new laws

[worriedbk7]

I am waiting to file bk until Aug (to put some time btwn cc advances and bk). I was wondering if this new bill comes into effect, how that will effect me. I thought that once it was approved that it will take 6 months to become "official law" In that case, I would have filed before the 6 month deadline. Any advice/answers is greatly appreciated. I already paid my retainer and I am just waiting.

[mothersvox]

I am waiting to file bk until Aug (to put some time btwn cc advances and bk). I was wondering if this new bill comes into effect, how that will effect me. I thought that once it was approved that it will take 6 months to become "official law" In that case, I would have filed before the 6 month deadline. Any advice/answers is greatly appreciated. I already paid my retainer and I am just waiting.

It's March, so August is five months away. I think you'll be fine. Anyway, the senate would have to pass it right now for it to even come near your prospective dates. I think they are too busy with the war and a bunch of other things, like trying to elminate the right to filibuster (so that the minority party will not be able to have their own veto power on really radical legislation and judicial appointments, whether from the right or the left).

One caveat, the attorney we saw on Tuesday said that in NYC that some BK trustees are starting to use the income guidelines that are mandated in the not-yet-ratified legislation to make determinations about eligibility for Ch.7. Apparently this is very rare--and you've gotta wonder about the legality of it--but apparently some trustees are applying them. (Under the new guidelines, people with an income above the median income in their state would not be eligible for complete discharge through 7. The new law is an utter disaster for the working people of America. ) But as I said, I think she was trying to make our BK completely foolproof.

If you hear that the new law is passed, I think you might want to talk to an attorney and see if he/she thinks you should speed up your filing timetable. Just to be safe.

[worriedbk7]

I have even heard of the "new law" excluding the 6 month period. In other words, the law would take effect Mar.15th. Anyone else heard anything? It seems like that would be impossible. Now I am freaking out!

[mothersvox]

I have even heard of the "new law" excluding the 6 month period. In other words, the law would take effect Mar.15th. Anyone else heard anything? It seems like that would be impossible. Now I am freaking out!

Gosh Worried, Thanks for bringing these developments to my attention. I thought they were too busy destroying social security to take on the bankruptcy bill, but it's been moving fast through the house and senate, with little press coverage until today. Wow. The credit card industry is a powerful lobby.

As for when the new law, if it passes, would be effective. . . . I'm NOT an attorney, but I did just read through the language of the Senate version of the bill and there is clearly a 180 day period before the bill becomes law. The places where you might read language that says that something is effective when the bill is approved seems to largely apply to the amendments. They'd have to say they're immediate, otherwise the relationship of the amendments to the whole bill, timewise, would be debatable. At least that's how I'm reading it.

Let's ask Todd to take a look . . .

Beyond that, I hope every single person using this forum will contact your reps and senators to tell them "Don't take away the fresh start; save Chapter 7 from the credit card industry." Remind them that this bill will destroy families and leave children hungry. Remind them that you won't forget how they voted on this when they're up for re-election . . . But I'll post a separate post on this board about what I feel like I want to do to try to stop this monstrous bill from becoming law.