Is there any data on how many consumers (percentage or actual numbers, either one) will actually be forced to file chapter 13 rather than chapter 7 because of this new bill?
I've seen some but I don't know if I trust it or not. It said 20% of cases would be forced into chapter 13. But it affects everyone who has above the state's median income and median income is usually lower than average income.
I did a search on bankruptcy and the internet looks dramatically different than it did a couple of years ago. The credit card companies appear to have set up several sites that rewrite the country's history. And make it sound like bankruptcy didn't hardly ever occur before 1970.
But I had researched this before, and knew the country put strong laws in place. Thomas Jefferson filed bankruptcy twice before being elected president.
For example, here in Tennesee, the median household income is $36,329. So unless you are already really poor, and have no prospects, you are affected.