ceo_pte
New Member
Most of the new law's provisions take effect 180 days after Bush signs it. The law will require thousands of debtors who would, under current law, be allowed to wipe out their debts when they filed for Chapter 7 bankruptcy to instead enter Chapter 13 and work out a plan to repay their creditors.
The bill applies a means test: if a debtor earns less than the median income in the state where he lives, then his case will remain in Chapter 7, where, after he gives up certain property that he owned at the time of filing for bankruptcy, his debts will be cancelled.
The grass-roots Democratic group Moveon.org raised more than $570,000 to air radio ads in districts of those representatives who were wavering on the bill. The bill "would make it impossible for folks who have been dealt a bad hand to get a clean start," Moveon.org told its members in an e-mail Monday.
"In a betrayal of middle class families, as many as 90 Democrats may also vote the wrong way," the group noted, warning that "there are serious consequences for hurting Americans in order to help the nation's credit card companies."
According to this column, if they vote for the bill then they are betraying the middle class and helping the nation's credit card companies.... What about the people who went out and irresponsibly bought 1000's of dollars worth of stuff. Shouldn't they repay it? I had cc debt too, but I repaid it!
http://www.msnbc.msn.com/id/7494698/
The bill applies a means test: if a debtor earns less than the median income in the state where he lives, then his case will remain in Chapter 7, where, after he gives up certain property that he owned at the time of filing for bankruptcy, his debts will be cancelled.
The grass-roots Democratic group Moveon.org raised more than $570,000 to air radio ads in districts of those representatives who were wavering on the bill. The bill "would make it impossible for folks who have been dealt a bad hand to get a clean start," Moveon.org told its members in an e-mail Monday.
"In a betrayal of middle class families, as many as 90 Democrats may also vote the wrong way," the group noted, warning that "there are serious consequences for hurting Americans in order to help the nation's credit card companies."
According to this column, if they vote for the bill then they are betraying the middle class and helping the nation's credit card companies.... What about the people who went out and irresponsibly bought 1000's of dollars worth of stuff. Shouldn't they repay it? I had cc debt too, but I repaid it!
http://www.msnbc.msn.com/id/7494698/
