Black People : Kiss me First! New Bankruptcy law.

Discussion in 'Black People Open Forum' started by HODEE, Apr 15, 2005.

  1. HODEE

    HODEE Well-Known Member MEMBER

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    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.
     
  2. indya

    indya Well-Known Member MEMBER

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    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.
     
  3. AHMOSE

    AHMOSE Well-Known Member MEMBER

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

    river Watch Her Flow MEMBER

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    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!
     
  5. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    oh nooooooo, it's Indya :sick:
     
  6. Ralfa'il

    Ralfa'il Well-Known Member MEMBER

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    Like I said...

    This, the lack of decent paying jobs, and the $250,000 cap on medical lawsuits are all schemes to keep people from the lower classes from entering into the upper class.

    Those in power now are trying to erase the so-called Middle-Class and turn this nation into a 2 tier society of haves and have-nots.

    Aristocrats and peasants.
     
  7. jamesfrmphilly

    jamesfrmphilly going above and beyond PREMIUM MEMBER

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    they have already succeeded in doing that.
    i was once middle class now i'm a have not.
    this is the white man's dream and the black man's nightmare.
     
  8. karmashines

    karmashines Banned MEMBER

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    Forefeiting your assets? Man, that sucks! You'd do better going to a debt consolidation agency.
     
  9. Ellacott

    Ellacott Active Member MEMBER

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    This new law has no exemptions. People who are the victims of identity theft or returning soldiers from iraq/afghanistan will not be given special consideration.
     
  10. Steve69

    Steve69 Well-Known Member MEMBER

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    I think this new law is great. I remember reading a couple years ago that over 50% of all congressmen have filed bankruptcy more than twice in their life. Is it right that some can borrow money and buy things and run up debt and then say I want to start over and not pay anyone back but I want to keep everything for free? If things are equal then why don’t I get the money and other things for free? Some have done this owing over a million dollars.
    Should not make a difference but in the past this has been the way even for people making 100K a year that would be able to afford to pay some back. But even for people making less, how much should you get for free for making poor choices or having other problems. Does not make a difference if it is a company or not. If you borrowed money from 10 of your friends and then had problems should you be able to say forgive all of my loans because I had problems and this would be fair to the friends.
    As far as Credit card companies using as a write off they still have to pass the cost on to the rest of us because they still lose money.
    You yourself can write off medical bills so do you not mind when you have to pay medical bills and get back maybe 20% on the dollar for what you lose.
     
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