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The Republicans are gonna blow it with this one...

Discussion in 'BBS Hangout: Debate & Discussion' started by Refman, Jun 4, 2003.

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  1. Refman

    Refman Member

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    #1 Refman, Jun 4, 2003
  2. MadMax

    MadMax Member

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    Help me out, Refman...I don't have time to read this right now! :)

    What's the proposed change?? Same proposals as before?? I was against that reform previously...but now I forget the substance of the proposed changes.
     
    #2 MadMax, Jun 4, 2003
  3. johnheath

    johnheath Member

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    I look it over, and it looks great to me. There are thousands of people who use bankruptcy incorrectly.

    People in need who can't pay their bills due to unforeseen circumstances won't be affected.

    Where am I wrong?
     
    #3 johnheath, Jun 4, 2003
  4. MadMax

    MadMax Member

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    without reading it over, i'm not sure you are wrong. i remember i found the previous proposed reforms to be problematic...but unfortunately that was pre-9/11 and I can't remember what my concerns were.
     
    #4 MadMax, Jun 4, 2003
  5. glynch

    glynch Member

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    Refman, it is good to see your position on these changes supported by the Republicans. It is part of a pattern that rarely varies. If it's economics, their proposals favor the very rich and hurt the little guy or the middlec class guy or both.

    From what I read the two leading causes of bankruptcy are unexpected job loss with unemployment leading to the inability to support the previous lifestyle and sudden health care costs.

    Don't suppose Jorge could relate to anyone with these types of problems so it looks good to him.
     
    #5 glynch, Jun 4, 2003
  6. johnheath

    johnheath Member

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    Read the bill Glynch. The people you mentioned will not be affected.
     
    #6 johnheath, Jun 4, 2003
  7. Refman

    Refman Member

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    Under the most prevalent proposal, you CANNOT file Chapter 7 if you make over $38,000 a year. Such a bright line is nuts. Circumstances differ from case to case.

    For Chapter 13, you will have to try a credit counseling service prior to filing. This is ludicrous. First, how many credit counseling services will pop up that charge $1,000 and do essentially nothing? Plenty. Where there is guaranteed money there will be fraud...count on it.

    Secondly, the OVERWHELMING majority of Chapter 13 cases are filed in order to save a house from foreclosure. Foreclosure comes on VERY quickly. You fall behind, you try to make it up, mortgage compnay stops accepting payment...BOOM certified letter posting for foreclosure. There simply is not time to try a counseling service first. The end result: People who could successfully complete a Chapter 13 plan will never have the chance to do so and will lose their homes.

    This is CLEARLY banks making outlandish loans (knowing full well the rules of the game) and then wanting the rules changed when they don't care for the results.
     
    #7 Refman, Jun 4, 2003
  8. MadMax

    MadMax Member

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    Agreed...you see this far often than I do, but I have seen that very same experience in dealing with foreclosure. Unless maybe the foreclosure is stayed during the mandatory credit counseling period??? But even still, is a secured lendor likely to participate in some credit counselor's plan?? I doubt it...they'd be oversecured in the property itself, many times.

    Interesting thought on the new credit counseling services popping up to add little or no value for guaranteed money. That's an excellent point I had not considered.

    Lay off of banks, Refman! :D Poke at credit card companies/banks, instead!
     
    #8 MadMax, Jun 5, 2003
  9. pgabriel

    pgabriel Educated Negro

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    Refman,

    Do you ever attend the foreclosure auctions at the corthouse on the first Tuesday of the month. If anyone wants to get a connection to some Texas history in action, that is one of the most interesting processes I have ever taken part in.
     
    #9 pgabriel, Jun 5, 2003
  10. MadMax

    MadMax Member

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    yeah...it can be a mad house down there!
     
    #10 MadMax, Jun 5, 2003
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