One time chapter 7

[Mary Irene]

Does anyone know someone who can get a message to the legislators that they will actually read? I would like to recommend to President elect Obama that he pass a law that would allow anyone to file chapter 7 one time in their lives, regardless of income. No means test. This would make the playing field fairer. I think everyone deserves one mistake. One chance to clean it up and get that fresh start. If you mess up again, then it's an automatic Ch 13. I think this would help the economy much more than any Wall street bailout would. Comments?

[ansky0007]

This would not work. The amount of fraud would be devistating and everyone would take advantage and if you think the banks are in trouble now you could imagine what would happen if everyone with debt decided to file bankruptcy with nothing to loose. There is over 900 billion in credit card debt owed.

[arkienurse]

Does anyone know someone who can get a message to the legislators that they will actually read? I would like to recommend to President elect Obama that he pass a law that would allow anyone to file chapter 7 one time in their lives, regardless of income. No means test. This would make the playing field fairer. I think everyone deserves one mistake. One chance to clean it up and get that fresh start. If you mess up again, then it's an automatic Ch 13. I think this would help the economy much more than any Wall street bailout would. Comments?

That idea sux big time. What if you file ch 7 for your once allowed "mistake", then through no fault of your own find yourself 8-10 yrs down the road with a ton of medical bills not covered by insurance? You now find yourself stuck in a 13 whether you can afford it or not. Doesn't set well with me.

Just my opinion. That and a dollar might get you a cuppa joe in this world, if you are lucky.

[magyar123]

Will never happen. What should be done is to get rid of those creditor friendly provisions of the 2005 laws, and revert them back to the old ways

[Andyman]

Will never happen. What should be done is to get rid of those creditor friendly provisions of the 2005 laws, and revert them back to the old ways

Right on! And pass some laws that stop the CC companies from charging pawn shop rates! I just don't see how they can continue to do that and no legislation takes a look. I paid for years at a good rate, never late and always paid my balance off or at least paid a little more. Then I was late by one day and they jacked my rate from 6% to 28.99%. I called and basically was told, hey...you signed and that's our right. Gawd all mighty!!!!