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Debt Law

DEBT LAW OVERHAUL NEAR

People will soon find it harder to dissolve medical bills and credit card debt in bankruptcy under a bill clearing its last major Senate hurdle Tuesday after negotiations with the House.
Ref. https://deseretnews.com/dn/view/1%2C1249%2C...17261%2C00.html

Law Debt

As someone who is in the process of cleaning up their credit, I am against anything that makes it harder. While I never chose to go bankrupcy, I think that it should be a viable opportunity left open to help individuals dissolve some debt that they will never be able to get out of.

The bill is also supposed to close the loop hole that allows businesses who lose law suits to declare bankrupcy and not have to pay they winners of the suit. In these cases, I agree with the bill. But like every bill, it will have things in their that screw the little people to get the big wigs.

Debt Law History & Civil Business Politics

Too many people get credit cards when they can't afford them. The credit card companies are mostly to blame. They give cards to college students who don't even have jobs. What do they expect?

Law Debt

Stunts has a point. When my son was 18 and had a minimum wage job someone gave him a credit card. Well, then he was charged late fees and over limit fees that were far more in the end than what he ever owed on the card for charges.

I think the problem is truly the credit card companies. They are allowed to victimize people. Now, they will get away with it even more because they won't need to worry that people won't pay them because they can't claim bankruptcy.

I think people ought to pay their bills but some of the fees assessed when someone gets in trouble are so high that a credit card where less than $1,000 is purchases is ever charged can end up in the $10,000 and higher range. That shouldn't be legal. I don't feel sorry for credit card companies that extend credit when they know the person really isn't credit worthy because they figure to make a ton in interest and fees.

Law Debt

SENATE PASSES TOUGHER BANKRUPTCY BILL

The Senate passed legislation Thursday making it easier for banks, retailers, credit card companies and other creditors to recoup some money they are owed by many of the 1.5 million people who file for bankruptcy every year.
Ref. https://www.cnn.com/2005/ALLPOLITICS/03/09/...y.ap/index.html

Debt Law

I admit that when I first got out of college, I was in some serious debt to credit card companies because I basically lived off credit cards while in college. I seriously contemplated filing bankruptcy but chose instead to enroll in a debt-management program and am now reaping the rewards of better credit because I slowly paid off my debt. I agree with the law because it limits the number of people who file for bankruptcy without first looking at alternative options. There are also too many companies and once-wealthy celebrities who use bankruptcy too often to get out of debt incurred from poor spending habits. Hopefully this bill will shut down most of that activity and leave bankruptcy as what it was supposed to be: the very last option.

Debt Law

I am in a way glad to see this law introduced as I think too many people spend badly and try to then jump on the law for protection. This will ensure they do the wise thing from the start and not intentionally blow money with an eye on filing chapter 11..

CONGRESS PASSES MEASURE MAKING BANKRUPTCY HARDER

Bankruptcy lawyers expect thousands of debt-burdened people to rush to courthouses to beat a new law making it harder to wipe the slate clean of credit card bills and other obligations.
Ref. https://deseretnews.com/dn/view/1%2C1249%2C...26491%2C00.html

Debt Law Politics Business Civil & History

I am not happy at all to see such a law passed. I am 21 and have very good money management skills and never charge more on my credit card than I can pay off in full each month, but I have an older room mate who is thirty five and has some old school loans that amount to over $50,000. I cannot say what folly he has done to deserve such a prediciment, but I know that he will never have anything but a ratty old car and a meager life in a rental appartment. His loan is such that it cannot be erased by bankruptcy. He sends fairly large checks away, but I can make out only negligable progress on the loan. That loan has him crippled financially and he cannot hope to pay it off in his lifetime. It's just sad to see a person with nothing and know he will never have anything. That is why I'm against making it harder for people to file for bankruptcy- It's not even available to everyone who needed it before this law passed. Just because there are a few bad apples out there shouldn't be a justification for a sweeping reform of the bankruptcy laws. I believe that loaners should be more discriminatory of their clients.
-Unferth