One part of the solution. We need to repeal the bankruptcy legislation.

[deacon]

Comments?

[kanrok]

1. My comment is:

I'm with you on that.

[napi21]

2. I don't think it should be repealed. It should be adjusted to include an exception

for medical expenses.

[deacon]

5. The foreclosures will leave many good people with good jobs

saddled with credit card debt- this is wrong. Our economy has always bounced back because people could shed the debt and get a fresh start - become spenders once again with some level of experiece etc. As it stands, people that can be a part of piecing their lives back together won't be able to do it for 20+ years if they have to pay off this debt.

What i'm saying isn't pretty, but the thing is- it needs to be part of the equation.

[blondeatlast]

8. Great minds think alike. See my post 6--you described my family's experience

to a T.

It wasn't credit card debt that sank us--it was fraud--but without the old bamkruptcy laws, we would not be contributing to the economy now--and we have very good jobs.

[kedrys]

17. We're in the middle of bankruptcy proceedings

And because of the insane requirements of the new law, the s.o. has had to remain unemployed for almost a YEAR so we could qualify at all.

:nuke:

[RebelOne]

19. I filed a Chapter 13 in March.

I couldn't file a Chapter 7 because I made too much money. I am also collecting social security. I was told that if I quit my job that I would qualify for a Chapter 7. But there is no way I could just live on my social security. So, I am having to pay the court over $700 a month for my creditors.

[screembloodymurder]

3. Absolutely.

Man the list is getting long.

[Nutmegger]

4. Yes! Repeal that horrible POS legislation!

The credit card industry salivated over that for years, and they finally got their gift. Now they are cashing in and it's us who suffer at the hands of the mega-greedy corporations.

Repeal it!

Edit: R&K!

[blondeatlast]

6. Absolutely. We were victims of fraud by Nr. B's employuer (involving health insurance, naturally)

who couldn't afford to sue as it would have involved extensive private investigation.

After just 5 years we are back on our feet and just purchased a beautiful new home with a traditional mortgage. We are contributing to the tax base and the economy. It's the people like us who benefit from a break.

Working citizens need to have a break to continue to be productive to the economy. Bring back the reasonable protections of the old bankruptcy laws.

[deacon]

10. And now, because of this reality- it needs to be part of Dem candidates

campaign focus.

[fed-up]

7. I think they knew foreclosures were coming and timed it ahead of this meltdown nt

[blondeatlast]

9. Sounds plausible, but will the banks really benefit by even more

real-estate dead weight?

I suppose it depends on how soon the residential real-estate rebounds. If it's in a few months it will be a gold mine for them. But if it's a few years it will hurt even the financial industry (at least I would imagine so).

[deacon]

11. One thing we can't have is bernanke lowering interest rates

if that happens we will end up with more bad loans. That will compound our problems at least 20 fold of what we are experiencing now.

As I said, it's a part of solution, a vital 'part' that good people with good jobs can come back from this set-up, fiasco, lunacy- whatever you want to call it, to get back sometime in the near future to become part of things again.

[PassingFair]

12. Don't look now........

FEDERAL RESERVE LOWERS DISCOUNT WINDOW RATE TO 5.75% FROM 6.25%

[blondeatlast]

13. Not sure what it means, but that sounds bad.

Discount rates are for the absolute best borrowers, am I correct?

If so, then that is very bad news indeed.

[porphyrian]

14. I agree. Credit corporations should never receive more sympathy than the citizenry...

...especially not in law. Repeal that piece of shit. If credit corporations don't like people being able to declare bankruptcy, they can get another job and shut the fuck up.

[blondeatlast]

16. "..they can get another job and shut the fuck up." Amen!

I love that--it's a good way to put it. How many times have we heard the sentiment directed at our brothers and sisters?

Excellent framing!

[porphyrian]

26. Fair is fair. - n/t

[SoCalDem]

15. Never happen..

Credit card companies & banks bought and paid for it..hell they WROTE it..

They like it just fine..

[Bluebear]

18. Yes! Let's have a Democrat lead the charge! Joe Biden maybe?

Oh...

[Breeze54]

22. lol!

You so bad!! :rofl:

[progressoid]

20. Sure, but It won't happen. If anything it will get re-written

but only after disastrous consequences of it sink into the American people and they make enough noise to guilt the congress into action.

[Breeze54]

21. YES!!!

Absolutely!!

:kick: & Recommended

[bluesmail]

23. Predatory Lending

Corporations CAN file bankruptcy, but me and you (if we have CC debt from the predatory lenders) we CANNOT

[rucky]

24. My comment: K&R

it's a no-brainer

[happyslug]

25. Bankruptcy Reform act was bad, but not as bad as some people think

The Democrats fought it tooth and nail and reduce the problems. Remember the following Rules:

1. If you are below Median Income for your state, you can still file Chapter Seven.

2. If your Income is MORE than Median Income for your State BUT if your disposable Income is less than $100 you can file Chapter Seven. One way to get to this point is to take out a loan that MUST be paid monthly (i.e. a new car loan).

If you Can NOT come under the above two test, you have to go through a "Means Test" to see if you are eligible for Chapter Seven. Approximately 3% of people who file Bankruptcy are prevented under the reforms from Filing Bankruptcy.

Data for median Income:
http://www.usdoj.gov/ust/eo/bapcpa/20070201/bci_data/median_income_table.htm