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Re: Credit Cards, Debt, and Bankruptcy
Old 03-14-2005, 06:25 AM   #41
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Re: Credit Cards, Debt, and Bankruptcy

You know, I had a friend that just walked away (defaulted) on some debt, didn't declare bankruptcy, just stopped paying. It fell off her credit report after a certian number of years (forget how long). Won't we just see people do that more if BK becomes too difficult to file for? Keep paying on the house and the car so you don't get forclosed/repo'ed, and give the finger to the CC companies and any other unsecured debt! (Not advocating this plan-don't have CC debt anyway).
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-14-2005, 06:25 AM   #42
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Re: Credit Cards, Debt, and Bankruptcy

When I was talking wiht my lawyer she said most people she worked with were over the brink at least 6 months before they actually file. They just thought they could pay their bills so they didn't file.

Since the majority of most peoples assets are tied up with their house the homestead is protected. Obiously this does not apply to most people here or to the wealthy. I guess I could understand a limit on some of the homestead exemption for houses over a certain limit, if the person is filing chapter 7. If htey are filing chapter 13 then they are repaying a portion of the debt amount and the credit companies are not out as much money.
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-14-2005, 06:58 AM   #43
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Re: Credit Cards, Debt, and Bankruptcy

Quote:

What it was claimed that the apparent real purpose of the law is to make the bankruptcy process so difficult and protracted that it will put it beyond the reach of the bottom income tier of debtors.
This is exactly the objection of those in bankrutpcy practice and among trustees. Everything is being done to make it difficult to file bankruptcy. This is regardless of any perceived abuse of the system. You must go through a number of preliminary steps before you can file bankruptcy. You must supply tons of supporting paperwork which many are not good about maintaining and burdens on placed on bankruptcy lawyers which will cause some to leave the practice. Much silliness. I am very tired of laws that propose to have a particular purpose but seem only to make life difficult for everyone. This includes not only bankruptcy reform, but HIPPA for so called health care privacy, and various laws passed regarding financial privacy. Just a bunch of needlessly time consuming paperwork. Makes me want to quit practicing law. I, the good liberal, am sick of too many pointless laws.

Martha

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Re: Credit Cards, Debt, and Bankruptcy
Old 03-14-2005, 07:56 AM   #44
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Re: Credit Cards, Debt, and Bankruptcy

SG, that's the first time I have ever seen "bleeding
heart" used to describe a neo-con. And Martha,
do I detect a chink in your liberal armor?

Cheers,

Charlie
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-14-2005, 08:19 AM   #45
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Re: Credit Cards, Debt, and Bankruptcy

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SG, that's the first time I have ever seen "bleeding
heart" used to describe a neo-con. *. . .
Yes, but it so applicable these days. Neo-cons are constantly singing the blues for the unfortunate wealthy and the large corporations who are only trying to do God's work but keep having to pay taxes. If we could only give them a few more tax breaks, and grant them a little more power and priviledge, everything would be better.
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-14-2005, 08:59 PM   #46
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Re: Credit Cards, Debt, and Bankruptcy

I don't mean to hijack, but Martha's comment about HIPPA is true. In my work I have been called to locate people who have not called their friend's/family in days and noe the hospitals won't/can't say if a person has been admitted.
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-15-2005, 03:55 AM   #47
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Re: Credit Cards, Debt, and Bankruptcy

You know, it is quite possible to effectively "go bankrupt"
and never see a lawyer or courtroom. As was previously
pointed out, you MIGHT be able to walk away from your
unsecured debt (credit cards), or at least negotiate
a sweet "out", while keeping your car, house, etc.
I have known people who made a good living buying
up insolvent companies before they went into
bankruptcy and then they did an "out of court" Chapter 11,
also called an "assignment for the benefit of creditors".
This sort of thing requires a pretty high degree of
financial creativity, but Martha can confirm it is done all
the time.

JG
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-15-2005, 03:21 PM   #48
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Re: Credit Cards, Debt, and Bankruptcy

Ahhh, HIPAA - the bane of my existence right now. I'm running around trying to find out if arcane pieces of medical equipment in any way display or use patient health information and where that would be used and if that information is used in a secured area, la, la, la. Then this information will be sent to the US Gubmint to do......? Probably sell it somewhere and/or beat the vendors over the head to make it more secure which will result in higher priced devices which will result in those costs being passed onto the consumer which will result in higher insurance premiums.....all in the name of safety....supposedly. Way too much regulation in my estimation.


Sorry - just a bit sarcastic :-)

Bridget
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-15-2005, 03:26 PM   #49
 
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Re: Credit Cards, Debt, and Bankruptcy

Quote:
which will result in higher insurance premiums.....all in the name of safety....supposedly. Way too much regulation in my estimation.
You can thank the GOP - GOP President, GOP Congress, and GOP Supreme Court!
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-15-2005, 05:04 PM   #50
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Re: Credit Cards, Debt, and Bankruptcy

[quote=Cut-Throat l
You can thank the GOP - GOP President, GOP Congress, and GOP Supreme Court![/quote]

Hello C-T. Re. too much "regulation", you don't really believe this do you?

JG
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-16-2005, 02:42 AM   #51
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Re: Credit Cards, Debt, and Bankruptcy

Quote:

You can thank the GOP - GOP President, GOP Congress, and GOP Supreme Court!


Gotcha! C-T hook line and sinker. Thank Bill Clinton. HIPPA was a rider on the dems healtcare plan.
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-16-2005, 04:19 AM   #52
 
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Re: Credit Cards, Debt, and Bankruptcy

Quote:
Gotcha! C-T hook line and sinker. Thank Bill Clinton. HIPPA was a rider on the dems healtcare plan.
My point, which you missed, is that the GOP controls the government right now. Any law can be repealled.

