Ldotters ponder Bush's signing of Bankruptcy Bill

[carrowsboy]

http://www.lucianne.com/threads2.asp?artnum=209812

Posted By:bludneyplud, 4/20/2005 3:56:48 PM

President Bush signed the biggest rewrite of U.S. bankruptcy law in a quarter century on Wednesday, making it harder for debt-ridden Americans to wipe out their obligations.

Comments:
This must be one of the most bald-faced screw jobs of the little guy in the past 25 years. I'm so freaking thrilled that Bush went to bat for the credit card industry. Next up, legalizing border jumpers. Go Bush go.


Reply 1 - Posted by: snowoutlaw, 4/20/2005 4:02:40 PM

Like everything in ABC, the truth is 180 degs from the story.
Normally the LSM like ABC is all for taking it out on the rich, but if they can make Bush look bad they are all for giving the rich a break.
The bill makes people above a level of income have to pay back that which they borrowed. I don't see how this effects low income other than lower the cost of credit for all.


Reply 2 - Posted by: lexusep, 4/20/2005 4:08:13 PM

If the credit card companies extended the credit and didn't get paid, too bad, that's their problem. This is a waste of time and totally unnecessary.


Reply 3 - Posted by: 1940s guy, 4/20/2005 4:08:51 PM

I knew a couple that filed bankruptcy every few years. They would form a corporation, which is a separate entity, open a new business, build it up, then plan on a target date to file bankruptcy keeping an awful lot of money that was not theirs and running up debts. Since it was always a corporation, they never had their personal credit harmed, they were 'merely' a stockholder in a corporation that went bankrupt. This law certainly does not favor the evil rich.


Reply 4 - Posted by: Blackeagle, 4/20/2005 4:21:39 PM

I assume this couple paid themselves a handsome salary as they sucked the corporation dry, but who would lend to such grifters?


Reply 5 - Posted by: jt33, 4/20/2005 4:21:45 PM

This effects from 30 to 210 thousand people per year. How many illegals are there in this country, and they effect many times more people, on a daily basis (push 2 for English) than this bankruptcy law.


Reply 6 - Posted by: jkendal, 4/20/2005 4:28:21 PM

This must be one of the most bald-faced screw jobs of the little guy in the past 25 years.

So, if you run up your credit card bills buying big screen plasma TV's and DVD players & DVDs, eating out at expensive restaurants every week and going on expensive trips every year, you shouldn't be required to pay any of it back, huh? People have been getting a free ride like this for far too long. This kind of behavior actually hurts the little guy because he has to pay higher rates to the CC companies. This law will actually help our economy in the long run. The string of bankruptcies running up to the effective date will surely hurt us, though.


Reply 7 - Posted by: votedforbush, 4/20/2005 4:32:46 PM

Agree with #5. The border problem affects far more lives in this country - but that would take guts to tackle. Unfortunately for America - the borders are being ignored by Bush. There's a underground economy that would do away with the deficit we've accumulated in the past 4 years if illegal immigration was stopped.


Reply 8 - Posted by: amereagle, 4/20/2005 4:35:25 PM

It's so much easier to deal with site pests now that the President has been reelected.


Reply 9 - Posted by: dblenicklebob, 4/20/2005 4:42:53 PM

Well the really wealthy got a pass on this one and doubt any of this will be reflected in the lower cost of credit but in their Corporate profits . Sure there were plenty of abusers of system but certainly bad for those who ran up a bunch debt for healthcare .
The recent ability of the Credit Card companies to change the terms of credit on the fly has been particuarly alarming as well.


Reply 10 - Posted by: pomom, 4/20/2005 4:45:50 PM

NO ONE forces you to sign a credit card application!


Reply 11 - Posted by: bludneyplud, 4/20/2005 5:10:45 PM

Right, and no one forces you to rack up thousands in medical expenses, or forces you to fail in a business venture, or get hit by a natural disaster. The bill--Act--is reprehensible.


Reply 12 - Posted by: david999, 4/20/2005 5:23:39 PM

Credit cards abuses


Reply 13 - Posted by: Duke of Duval, 4/20/2005 6:03:13 PM

If some joe can't file for bankruptcy he will just not pay his bills except for the payments on things that are security for a debt owed.

There still is no debtor's prison. Now that would accelerate payments quite radically!!


Reply 14 - Posted by: sepcodale, 4/20/2005 6:04:45 PM

And it not like Fleet America or Capital one do not give credit cards to anybody that can breathe. Where is their liability for extending credit to those that are not credit worthy. I have a buddy of mine who is mentally ill. Capital one sent him a card with a $1000 limit. When he charged over $1200, they raised his limit to $10000. He did not have a job, a place to live or anything to deserve that kind of credit. Needless to say, they ripped him everyday for collections until Bellsouth yanked his phone.

He more or less walked away from his bill - not because he asked for a credit card, but they did not do their homework and deserved to get burnt.


Reply 15 - Posted by: shamus, 4/20/2005 6:32:34 PM

I don't think this legislation will prove to be a bonanza for credit card companies. Lawyers will find their way around the new law, just as they found their way around the old law. The greater issue today is identity theft and data privacy.


Reply 16 - Posted by: Chance, 4/20/2005 6:36:40 PM

Live within your means, pay your own bills. If you can't afford it....do without like millions of others do. Avoid spending every penny.....save something for emergencies. It's YOUR responsibility, NOT ANYONE ELSES.
In most cases, it is just plain theft. Don't like living with a thief? That's what you are if you don't pay your bills.


Reply 17 - Posted by: akimbo, 4/20/2005 6:38:28 PM

Odd. I have never had a credit card company raise my credit line from $1200 to $10,000. It doesn't happen that way and soomething is off with that.

As for #5 Huh? "This effects 30-210,000 thousand people per year". Huh? from the article..."New personal bankruptcy filings edged down from 1,613,097 in the year ending June 30, 2003, to 1,599,986 in the year ending last June 30, breaking an upward trend of recent years."

How does one get 30 - 210,000 people from 1,599,986 bankrupties? 1,599,986 bankruptcies only show how many were filed and not ALL the people who were hurt by it as each and every business that the person did not pay might have led to layoffs or business closures.

Bankruptcy is a far BIGGER problem on our economy than the border/illegal aliens.

One step at a time folks.

Good heavens, the speed in which so many want things accomplished would put my measley To-Do list to shame. :P

[Fire Walk With Me]

1. You had me until the Nancy Reagan thing.

Shamings upon thee. Some juxtapositions need never occur, such as olive and chocolate ice cream.

[peacetalksforall]

2. Compassionate as usual. Nothing new in their world. I guess

the ones who are affected are not commenting.

[tsuki]

3. The posts remind me of OxyRush who railed against the ACLU at

the top of his lungs until he got busted for dope. He went a running as fast as he could to them. I wonder if these people will do the honorable thing and DIE rather than run up their credit cards to pay for services that are overpriced because of insurance greed. Mustn't hurt the insurance companies and the credit card companies.

[Jacobin]

4. they'll figure it out when one of them gets into a financial jam

These people all think they are bulletproof and nothing bad can happen to them. They are not experienced in the ways of life.

They have a big shock coming to them.