New Bankruptcy Laws
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Posted: Thu Jan 13, 2005 1:46 am
Post subject: New Bankruptcy Laws
JERRY
Date: 7/5/2000 6:27 pm CDT
I would suggest to everyone reading this that you contact your state representatives and urge them not to sign into law the new proposed bankruptcy laws. I am not an advocate of bankruptcy and previously worked in a bank in their collection departments using the then current laws against the borrowers. The new proposed laws limit the rights that a borrower currently has in regards to repos, evictions, garnishments ect. Furthermore it eliminates the ability of one to file chapt 7 if needed and requires that a borrower pay a portion of the debt over a period of five year (like chapter 13) thus prolonging the financial situation that one might currently be. I am not a advocate of chapter 7 filings but my experience has showed me that sometimes, it is neccessary. With banks getting more and more agressive with their credit card and lending practices, I would not want to see them having more control or your misery in the case of financial setbacks. DOES EVERYONE REALIZE THAT PROBABLY OVER 75% OF YOUR PAYCHECK IS CONTROLLED BY THE IRS AND BANKS, YES BANKs. Banks control your paycheck in the form of your mortgage payment, car loans, and credit card debt. Do not let them have any more control of it.
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Posted: Thu Jan 13, 2005 1:46 am
Post subject: New Bankruptcy Laws
dave
Date: 7/5/2000 8:35 pm CDT
If the banks want to limit bankruptcy protection for consumers, then Congress should step in to cap the fees and interests rates that these banks can charge consumers.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Jan 13, 2005 1:46 am
Post subject: New Bankruptcy Laws
JERRY
Date: 7/5/2000 6:27 pm CDT
I would suggest to everyone reading this that you contact your state representatives and urge them not to sign into law the new proposed bankruptcy laws. I am not an advocate of bankruptcy and previously worked in a bank in their collection departments using the then current laws against the borrowers. The new proposed laws limit the rights that a borrower currently has in regards to repos, evictions, garnishments ect. Furthermore it eliminates the ability of one to file chapt 7 if needed and requires that a borrower pay a portion of the debt over a period of five year (like chapter 13) thus prolonging the financial situation that one might currently be. I am not a advocate of chapter 7 filings but my experience has showed me that sometimes, it is neccessary. With banks getting more and more agressive with their credit card and lending practices, I would not want to see them having more control or your misery in the case of financial setbacks. DOES EVERYONE REALIZE THAT PROBABLY OVER 75% OF YOUR PAYCHECK IS CONTROLLED BY THE IRS AND BANKS, YES BANKs. Banks control your paycheck in the form of your mortgage payment, car loans, and credit card debt. Do not let them have any more control of it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Thu Jan 13, 2005 1:46 am
Post subject: New Bankruptcy Laws
dave
Date: 7/5/2000 8:35 pm CDT
If the banks want to limit bankruptcy protection for consumers, then Congress should step in to cap the fees and interests rates that these banks can charge consumers.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:39 PM
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