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 ...
We are not going to have debtors prisons (except for the payday lender post dated check nsf prosecutions) but just an broken, ineffective consumer bankruptcy system and the resulting macroeconomic inefficiencies.
The schools here in California are so busy teaching self-esteem, multiculturalization, tolerance etc... but no education on basically how to survive financially living in US today. This should be taught starting from K-12 and into College. If we truly are to have an ownership society then we have to give the next generations the tools to achieve it. Of course there are those that believe in the "law of the jungle, every man for himself, I've got mine so you can go jump in the lake" mentalities. I don't think it's good for individuals, but I especially don't believe it's good for society.
Sorry but I really think the new law is good. Read up on it.
I will.
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