The United States Senate passed a law on March 10, 2005 that changes the bankruptcy laws in America. It is expected that the House of Representatives will look to pass the same bill in April, which will send it to President Bush for his signature. Since it is well known that President Bush will sign the bill into law, a new bankrupcty law is just one step away from ratification. This law makes it much harder for Americans to file Chapter 7 bankruptcy. So for those of you trying to decide whether to file bankruptcy in the next few weeks, realize you may not have the same options in a couple of months time.
This bill is a pure win for the credit card companies. Since the bill was written by credit card company lawyers, you can imagine how advantageous it is to the credit card industry. It means that Americans will pay their earnings to creditors for many years to come, with little help from the U.S. government. Of course, creditors say these are bills charged up by the debtors. But since the credit card industry is one big legal trap, it amounts to the federal government helping bankers and lawyers trick average citizens out of their money. As I always say, if a person has been paying their minimum monthly payment for a few years, the creditor made a huge profit on their original loan years ago. That applies even if a debtor files for Chapter 7 bankruptcy.
The real shame is that 50% of Chapter 7 bankruptcies happen due to medical and health issues. With the loss of jobs overseas and the subsequent loss of health insurance, many Americans are slipping into debt to try to pay their medical bills. Twenty percent of bankruptcies come from single mothers who children have deadbeat fathers. In other words, the mother filing bankruptcy is not to blame, but is the victim of an ex-husband who refuses to pay his debts to his children. The new law will leave the mother on the hook to the credit card industry.
Now is the time to do your homework when looking for debt consolidation loans and other consumer credit counseling advice. It looks like the public sector is no longer a friend of the consumer, so you have to look at the private sector to help you out of your troubles. Do your research. Choose wisely. There are ways out of your financial crisis, but one of the most used options just got undermined by the politicians in control of legislation at the moment.
You can read more about personal finance and debt issues at the Debt Consolidation blog.
Personal bankruptcy is a legal way to give people with... Read More
To be out of credit card debt is your dream... Read More
This method is simple, but requires some discipline.First, you have... Read More
As consumer debt continues to spiral out of control, debt... Read More
Good credit is everyone's dream. A wise use of credit... Read More
Your FICO score or credit score as it's commonly called... Read More
Bankruptcy is little more than a smack on the hand... Read More
Debt negotiation and settlement can give you a drastic reduction... Read More
In today's consumer society it is all too easy to... Read More
Let's look at a real world example: A woman purchased... Read More
Consumer Borrowing Consumer borrowing in the UK has now crashed... Read More
For most Americans, credit card debt is a dangerous and... Read More
So you are getting collection calls? You're desk is full... Read More
Getting Behind Getting behind on your debts owed can be... Read More
The main reason for getting out of debt today, is... Read More
Incredibly, since the changes in the bankruptcy law in April... Read More
These days, getting into debt is easy.Unfortunately, getting out of... Read More
What is a debt management system, and when do you... Read More
Wholeness requires separation. In order for you to experience yourself... Read More
Debt relief is a topic on a lot of consumers'... Read More
We have all experienced getting so far in debt we... Read More
Credit card debt have you drowning financially? You're not alone.... Read More
There is more than one kind of bankruptcy. You should... Read More
Filing bankruptcy is a common practice among the U.S. Over... Read More
Debt Management plans offer credit counseling clients a different and... Read More
Many consumers that are bogged down in debt frequently turn... Read More
Having something tangible to strive towards can work wonders for... Read More
The First Step To Debt EliminationRegardless of your personal and... Read More
Lots of people take a large ammount of loans and... Read More
Outlined below are some of the benefits and drawbacks of... Read More
1) Use your AssetsIf you have assets with some significant... Read More
Bankruptcy laws give debtors a way to resolve debt by... Read More
A Debt Checklist allows you to look at items and... Read More
It is vital to get rid of debt while things... Read More
It seems as though whenever we go out for the... Read More
Do you, like millions of other Americans, feel like you're... Read More
People often get to a place where they simply can't... Read More
Are you among the millions of people who have found... Read More
Next to winning the lottery, a debt consolidation loan is... Read More
Many Christians feel uncomfortable with the notion of being in... Read More
Filing bankruptcy is not only a last resort legal action;... Read More
As a single mother, lets admit it, times get tough.... Read More
There are many debt relief programs out there both off... Read More
While driving around your community, you may have seen signs... Read More
Incredibly, since the changes in the bankruptcy law in April... Read More
If you want financial freedom, the first thing that you... Read More
Want to know if your attitude towards your finances is... Read More
Vehicle repossession may appear justified in circumstances where a person... Read More
Nathaniel Hawthorne's book The Scarlet Letter states in Chapter 2,... Read More
There is a law all smart people break.Parkinson's law.Parkinson's law... Read More
Is there a way to get out of debt without... Read More
Almost all Americans carry credit card debt. Actually, over 40%... Read More
With mounting bills and unforeseen hardships, you may be considering... Read More
Many times the subject of bankruptcy seems baffling in its... Read More
Bankruptcy is a legal way to offer folks with high... Read More
Getting Behind Getting behind on your debts owed can be... Read More
Bills, creditors, debt collectors. Are you yearning for the days... Read More
Bankruptcy is in the news these days, as Congress has... Read More
It all starts by defaulting on an obligation: Money owed... Read More
Leaving school, getting a new job, or even a raise... Read More
Who will benefit from the new bankruptcy reform laws? The... Read More
If you are in debt over your head and wondering... Read More
Bankruptcy still remains a mystery in the eyes of many... Read More
If you've ever earned enough money to put some aside,... Read More
I have faced this financial question 8 years ago and... Read More
Do You Need to Join a CCCS - Consumer Credit... Read More
Debt Relief |