Crowds Race to File Bankruptcy Petitions

[NVMojo]

DENVER (AP) -

Hundreds of consumers across the nation crowded into courthouses Friday to file bankruptcy petitions to beat the start of a new federal law that sets stricter standards for seeking protection from creditors.

Residents arrived before dawn at U.S. Bankruptcy Court in Denver and a line of more than 300 stretched outside the building before noon. Some pushed babies in strollers while others nibbled on breakfast burritos or sipped coffee, resigned to a long wait.

Colleen Christian, a nursing assistant from rural Cotopaxi, brought her 14-year-old son Aron to help her with computer work.

"It was a very hard decision because I've incurred these debts and I need to pay them," she said. "But it was such a weight."

more...

http://www.lasvegassun.com/sunbin/stories/invest-corp/2005/oct/14/101404169.html

[bluestateguy]

1. One last fuck-off to the credit card companies

and really, so they force people into Chapter 13. What will CC's do if people still can't make the payments? I'm not so sure that the CC's will make out as well with this law as they think they will.

[acmejack]

2. They have slain the goose which laid those golden eggs.

People are paying their debt down faster than ever. They will only be able to peddle their cards to us for a little while longer.

Anyone else getting lots of CC offers of late?

[madmark]

4. They are shifting their customers to pay day lending.

MBNA et al provide the funding for these rapidly growing retail business'. Pay lending fees and rates actually make existing credit rates look tame, if you can believe that.

[HockeyMom]

3. They will have to file for Bankruptcy in order

to have the money to pay for their HEATING bills this winter. Keeping your family from freezing to death comes before the CREDIT CARDS.

[NVMojo]

5. just like when people have sto give up healthcare cuz they can't pay ...

[dweller]

6. average of 30k per week

estimates of 300k this week alone.

dp