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Old 04-24-2010, 01:32 PM
 
1,842 posts, read 1,642,713 times
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Personal Bankruptcy Filings Rising Fast - WSJ.com

Well so much for a V shaped recovery that is jobless.

"The changes were designed to make it more difficult for people to shed their debt, particularly in a Chapter 7 filling. A "means" test, for example, was introduced to separate those who could afford to repay their debt from those who couldn't. A Chapter 7 filing is off the table if the means test determines a person is able to pay back at least a portion of the debt after it is restructured." From the link.

Chapter 7 is up chapter 13 is out. This was saposed to protect the lenders from having their principle forgiven.
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Old 04-24-2010, 03:43 PM
 
1,842 posts, read 1,642,713 times
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Well I can tell that everyone is all excited about the bad news.
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Old 04-24-2010, 03:49 PM
 
3,586 posts, read 6,544,101 times
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Yeah. And the Dems will try to spin it and say medical debt accounts for 85% of bankrupcy filings. When in fact it only accouts for 17%.

The Medical Bankruptcy Myth — The American, A Magazine of Ideas

People who file for bankrupcy had financial issues way before the economy tanked.

If people lived within thir means. Don't carry debt, saved 8-10 months emergency savings, we would have almost no one in financial trouble.
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Old 04-24-2010, 03:50 PM
 
9,855 posts, read 9,963,263 times
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I want to see this adminstration claim that these personal bankruptcies are medical debt and not job loss. I double dawg dare them.
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Old 04-24-2010, 03:56 PM
 
48,503 posts, read 92,713,330 times
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Well whynot just gibven them the stimlulus money jobs. There must be millions of them since i don't see no massive infrastructure project having been finished.
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Old 04-24-2010, 05:15 PM
 
81,873 posts, read 39,160,882 times
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Banks aren't doing very well, either.

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Old 04-24-2010, 07:06 PM
 
3,586 posts, read 6,544,101 times
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The bankruptcy "reform" law passed in the mid 2000's was supposed to divert people from Chapter 7 to Chapter 13.

However, so many people have "gamed" the system. The loophole is to get into even bigger financial trouble (bigger gambles etc). The more you are in debt, the greater so chances of filing for Chapter 7.

Look at this article:

How US personal bankruptcy reform exacerbated the US housing crisis | vox - Research-based policy analysis and commentary from leading economists

People file for bankruptcy to stay in their homes longer and continue to further spend. It's a crazy world out there.
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Old 04-24-2010, 07:53 PM
 
Location: SARASOTA, FLORIDA
11,486 posts, read 14,646,291 times
Reputation: 4892
I thought everything is getting better!

At least the DemCOMMI's media outlets keep telling us that things are looking up. Obama even keeps hinting that things are improving.

I read almost daily on this forum how great things are.

But then the facts come into play:

Record foreclosures 6 months in a row
Record bankruptcies
Record homeless
Record job losses and plant closings
Record car repo's
Record debts
9 million jobs losses


Gosh, when will the records stops under Obamas watch?

Maybe they should give him the Heisman Trophy for being such a total FAILURE or something.

Its all in the plan folks, its all in the plan.

If you are down and out and are weak, the government can control your every move which is what Obama and his band of Marxist want.
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Old 04-24-2010, 07:54 PM
 
11,944 posts, read 14,123,559 times
Reputation: 2772
Quote:
Originally Posted by newonecoming View Post
Personal Bankruptcy Filings Rising Fast - WSJ.com

Well so much for a V shaped recovery that is jobless.

"The changes were designed to make it more difficult for people to shed their debt, particularly in a Chapter 7 filling. A "means" test, for example, was introduced to separate those who could afford to repay their debt from those who couldn't. A Chapter 7 filing is off the table if the means test determines a person is able to pay back at least a portion of the debt after it is restructured." From the link.

Chapter 7 is up chapter 13 is out. This was saposed to protect the lenders from having their principle forgiven.
Who's sorry now? Volumes of petitions for legislation to allow preventive measures for foreclosure prior to official mortgage meltdown were the harbinger of mass casualties to follow. I wish parties would get over themselves and listen to reason with fairness in mind. Nothing reasonable may exist in DC so long as gov't defines it's purpose as defending business at the expense of the people.
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Old 04-24-2010, 07:58 PM
 
Location: SARASOTA, FLORIDA
11,486 posts, read 14,646,291 times
Reputation: 4892
Wait and see when the Adolf " I wont raise your taxes one dime" Obama hits us with the VAT's.

People will have to sell of their home furnishings to eat.

Just the way he wants it.

Have you purchased your REQUIRED and GOVERNMENT FORCED HC yet?

You might have to file bankruptcy to be able to afford the forced HC since he wants to take your last dime by force.
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