Posted on 04/20/2005 1:22:05 PM PDT by atrocitor
NEW YORK (CNN/Money) – President Bush on Wednesday signed into law a bankruptcy reform bill that will make it harder for individuals to clear their debts through bankruptcy.
So, experts say, if you were thinking about filing for bankruptcy, you might think twice -- or act twice as quickly, since major provisions of the law will go into effect six months from the day the law is signed.
(Excerpt) Read more at money.cnn.com ...
To those who say "When will the rates go down?" Most offers I get are 0%, I don't see how they can get any lower than that! (And I did keep a large balance at 0% for three or four years before I got tired of writing the checks. Paid it off from the savings account I had earning interest on the side the entire time.)
The credit card industry is very competitive, and this will propably be good for consumers (who plan to pay back what they borrow) in terms of slightly better credit card deals, but this bill is so modest it would not be expected to affect rates much.
That seems normal
Keep reading down the thread.
MoveOn.org is already broadcasting a radio ad against our local Congress critter for voting for the bill. And it's one of the sleaziest ads I've ever heard. The funny thing is those ding-a-lings at MoveOn bought the ad time during Limbaugh's show, so that anyone listening will likely already know what a steaming pile of excrement it is that MoveOn is shovelling.
LOL
Vigilance in all matters is the only way to live.
I taught my kids about credit cards and they listened. Ignorance is not an excuse. A victim of ignorance is a victim just the same. I don't buy in.
I'll have to call my accountant. It is something he sends me twice a month and I don't even know who it comes from.
The new law is quite fair. Those opposing it here obviously haven't researched it.
http://wwww.daveramsey.com
Get on the debt snowball bus today.
"As far regular consumers go, 70% of current Chapter 13's fail"
This is the first cogent argument I have heard against this bill....ever. It is the only one that makes any sense at all.
What happens to the consumer when they fail to abide by a Chap 13 bankruptcy?
thanks!
"The new law is quite fair. Those opposing it here obviously haven't researched it."
I agree.....up to 20% of people who previously filed for Chap 7 will be forced into Chap 13, is the statistic I heard quoted.
Of the people I knew who ever filed bankruptcy, it could have been avoided in every case - and was tantamount to fraud at the end in every case.
Show me where, under this bill, grandma is going to be forced to go without her heart pills because the credit card companies take her social security check, and I'll be a little more sympathetic.
Good to hear another calm rational voice.
So if a person is that immature after finishing college, who's fault is that. My kids were more mature than that in high school. Both are college grads and successful young adults. Immaturity is a parenting problem.
I don't buy the "I didn't understand" defense at all. My kids have been shooters sincce they were big enough to hold a gun.
Like where? I dont see where you have answered any one as to how you can prove that you didnt open an account that was opened in your name. Are you saying if I get a Mail Boxes Etc in another town, I can open multiple credit cards in my name and as long as I pay cash for the box and deny it was me that opened the accounts, I can default on them, risk free? Wow, thanks for the legal advice.
I've been there and won out of court, including $20,000 in hush money from the Credit Card company. Laugh all you like and live in fear!!!!! The evil credit card companies are after you. Wringing your hands should help!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.