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Thinking of filing bankruptcy? You better act fast!!

Z

z0mb13

Lifer
link to article

Basically it will be force more people to file chapter 13, which still requires the person to pay some part of his/her debt. Under chapter 7, the debt is wiped clean.

IMO this is too pro big businesses..

 
sounds good to me. why do you say it's pro big business? seems like it just forces people to take responsibility for being morons with their credit. in turn the credit companies get more of their money back, leading to lower interest rates for me.
 
Originally posted by: Yossarian
sounds good to me. why do you say it's pro big business? seems like it just forces people to take responsibility for being morons with their credit. in turn the credit companies get more of their money back, leading to lower interest rates for me.
Click to expand...
You sure the interest rate is going to drop?
 
Originally posted by: z0mb13
link to article

Basically it will be force more people to file chapter 13, which still requires the person to pay some part of his/her debt. Under chapter 7, the debt is wiped clean.

IMO this is too pro big businesses..
Click to expand...

Yeah what are they trying to do to us? Trying to make us accept responsibility for our debts. Oh, the humanity.
 
Originally posted by: Yossarian
sounds good to me. why do you say it's pro big business? seems like it just forces people to take responsibility for being morons with their credit. in turn the credit companies get more of their money back, leading to lower interest rates for me.
Click to expand...

cc companies do some things that make people go into bankruptcy, such as low promotional rates, then jacking up the rate if the person misses a payment. Small fineprint for people that take cash advances, etc...

From this bill, the article says it will add about $1B to credit card companies

I wonder if cc companies will actually lower their rates in general after this bill passes, since bankruptcy risks are already considered in calculating the interest rates on ccs..
 
Originally posted by: Howard
Originally posted by: Yossarian
sounds good to me. why do you say it's pro big business? seems like it just forces people to take responsibility for being morons with their credit. in turn the credit companies get more of their money back, leading to lower interest rates for me.
Click to expand...
You sure the interest rate is going to drop?
Click to expand...

I am wondering about this too.. but I think it will not drop...



 
Originally posted by: z0mb13
Originally posted by: Yossarian
sounds good to me. why do you say it's pro big business? seems like it just forces people to take responsibility for being morons with their credit. in turn the credit companies get more of their money back, leading to lower interest rates for me.
Click to expand...

cc companies do some things that make people go into bankruptcy, such as low promotional rates, then jacking up the rate if the person misses a payment. Small fineprint for people that take cash advances, etc...

From this bill, the article says it will add about $1B to credit card companies

I wonder if cc companies will actually lower their rates in general after this bill passes, since bankruptcy risks are already considered in calculating the interest rates on ccs..
Click to expand...

bullshit. dumb people do thinks that make dumb people go into bankruptcy. if someone doesn't read the terms of their agreement I don't have any sympathy.

I don't really think interest rates will go down, but they shouldn't go up as much as they would have without this law change.
 
Originally posted by: jadinolf
Originally posted by: z0mb13
link to article

Basically it will be force more people to file chapter 13, which still requires the person to pay some part of his/her debt. Under chapter 7, the debt is wiped clean.

IMO this is too pro big businesses..
Click to expand...

Yeah what are they trying to do to us? Trying to make us accept responsibility for our debts. Oh, the humanity.
Click to expand...

 
Originally posted by: Zim Hosein
Originally posted by: her209
Good.
Click to expand...
How so? 😕
Click to expand...
Originally posted by: Yossarian
sounds good to me. why do you say it's pro big business? seems like it just forces people to take responsibility for being morons with their credit. in turn the credit companies get more of their money back, leading to lower interest rates for me.
Click to expand...
 
Originally posted by: Yossarian
Originally posted by: z0mb13
Originally posted by: Yossarian
sounds good to me. why do you say it's pro big business? seems like it just forces people to take responsibility for being morons with their credit. in turn the credit companies get more of their money back, leading to lower interest rates for me.
Click to expand...

cc companies do some things that make people go into bankruptcy, such as low promotional rates, then jacking up the rate if the person misses a payment. Small fineprint for people that take cash advances, etc...

From this bill, the article says it will add about $1B to credit card companies

I wonder if cc companies will actually lower their rates in general after this bill passes, since bankruptcy risks are already considered in calculating the interest rates on ccs..
Click to expand...

bullshit. dumb people do thinks that make dumb people go into bankruptcy. if someone doesn't read the terms of their agreement I don't have any sympathy.

I don't really think interest rates will go down, but they shouldn't go up as much as they would have without this law change.
Click to expand...

you and I will probably not get suckered by the rates game that the cc companies are playing, but I bet a substantial portion of the us population do get suckered..

also keep in mind that sometimes you HAVE to go into cc debt for emergencies such as medical bills, car repairs, etc

 
Bankruptcy law did need reform but I fear what this will do to people who have staggering medical bills. Most insurance policies have a lifetime benefits cap. Say $1 million. When you reach that amount, the insurace stops paying. It doesn't take much hospital time to run up enormous bills. A couple medical emergencies will eat up your lifetime cap and you're left SOL.

 
I actually think that this is a good law. Too many deadbeats have been abusing the bankruptcy system, purposely living beyond their means, racking up a ton of debt, and then BK'ing it all off. Sickens me.
I don't see how CC companies are responsible simply because they extend the credit. If you decide to borrow money, and agree to the terms beforehand, then you are morally obligated to pay it back according to those terms. Don't like to read? Don't sign.

The only ones I feel bad about are those who got buried in medical debts, and do wish they would have gone lighter on those folks.
 
Originally posted by: DeadByDawn
I agree people need to be responsible, but I've seen responsible people devastated by medical bills too...
Click to expand...

Quoted for truth.

Last numbers I saw showed that something like 60% of bankruptcies were filed by families that had suffered 'large' medical bills in the recent past.

Seriously, all these "good" posters - ever have a family member hospitalized?

Wife had pneumonia two years ago - ended up costing us $500 (COST TO US - the insurance company handled thousands of dollars billed to them!) and she hadn't even spent a night in the hospital. Given a rather reasonably run budget, $500 coming out of nowhere was uncomfortable to US for a while, and we both work full time and have no kids.

It's easy to see how medical debt can really run away with your finances.

Originally posted by: Vic
Too many deadbeats have been abusing the bankruptcy system, purposely living beyond their means, racking up a ton of debt, and then BK'ing it all off. Sickens me.
Click to expand...

LOL - and your proof of that? I think you'll find MOST bankruptcy cases are legit. Not saying there AREN'T deadbeats - and they certainly do get the headlines, don't they? - but they are not the bulk of cases.
 
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