New Bankruptcy Legislation

Friends,

As you probably know, a new bankruptcy bill has now passed both the House and Senate. It is in it's final stages of completion before going to the president for his signature. In it's present form, the bill will not go into effect for 6 months after it is signed, but this implementation period could be shortened. The bill was written by credit card companies.

If any consumer expects to need a bankruptcy in the foreseeable future, the time is now. Once the new law goes into effect, a substantial percentage of americans (one estimate as high as 70%) will simply not be eligible for any type of bankruptcy protection. Your government has placed the interest of credit card companies ahead of the interests of hard working americans.

The most egregious provisions of the new law are as follows:

1. Means testing. If a consumer earns more than a (yet to be determined) median income that consumer may not file chapter 7. The median income is expected to be set between $30,000 and $36,000 per year regardless of your state of residency. This punishes urban citizens, especially the working poor.

2. Anyone who does not qualify for chapter 7 must file a chapter 13. However, the vast majority of bankruptcy filers could not qualify for a chapter 13 because they simply do not have the disposable income to fund a chapter 13 plan. It is the debtors burden to prove to the trustee they have the income to fund a plan, and if a debtor does not have the requisite disposable income they can not get their chapter 13 plan confirmed and the case is dismissed. This is a direct assault on the middle class, especially the working poor who have no disposable income.

3. Chapter 13 "cramdown" provisions are gone. It will no longer be possible to cramdown a predatory car or mortgage loan. A debtor will be required to repay the entire contract amount of the loan or must surrender the property. This will make it very difficult, if not impossible, for consumers to keep their car in bankruptcy. However, the class of consumers hit hardest by this change will be those who live in mobile homes because their loan will have to be paid in full under the contract rate through the chapter 13 plan (which has a maximum term of 5 years).

4. Mandatory credit counseling. A prerequisite for filing bankruptcy under the new code will be a mandatory stint in credit counseling for all consumers. The minimum time frame has not been established, but most estimates are for about 6 months. This will eliminate the ability for consumers to file an emergency petition to save their house or car. Those assets will be lost under the new code. It will also create an extra expense and hurdle for those who want to file. It is a deterrance, plain and simple.

5. Bankruptcy Attorney liability and independent verification requirement. Under the new law bankruptcy attorneys will be required to independently verify the information in the debtors schedules or face personal (yes personal) liability for any inaccuacies. This will have the effect of driving away many debtor attorneys making it more difficult for a consumer to find a qualified bankruptcy representative. Of course imposing so many new duties on consumer attorneys will make it much more expensive for consumers to file bankruptcy (this is after they already paid for the credit counseling). This also is a deterrance as it will cost consumers much more to file.

6. Filing fees up roughly 20%. The new fee will be $245, up from $209 at present (and they just raised it 12-03).

You can expect a barrage of credit card mail solicitations and other advertising. The credit card companies are so successful under the current system that they have been able to make campaign contributions in the hundreds of millions and now they want more.

Just thought you should know.

This is such a sad time for us. I am so disappointed that our emails and letters to our representatives were ignored blantely ignored. We keep getting closer and closer to being out right owned and operated by Nationally owned banks. Banks will be able to continue to tempt people in need of money and it is just a way to deprive more and more people of there assets period. It just makes me ill. Bobbie

hi! welcome to the NWO!

please leave your property at the door. walk to that area over there, and bend over.

don't worry, this will only hurt alot! [thanks dennis from spongebob!]

jon

[TheBlackTruth]

Typical BB M.O.: First cut our remedies, next frontal assault. Repeat as needed.

-BT

[weishaupt1776]

ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION
ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION
ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION
ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION

Your emotional elevation and your high intellectual powers amaze me.
Only 2 words, repeated, repeated, repeated..........are necessary.

You have reached, indeed, TRUE WISDOM.

Learning from you and sincerely yours,

Eureka

[TheBlackTruth]

Originally Posted by weishaupt1776

ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION
ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION
ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION
ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION ASSET PROTECTION

ditto! ditto!. . ..

[MortgageFree]

Has anyone had success in getting debts removed by filing for a CH 7, and having the creditor not show up in court?

mortgagefree@excite.com