I wonder what this bankruptcy bill will do to all the people

[liberal N proud]

who pretend to be wealthy living in mc-mansions that cost 1/2 - 3/4 million dollars.
Most of these people are so over extended that when this economy falls completely apart they will be filing for bankruptcy in droves.
I know that in the mc-mansion subdivisions in the community where I live most of these suburbia rats voted repuke in last Novembers election.
For them, I feel no pain, for the man out here who has to cash out everything to try and save his kids life who has cancer or another terminal disease what do you say to these people?
And the repukes claim to have family values. They sure haven't shown me any.

[Boomer]

1. Don't miss the yard sales!

All that high-priced McMerchandize -- furniture, electronics, clothes, flat screen TVs -- will be available for a song. And if you're not careful, they'll throw in a gas-guzzling SUV for free.

[realFedUp]

2. McMerchandise.....lol

love it....these cases will be so frequent
there will have to be McCourts to handle
them all.

[hatrack]

4. Will Mayor McCheese serve as presiding judge?

Or would that require the services of the Hamburglar?

[realFedUp]

8. hehehe....Bush nominees fit those descriptions.

that was too easy. :-)

[Tandalayo_Scheisskopf]

3. I have heard it referred to as...

"Over-The-Shoulder Foreclosure", and here in NJ, it was rather prevelent back in the late 80s-early 90s. Last housing wallow was back then.

What is it? It is when people leave their homes and throw the keys over their shoulder. Literally. The whole process was explained to me by a real estate agent I have known since grade school.

It is a bad thing, too, because the banks end up owning a lot of property, with no money coming in on the property and they end up having to sell said property at a loss. That, my friends, is deflationary. That, my friends, is a situation that is gonna happen.

That, my friends, is a great illustration as to why we have to start electing non-anacephalic lawmakers. You know, ones that can grasp an economic concept.

[ezekiel333]

5. Asset Protection Trust

If your wealthy, or at least posses enough for a good Trust Attorney to get involved, you can default and still save your "lifestyle" by using a "Asset Protection Trust". It is one of the truly sick parts of this new bill.

"A vast majority of personal bankruptcies in the United States are the result of severe misfortune. One recent study found that more than half of bankruptcies are the result of medical emergencies. The rest are overwhelmingly the result either of job loss or of divorce.

To the extent that there is significant abuse of the system, it's concentrated among the wealthy — including corporate executives found guilty of misleading investors — who can exploit loopholes in the law to protect their wealth, no matter how ill-gotten.

One increasingly popular loophole is the creation of an "asset protection trust," which is worth doing only for the wealthy. Sen. Charles Schumer introduced an amendment that would have limited the exemption on such trusts, but apparently it's OK to game the system if you're rich: 54 Republicans and two Democrats voted against the Schumer amendment."

<http://www.insidebayarea.com/argus/oped/ci_2602299>

[chicagojoe]

6. I plan on making a killing in real estate

when the McMansion people have to start bailing out. I'll buy foreclosures, and sell 'em to the next wave of idiots. Then I'll remain in my modest home, and watch all of these people wish they were me.
This is inspired by an account I read by a man who was of modest means who actually got wealthy during the Great Depression. He bought property and stocks for pennies on the dollar, and it paid off.
I'm already gaining on that Martha Stuart stock I bought, as a goof, when it hit rock bottom at the time of her conviction.
The decline of the swine is gonna make me rich!!!

[AndyTiedye]

7. Out Here That Much $$ Gets You a Very Ordinary House

I don't know what has been keeping prices so high,
maybe people fleeing from the red states.