Has anyone read the fine print?? WOW!! Interest, usually around 20 percent is charged from the time of purchase, not after the deadline. This is where they are cashing in!!
The problem that I see with Bankruptcies is they became an accepted part of a business plan. A few guru's figured out that pension funds could be raided through bankruptcy and reorganization. Free money to the corporations from little more than legal manuvering.

If you are upset about personal bankruptcies. Do a little research on corporate bankruptcy and its effect on our present economy. Pay special attention to the redistribution of accumulated wealth of our middle class to our corporate bretheran.


Kind of off subject here is a good read

http://www.barefootsworld.net/usfraud.html

At least two-thirds of our miseries spring from human stupidity, human malice and those great motivators and justifiers of malice and stupidity: idealism, dogmatism and proselytizing zeal on behalf of religous or political ideas.
- Aldous Huxley
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post #19 of 19 Old 02-14-2008, 12:10 PM
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ScotZ, you are correct although I don't know what can be done about it. You would be bucking some pretty big "powers that be" on this one.

Remember, the laws are written by the rich, for the rich.

Sad.

A quote from my wife: "I don't even want to know how much it cost, I'm not in the mood to be that pissed off today."
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