When will new Bkrptcy Bill take effect if passed?

[Ezlpo]

Bankruptcy should be refomed.

I hope this bill does not pass, but I hope that there is bankruptcy reform soon.

My only problem with the current bill is that it does nothing to stop credit card companies from predatory lending. And that is what I see credit card companies doing. They are not too interested if small-time credit card shoppers that use the cards ultra-responsibly, but they have little concern about giving a $2000 credit limit to a college student with NO JOB.

Example: A friend of mine had his discover card account closed by Discover after he paid off the balance each and every month for 2 years. Obviously he was not a credit risk but they did so anyway. They told him that his credit was not good enough for the card. He complained, but obviously it is their card they can do what they want.

How many of us have made monthly payments on credit cards only to find out that we are paying little more than the 20% interest for that month? Or that you skip a month and then the next month you only have enough to pay the minimum payment doesn’t even cover the late payment fee.

And that part of the credit card companies is OK too since those fees are spelled out on the application or with the application.

But when credit card companies are mass-mail applications (helping identity crooks potentially), giving credit cards to pets, babies and jobless college students then I have problems with their business practices.

On the other hand, there needs to be more responsibility by the public. I read on this board a few weeks ago about a guy that was going to file. He had both Direct TV AND cable. I think his food expenses for his family were around $1200 (needs to be making more spaghetti in my opinion).

Please note that I do plan on filing for bankruptcy soon. I don't have a penny in credit card debts (finally paid those off a couple of years ago), but after getting laid off I suffered a medical condition that needed a lot of trips to the hospital (around 30 I think). My new job doesn't pay well enough to allow payments towards the medical bills. I am living rent free with a buddy and splitting the bills. If I had a better paying job there is no way I would file.

Anyway, the reason for this post is to remind people that in many cases, they are responsible for their own fate. They are the ones that have overspent (I have done it with my credit cards) and when it comes time to pay the piper they cry bankruptcy.

The bill passed by the Senate requires filers to go to credit counseling in hopes they will learn better practices so they won't need to file again after 6 years. Is that so bad?

Credit card companies aren't necessarily punished when someone is absolved of their credit card debt. That debt is just passed on to other consumers. I do understand that credit card companies will not be lowering their fees if ANY bill is passed, but don't ever think you are sticking it to the credit card companies.

There are a lot of people on this board that are in dire situations and NEED to file for bankruptcy to get a fresh start, then there are others that are filing in order to get ahead. Bankruptcy should not be used to get ahead.

I would be all for this bill if it would require credit card companies to be more discerning when giving out credit cards.

Again, I know some of you are in a really bad place financially and I support your option to file even if you did cause this yourself. I don't want to start a flame war that I am inconsiderate of people's situations. But realize that as it stands, the bankruptcy laws allow people to abuse the system so that they can get ahead.

Good luck everyone.

 

[Ladynred]

And this bankruptcy 'reform' bill does NOTHING to stop the rich from sheltering huge amounts of assets in bankruptcy. There is SO MUCH wrong with this bill it makes me want to puke. It is going to do more harm than good, you watch.

Credit counseling ?? What a f****ng JOKE ! 99% of all non-profit 'couseling services' are NOT 'non-profit', they are funded and controlled BY THE CREDIT CARD COMPANIES whose ONLY goal is to keep sucking the debtor dry as long as possible. Their 'counsel' is, IMO, worthless because its basically coming straight from their puppet masters, the credit card companies. The same credit card companies who made 30 BILLION in record profits last year despite the rising bankruptcy filings !!! Those profits are bascially from usurious late fees, over-limit fees, interest rate-jackings and other BS fees they can think of. My debt load isn't due to shopping sprees, it came from 3 consecutive layoffs followed by extended bouts of unemployment and reduction in wages when I did finally get another job. After 1 layoff, I was out of work for 6-1/2 months with NO UNEMPLOYMENT (screwed out of it.. long story). When I finally got a job it was as a 40% cut in pay and it took me FIVE YEARS to get within range of what I had been making before. Just as I could see the light at the end of the tunnel, I was notified I would be laid off-- AGAIN ! That layoff caused me to lose my house. The 2nd mortgage on that house is one big fat unsecured debt that hangs over my head to this day. If I paid them what they want NOW, I'd have to live in my car and eat ramen noodles until I'm old and gray.

