Black People : Kiss me First! New Bankruptcy law.

[HODEE]

Bush has no heart. He has sold us completly to the corporate world. Credit card companies have a bad debt avenue they have used for years then they sell bad debt they can't collect. After claiming a tax deduction it is sold to collectors for pennies on the dollar. Who then hound you and make a hefty profit. In most cases they collect the entire amount. Many times offer them less they will take it. They are still making profit. Then the impact on each individuals credit is haunting, and will keep you black listed for years after the wringer of collection companies and credit card companies. Also the collection companies I have found are the banks own established Entity.



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http://start.earthlink.net/article/top?guid=20050415/425f3c40_3421_1334520050415-924857471

Bankruptcy Law to Produce Rush of Filings
April 15, 2005 7:37 AM EDT
WASHINGTON - A crucial deadline looms a half-year away for thousands of anxious Americans weighed down by credit card and other debt following congressional passage of a measure making it tougher to erase obligations in bankruptcy.

Those with insufficient assets or income could still file a Chapter 7 bankruptcy, which, if approved by a judge, erases debts entirely after certain assets are forfeited. Those with income above the state's median income who can pay at least $6,000 over five years - $100 a month - would be forced into Chapter 13, where a judge would then order a repayment plan.

 

[indya]

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http://start.earthlink.net/article/top?guid=20050415/425f3c40_3421_1334520050415-924857471

Bankruptcy Law to Produce Rush of Filings
April 15, 2005 7:37 AM EDT
WASHINGTON - A crucial deadline looms a half-year away for thousands of anxious Americans weighed down by credit card and other debt following congressional passage of a measure making it tougher to erase obligations in bankruptcy.

Those with insufficient assets or income could still file a Chapter 7 bankruptcy, which, if approved by a judge, erases debts entirely after certain assets are forfeited. Those with income above the state's median income who can pay at least $6,000 over five years - $100 a month - would be forced into Chapter 13, where a judge would then order a repayment plan.

I haven't completely read up on this, but here's my 2 cents anyway.

Bankrupycy laws needed to be updated. There are to many people who run up dept (I'm talking credit card use not because of medical reasons or unemployment) and don't pay their bills. People need to realize that by living a lifestyle they can't afford and declairing bankruptcy, they force those of us who are living within our budget to pay higher interrest rates and higher prices for the things we buy.

People need to sit down and make a budget. I don't want to pay extra because someone just had to have that 40th pair of shoes they couldn't afford.

 

[AHMOSE]

Some very helpful information here family. A must read for the business minded folks like myself. Thanks for sharing this Brother Hodee.

 

[river]

This article says the new legislation will make bankruptcy hard for those with incomes above their state's median. How many Blacks are in that category?

It's bad news for our beloved middle and upper class Blacks who have been "living large." Are we afraid this will have a trickle down effect making it hard for them to continue putting money into the neighborhoods and schools of us po' folks as they have been doing for so many years? NOT!

 

[jamesfrmphilly]

I haven't completely read up on this, but here's my 2 cents anyway.

Bankrupycy laws needed to be updated. There are to many people who run up dept (I'm talking credit card use not because of medical reasons or unemployment) and don't pay their bills. People need to realize that by living a lifestyle they can't afford and declairing bankruptcy, they force those of us who are living within our budget to pay higher interrest rates and higher prices for the things we buy.

People need to sit down and make a budget. I don't want to pay extra because someone just had to have that 40th pair of shoes they couldn't afford.

oh nooooooo, it's Indya