We have been hearing for 30 years how wasteful and bueracratic the Democrats are. But, where are the GOP proposals to eliminate this waste and regulation? The GOP makes my life more complicated every day and is spending money like never before. I thought Reagan was bad until I saw 'W' - Senior Bush said it best "Voodoo Economics".

The only thing the GOP is focused on currently, is to elminate Social Security. Is this what they considered government waste and regulation?
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-16-2005, 04:34 AM   #53
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Re: Credit Cards, Debt, and Bankruptcy

[quote=Cut-Throat

The GOP makes my life more complicated every day and is spending money like never before. I thought Reagan was bad until I saw 'W' - Senior Bush said it best "Voodoo Economics".

The only thing the GOP is focused on currently is to elminate Social Security. Is this what they considered government waste and regulation?
[/quote]

HI C-T

You are generalizing man. I was nodding my head in
agreement until then. Sure, the Republicans are a bunch of witless shits, but so are the Dems. I only
support the GOP because they harbor less libs in their ranks. Otherwise, they are all equally filthy swine IMHO.

JG
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-16-2005, 07:26 AM   #54
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Re: Credit Cards, Debt, and Bankruptcy

C-T-- let me make sure I understand your argument. Your upset because the libs voted in a bad law and now the consertives won't fix it?

If that's the case maybe you should change your views on who is better to run the country. The consertives wouldn't have voted it in to begin with. The consertives are attempting to change a program for the better that isn't going to be around in a few years. It'll be defucnt by the time I am old enough to collect in it's current format, and they're being demonized as attempting to get rid of it. The way I see it is if I get $10 in monthly benefit then I'll be happy.

Personally I think the conservatives should let the people who have elected the boneheads to government live with their choices. They have done that in a city near me and now have a rampant crime problem. The police are so afraid of liability they often elect to do nothing about crime. Eventually it will back fire and the officers will start sueing the city for injuries or deaths caused by the screwed up policies.
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-16-2005, 09:15 AM   #55
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Re: Credit Cards, Debt, and Bankruptcy

I think cut-throats point is that true conservatives are very much for smaller government, reduced spending and reduced involvement in "activities" outside of our country. Along with reduced "handout" programs and other social abstractions.

I'm with that. I want the government to put in the roads, secure the public safety, implement and execute a good basic set of laws and secure our borders. I dont really see a need to socialize or see the government "manage" any other aspect of our lives.

So its a little odd to see a "conservative" trying to fix a social program thats only broken because he and his priors (both dems and repubs) took money from it and overspent. GW's "government" has grown in size and spending, created a massive deficit, and gotten us involved in significant overseas "activities". Very un-conservative of him. Social security isnt a "bad law voted in by the libs", it was a decent step in civilization to allow our elderly to stop working in their twilight years and live with some semblance of dignity. It became "bad" because both parties screwed it up. Now one of them is going to try to become a "hero" by fixing what they broke themselves. Good job and nice spin if you can get away with it.

Its even more odd to see a "conservative" choosing SS as one of the most important things to "fix". Dont even get me started on the government trying to "fix" marriage or take us to Mars. Jesus H $%%#^$ing christ...

And I'm with John...I think both parties suck and I'm a little tired of faux liberals and faux conservatives being stuffed down my throat at election time. It all comes down to two billion dollar parties that frankly arent that different from each other being made up for a good tv appearance. Pick one. They arent that different really.
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-16-2005, 09:22 AM   #56
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Re: Credit Cards, Debt, and Bankruptcy

Ditto, TH. Tired of the empty promises.
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-16-2005, 11:10 AM   #57
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Re: Credit Cards, Debt, and Bankruptcy

Doh....I didn't make myself clear again. The bad law I was referring to was HIPPA.
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-16-2005, 11:18 AM   #58
 
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Re: Credit Cards, Debt, and Bankruptcy

Quote:
C-T-- let me make sure I understand your argument. Your upset because the libs voted in a bad law and now the consertives won't fix it?
Here is my Argument.

I wasn't the one complaining about the law. I don't even know what it's about. I don't care!

My point is that any law you happen to be complaining about is endorsed by the party that is currently in control. I have been listening to you guys complaining about Government regulation for 30 years and trying to blame it on the Democrats. I was just reminding you who is in control of the country now. Also, I keep wondering when all this 'Smaller Government' talk will be enacted.

So my question is when is the GOP going to start proposing the smaller government and less regulation that I have been hearing about for 30 years?
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-16-2005, 11:18 AM   #59
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Re: Credit Cards, Debt, and Bankruptcy

Double DOH...I got Hippa and hipaa confused. I wasnt sure why so many people were down on a health care portability act.

I notice all the doctors and dentists I've dealt with recently make me sign a waiver that they can and will give my health information up to law enforcement people. Not so happy about that.
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Re: Credit Cards, Debt, and Bankruptcy
Old 03-17-2005, 07:46 AM   #60
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Re: Credit Cards, Debt, and Bankruptcy

Despite what we all say or think here, politics marches on.
News on the bankruptcy reform bill as of yesterday:

The House Judiciary Committee in a bipartisan vote
today approved the Senate-passed bankruptcy reform legislation, S. 256,
without amendment. The Committee defeated all 18 amendments considered;
S. 256 then was approved by a 22-to-13 margin by the Committee. S. 256
now moves to the House floor, where it will be considered in early
April. If, as expected, no amendments are made, S. 256 will then be sent
to President Bush for his signature. "
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