october 2005 new bankruptcy laws

[rpivending]

What is the name of your state?new york
does anyone else in here get the feeling that the ca's are buying up old debts left and right of people who have not filed for bankruptcy yet..because they know come october 2005 with the new laws they will have more leverage...for anyone who is on the fence thinking about bankruptcy (like myself) look into the changes because time is running out....good luck

[debtcollector`]

Personally, I'm looking forward to it. But then I stand to make some great money when that takes affect.

That said, if you honestly try to pay your bills the new bankruptcy laws will help you. If you just want to go bad and screw a bunch of people -- you are out of luck.

DC

[rpivending]

yes i tried the "honest" way but according to the debt collectors that wasn't good enough for them so it on to possible bankruptcy; where after 6 months i will get invites from credit card companies enabling me to start the vicious cycle again..them knowing that i cant file again for 6 years or so....who is the honest one in this situation...it's all about the benjamins...if it wasn't for the "generous" companies who supply us with credit they know we cannot payback (they are hoping) then there would be no need for people like debt collectors now would there. i love their line "based on your credit rating" when its in the toilet to everyone else it seems to be great to the cc company "honest" huh.....

[debtcollector`]

Originally Posted by rpivending

yes i tried the "honest" way but according to the debt collectors that wasn't good enough for them so it on to possible bankruptcy; where after 6 months i will get invites from credit card companies enabling me to start the vicious cycle again..them knowing that i cant file again for 6 years or so....who is the honest one in this situation...it's all about the benjamins...if it wasn't for the "generous" companies who supply us with credit they know we cannot payback (they are hoping) then there would be no need for people like debt collectors now would there. i love their line "based on your credit rating" when its in the toilet to everyone else it seems to be great to the cc company "honest" huh.....

So you are upset because you can't manage your money. You do not HAVE to apply for and use credit. People do live quite well without carrying a lot of money on credit cards.

There is a need for debt collectors because there are far too many undisciplined people that set themselves up for failure and then blame everybody but themselves for their credit problems. It's simple -- you sign in the line and use the card -- you got to pay. You pay late you pay extra fees and your interest rate hits the ceiling. Nothing new about that.

Or perhaps you wish to return to the days when credit cards and car loans were only for the wealthy?

DC

[Ladynred]

The new law is going to hurt a lot of people, far more than the credit propaganda machine and their flunkies in the House and Senate would have you believe.

Debt collectors and credit card companies may not see as much 'extra' money as they think. For those people who are denied Ch 7 or cannot live under the debt slavery of a 5 year, extremely restrictive Ch 13, these people are probably just going to 'drop out' of the entire system.

70% of all Ch 13's fail now, I will never understand what makes the bozos in Washington think that that failure rate is going to IMPROVE when the Ch 13's after 10/17 are going to be far more odious to bear. Its going to be a nightmare, and I sure hope that there are plenty of people ready to track the wreckage this 'reform' is going to leave behind. The possible effect on entrepreneurship and small business development alone could be pretty nasty considering that the largest percentage of new jobs in this country are generated by small business.

It remains to be seen and I'll be watching for the Harvard studies that will show the true impact.