News @ ID House passes bankruptcy bill

Discussion in 'News @ ID' started by Bleys, Apr 14, 2005.

  1. Bleys

    Bleys Phoenix Takes Flight Staff Member

    The President will sign this bill into law next week. It is real travesty when you consider that 50% of all personal bankruptcies are due to medical expenses and 40% due to divorce or loss of job. Granted there are some who abuse the system, but they are the exceptions.

    This is a law that does everything to protect big business and absolutely nothing to protect the consumer. How long before we become a society of indentured servants to the credit card and mortgage companies.


  2. Mizar

    Mizar Premium Member

    I've been following this legislation for a week or so. I actually didn't expect it to go. I am in support of it entirely. Credit cards are the nastyiest things you can own. I never credit.

    I like the bill alot. I never liked people spending money they didn't have. After all it is theorized to be what got us into the Great Dpression (the actuall 100% truth on the great depression is still not known why it happend)
    When we started having instalment plans sure people started to buy more but they forgot that they didn't have the money.
    I don't know where I'm going with this.... I'm sleepy but yeah I'm supportative of it.
  3. oddtodd

    oddtodd Premium Member

    I had a bankruptcy just drop from my record from just over 7 years ago . Why ? I broke my leg really bad and was in a cast for 6 months , and crutches for a total of 9 . The ridiculous fees that are charged by credit card companys made me file for protection from $4500 dollars in debt that stated out at $2000 . A majority of the debt was late charges that caused overlimit charges that incurred more late charges and so on and so on .....

    Dead beats need to be forced to pay up but victims of accidents and other assorted cases should be forgiven . I bet there is not one credit card company who is working at a loss , the gross interest rates most people pay certainly make up for the few who would be financially ruined by an injury .

    I wonder how much longer it will take the current administration to seperate the country into just an upper and lower class ?
  4. Mizar

    Mizar Premium Member

    I know alot of people who have gone off to the big ivy leauge colleges with the intent of filling for bankruptcy onece they graduate. In many situations it is a good plan but Like I was trying to say with credit cards.... WHY!?

    Oddtods istuation is what bankruptcy is there for.

    well thats my opinon. not facts
  5. Bleys

    Bleys Phoenix Takes Flight Staff Member

    My concerns as well.

    Like I noted in my post - the vast majority of bankruptcies are not by deadbeats but people who had no choice in the matter - medical/loss of job.

    There should have been a distinction in the law or special exemptions for those who have no choice but declare bankruptcy.

  6. helenheaven

    helenheaven Premium Member

    7 years is harsh!

    That's too big of a chunk out of someone's working life.

    I'm sure it's only 3 years here ( in NZ) but then consequences of being adjucated bankrupt are pretty severe in terms of ever being able to gain credit again.
  7. blue

    blue Premium Member

    its a sad day to be sure- the credit companys are far more predatatry on the consumer then the consumer is on the credit companys- but alas- we are already in a two tier indentured servent socity but its gone beyond our control anymore until the bottom drops out. in that case may i suggest putting your wealth into gold- diamonds- and anti-biotics. good luck and god bless. more i hear of nz the more i wanta go. is it true theres atleast 10 sheep for every man?
  8. blue

    blue Premium Member

    oppps- and i think its 10 years to clear ones credit report after a br. but they ask you if you ever filed on every form in perpetuallity
  9. helenheaven

    helenheaven Premium Member

    Blue, at least 10....

    But the men here prefer gals to sheep ;)
  10. blue

    blue Premium Member

    lol- ummm, me to- musta been austr. i'ld heard about. sorry