[Specop_007]

I remember the big stink everyone made before the bankruptcy reform laws went into affect. I kept telling everyone it was no bigdeal, it simply kept people who could afford topay from filing to get out of paying. Everyone disagreed, and saidit would screw the average working Joe.

Hmmm, seems I was right.

Article

Bankruptcy law backfires on credit card issuers

$this->bbcode_second_pass_quote('', 'T')he industry muscled through tough changes that were supposed to make more filers repay some of what they owe. But that isn't happening.

WestonCredit card issuers and other lenders spent a small fortune to get bankruptcy reform legislation passed. Now the new law is costing them even more.

An unprecedented spike in filings before reform took effect in fall 2005 is chewing into lenders' bottom lines, and the subsequent lull is showing signs of being short-lived. Bankruptcy attorneys say their caseloads are starting to pick up, and credit counseling agencies -- which provide now-mandatory sessions for consumers who want to file -- say they're seeing significantly more people than they initially predicted.

All this is raising questions about whether lenders will profit as much from the new bill as they hoped.

[Sgs-Cruz]

I don't think the article shows that working joes aren't being screwed over. Of course, that depends on how you define "screwed over" anyway -- if they got themselves into bankruptcy through an overreliance on credit cards for consumer goods, it's basically only themselves that did the "screwing". But keep in mind that the typical American bankruptcy case is one of the members of a family getting a disease that is expensive to treat but fatal if untreated (cancer?) in which case the family will sacrifice everything to pay for the treatment. It's not the consumer-crap-addicted suburban family juggling credit cards even as they buy a new SUV that we like to prop up as a strawman on these forums.

Anyway, back to my point. The article says that bankruptcy filings have dropped off, but are showing signs of picking up again. Then it goes on to say "a lot of people are really hurting" and things like that. How does this article say that working-class aren't being hurt, exactly?

[Specop_007]

$this->bbcode_second_pass_quote('Sgs-Cruz', 'I') don't think the article shows that working joes aren't being screwed over. Of course, that depends on how you define "screwed over" anyway -- if they got themselves into bankruptcy through an overreliance on credit cards for consumer goods, it's basically only themselves that did the "screwing". But keep in mind that the typical American bankruptcy case is one of the members of a family getting a disease that is expensive to treat but fatal if untreated (cancer?) in which case the family will sacrifice everything to pay for the treatment. It's not the consumer-crap-addicted suburban family juggling credit cards even as they buy a new SUV that we like to prop up as a strawman on these forums.

Anyway, back to my point. The article says that bankruptcy filings have dropped off, but are showing signs of picking up again. Then it goes on to say "a lot of people are really hurting" and things like that. How does this article say that working-class aren't being hurt, exactly?

[sventvkg]

Bankruptcy is one thing but ya know it's just as easy to blow all creditors off and concentrate on your mortgage and or car so you have transportation and a place to live...Those baddies will still come off your credit by law in 7 years or in the worst case scenerio, 10 if they bother to go through all the hassle to get a judgement against you which 9 times out of 10 they will not...Just wait it out..That's what many who do not file bankruptcy do...It evens out anyway.

[some_guy282]

It's only been a couple of months. Give it some time and wait until the next economic downturn. Then we'll really see how this new bankruptcy law has changed things.

[Specop_007]

$this->bbcode_second_pass_quote('some_guy282', 'I')t's only been a couple of months. Give it some time and wait until the next economic downturn. Then we'll really see how this new bankruptcy law has changed things.

[Leanan]

Unfortunately, all the liberals have long since kill-filed you, so they can't read your challenge!

The article you posted actually says that it's too early to tell - that we won't know for at least a year. So the facts are NOT in, according to the information you yourself have furnished.

Personally, it sounds to me like my worst fears about the law are coming true. I was not worried about people getting their homes taken. They are usually protected, and anyway, if you can afford a house, you obviously aren't that poor. If someone forces those Enron executives to sell their 8 million dollar bankruptcy shelters, that would be a good thing.

My objection to this bill was that it did not close the loopholes that allow the wealthy to hide their wealth in offshore trust funds while escaping their debts in the U.S. And also that it required people who wanted to declare bankruptcy to have credit counseling. I'm not against credit counseling in theory, but that industry is crooked as a dog's hindleg. This bill was a huge bonus for them, but not much benefit for the people being counseled, as this article spells out. (That's even assuming they're not crooks.) The bill requires people to get it, whether they need it or not.

The idea that Big Business wants "less government regulation" is a joke. They want less regulation for themselves, but want a lot more for everyone else.

[Specop_007]

$this->bbcode_second_pass_quote('Leanan', 'U')nfortunately, all the liberals have long since kill-filed you, so they can't read your challenge!

[Leanan]

Democratic Underground? They are a lot more tolerant of dissent than rightwing sites such as Little Green Footballs or Free Republic. Talk about a bunch of lockstep Nazis!

So far as I know, you are in no danger of being banned here. Individuals can kill-file anyone they want, but the staff does not ban anyone unless they violate the CoC. Which is non-partisan.

[Specop_007]

$this->bbcode_second_pass_quote('Leanan', 'D')emocratic Underground? They are a lot more tolerant of dissent than rightwing sites such as Little Green Footballs or Free Republic. Talk about a bunch of lockstep Nazis!

So far as I know, you are in no danger of being banned here. Individuals can kill-file anyone they want, but the staff does not ban anyone unless they violate the CoC. Which is non-partisan.

[jaws]

$this->bbcode_second_pass_quote('', 'W')estonCredit card issuers and other lenders spent a small fortune to get bankruptcy reform legislation passed.

[Andrew_S]

What happens if you "ignore" youself?

So, Spec, are you responsible for half the deleted messages at DU?

[Leanan]

$this->bbcode_second_pass_quote('', 'T')hats flat out bullshit. DU will lock your account faster then anything if you even begin to step out of rank. Trust me, I know. I've seen ithappen MANY times.
Of course, not saying FR is any better (I personally am not a member there)

[azreal60]

Now that is a very true statement leanan.

Spec, I never have been on either of those sites. And i often get painted as a liberal when i speak. Which is funny, because generally i'm in favor of neither side, as they both like to exclude facts in favor of ideology.

I would say however i have never once deleted or excluded someone on this site for anything related to their opinion unless their opinion was something that had already been posted like 40 billion times and they just didn't bother finding the right thread. Most of the stuff i have deleted was because it was pure ad hom or because it was just plain swearing. And most mature people don't like being sworn at where they can't pop ya one in the face.

[Specop_007]

$this->bbcode_second_pass_quote('Leanan', '')$this->bbcode_second_pass_quote('', 'T')hats flat out bullshit. DU will lock your account faster then anything if you even begin to step out of rank. Trust me, I know. I've seen ithappen MANY times.
Of course, not saying FR is any better (I personally am not a member there)

[Leanan]

$this->bbcode_second_pass_quote('', 'A')nd i often get painted as a liberal when i speak. Which is funny, because generally i'm in favor of neither side, as they both like to exclude facts in favor of ideology.