So.. what is this 'credit counseling' going to tell me ?? Don't use credit cards ?? I haven't used a credit card in 3 years - not since the 3rd layoff happened in Feb of 2002 - so they cannot tell me I have abused them. I have no burning desire for any new credit cards either, they will NOT get my business ever again. The bulk of the credit card debt was because I used them to survive during the extended periods of unemployment, not because I went shopping at Nieman-Marcus just for grins ! When the indoor part of my heat pump died in the middle of February, I had NO MONEY to pay the $450 it cost to get it fixed - it went on a credit card - or I freeze to death in my own home. When my water heater burst (after I had my 40% cut in pay job). I had to replace it using a credit card. When my 20 year old fridge crapped out during unemployment.. what was I supposed to do, buy styrofoam ice chests and sell my soul to an ice company ?? Guess what, I had to buy a fridge - and I bought one at a scratch and dent sale, not full retail. Credit counseling service is going to tell me how to do a budget --- ANY budget goes down the toilet if I lose my job. Can they help me keep from being laid off ?? NO.. and job loss is the biggest reason for the larger majority of my debt. I had an A+ credit rating before these layoffs, bills were always paid on time but it was all wiped out in nothing flat and there was absolutely NOTHING I could do about it.

There are some people who truly do not know how to handle money, make a budget, or use credit responsibly. For some of them counseling might be helpful. Some of them will never get it.

The bill still will not plug the 'millionaires loophole' that was NOT closed in the Senate's 'reform' bill, it caters to big business and the Senators are cow-towing to the MILLIONS in bribes .. oops .. 'campaign contributions'.. dumped into their coffers by MBNA and other big banks .. the ones making record profits of 30 BILLION ! They're not listening to the consumer advocate groups, the ranks of bankruptcy lawyers, judges and trustees, and many scholars who say that this bill will be a huge burden and will cause more harm to families than it will do good. When the bankruptcy lawyer organizations. bankruptcy judges and trustees are saying that bankruptcies are NOT primarily spendthrift consumers, but are due to job loss, soaring medical costs, and divorce, you'd think SOMEONE would listen -- but all the pinheads on Capitol Hill can hear is the sound of money being dumped into their campaign chests and the consumers, the VOTERS who put them in office - be damned - we're all just deadbeats who just don't WANT to pay our debts !

I gotta go, I'm gonna be sick !

 

[You Are Guilty]

Why dont you etll us how uyo really feel?

 

[Ladynred]

Figured it out, huh ???

 

[Let the DJ try]

Figured it out, huh ???

LADY IN RED
CHRIS DE BURGH
Music & Lyrics : Chris de Burgh

I've never seen you looking so lovely as you did tonight
I've never seen you shine so bright
I've never seen so many men ask you if you wanted to dance
They're looking for a little romance, given half a chance
I have never seen that dress you're wearing
Or the highlights in your head that catch your eyes I have been blind
The lady in red is dancing with me cheek to cheek
There's nobody here, it's just you and me, It's where I wanna be
But I hardly know this beauty by my side
I'll never for get, the way you look tonight


I've never seen you looking so gorgeous as you did tonight
I've never seen you shine so bright you were amazing
I've never seen so many people want to be there by your side
And when you turned to me and smiled, It took my breath away
I have never had such a feeling
Such a feeling of complete and utter love, as I do tonight

The way you look tonight
I never will forget, the way you look tonight
The lady in red
The lady in red
The lady in red
My lady in red

 

[Ladynred]

lol.. DJ that is EXACTLY where they 'handle' comes from

 

[phas]

amen LIR hang in there


some of you people here are just plain idiots if you think you wont see hard times with King George's economy, everyone getting laid off, wake up and smell the coffee.

 

[ylen13]

i hope the law is passed and soon, finally business will be able to get some money from those that filling bankruptcy.

 

[Ladynred]

Your statement is overly broad. SMALL business may benefit a bit more, but the studies show that the amount regained won't really be all that much. I can't shed any tears for the 800 pound gorilla credit card companies who, despite the high bankruptcy rate, STILL raked in over 30 BILLION dollars in profits last year !!

The bankrutpcy laws may need some reform, but not this way. The bill is punitive and will cause more hardship on people already in distress. The pin heads in Washington are not listening to the people who put them in office, they're listening to the likes of MBNA who dumped MILLIONS into their campaigns to ram this bill thru.