Bankruptcy law went from too easy to honestly a little too strict. This proposal (the HELOC thing) is just crazy though unless it means losing the house, which is what current law says.
I have a good friend going thru a chapter 13 bankruptcy right now - price of diesel killed his business (trucking). Not much income, but he can’t sell his house either to get at the equity he has left, so he has to file a 13 to protect the equity he does have.
What a mess.
Yeah, now individuals are going to have to think for themselves, OH, THE HORRORS!
How about the corporations bankruptcy, do the same rules apply. I doubt it. Let see how they treat the Airline industry.