Any big changes ahead??

[magyar123]

Just wondering if there are any/and what kind of provisions in the woodworks to the creditor friendly bankruptcy laws of 2005.
Will some of the provisions that lined creditors' pockets be changed to assist the consumer i.e. being sentenced into 13s vs. able to file 7s?

[mesa777]

There really NEEDS to be a BK Law revision here with all the people 2,000,000 + people in this country about ready to lose their homes due to the shady home lending industry... Love how this law changed back in 2005 and now the major rush to file for bankruptcy... think this could have been a govt. plan from the get go to keep the majority of the medium to lower class deeper in debt and little way to get out from under. Oh, but I forgot, its no problem for this govt. of ours to spend $1,000,000,000.00 PER DAY in Iraq!! GREAT USE OF OUR TAX DOLLARS!

Just my opinion on this! This law needs to change to keep up with the "ever" changing US economy situation.

[jp2861]

I don't see how it's the governments fault that Johnny Consumer bought too much house, or Johnny Consumer didn't do his homework before signing on the dotted line for that ARM, or Johhny Consumer maxed out his credit cards. Since when is the government responsible for consumer spending habits? People say it's predatory lending but nobody is holding a gun to the consumers head to make them participate.

[HHM]

Just wondering if there are any/and what kind of provisions in the woodworks to the creditor friendly bankruptcy laws of 2005.
Will some of the provisions that lined creditors' pockets be changed to assist the consumer i.e. being sentenced into 13s vs. able to file 7s?

Actually, the percentage of 7 vs 13 is really not that much different now than before the change, and BK filings are actually lower now than their peak in 2005.

But, there are aspects of the law that need to be changed to allow more discretion to assess the individual circumstances of a debtor.