BK Bill Reform: Passed

[HRx]

[HHM]

Aside from making it harder to file BK for the average consumer, there is also a clause that would hold BK Attorney's liable for the accuracy of the Debtor's petition, which would make hiring a BK attorney nearly impossible for most debtors, since, in order to comply, attorney's would have to hire private investigators to investigate every client.

[mothersvox]

I guess all illusions that we live in a democracy must give way to the reality that we live in a corpocracy. This legislation was literally written by an employee of MBNA. Our elected officials aren't even up to writing their own sell-out laws.

[robivi3]

Not to get off the thread subject, but...

Please remember the USA is NOT by definition a Democracy. The Founding Fathers would have utterly turned over in their graves to hear the Country reffered to as a Democracy. We were, and still are (for the most part) a Republic, a nation that holds the rule of Law as supreme. The Constitution is held (and rightfully so) as our supreme law. It can be modified but the basic tenets are not subject to the whims of the mass populace or the politicians and judges, that is the intent at least.

In a Democracy everything is up for grabs by the mob, and people can vote entitlements from the public treasury. Since that so called great speech at Gettysburg which so many can quote but which few understand or understood at the time we have slipped closer to a socialist democracy in every generation. Mr. Lincoln spike of a "new birth of freedom", in our day it would be termed a "new birth of federalism", he fully understood what steps would be necessary to purchase complacency and quash future rebellion. The man was a shrewed genius. The absolute first step was the unheard of Federal assumption and desegregation by State of the Military in 1865 (it actually started by draft in 1863). Never again would the Feds need to "ask" the States to raise an Army, or for the MONEY.

The first entitlements were to be doled out from public funds as part of his federal rebuilding program for the South. Northerners rightfully balked at this as it was revealed after his election. This would have secured Southern loyalties to the Republican Party and the Southerners (I am one, my great uncle WW Williams was the last living Confederate Soldier) would have continued to vote themselves money from the treasury.

The word democracy really comes into American terminology during and after the Civil War. Within twenty years the first entitlement becomes fully entrenched. The Civil Service and Federal pension system are born. A group now becomes loyal to those who will vote them money from public funds. From that point on we railroad closer to "democracy".

So, do we hate Abe, Cleveland, Taft and FDR for all this? No, Abe had to trash (and he stomped the Constition 'til it was tissue paper, even threatening to imprison Supreme Court Justices without charges) the absolute right of the Southern States to secede because providence declared it so. Only a large, powerful, united America could have defeated fascism and communism in this century. FDR had to get the Country back to work or face the possibilty of overthrow of the entire system. Thank God we had these courageous lions when we did, they faced great storms head on.

Now back to the thread... yes, the BK bill is bad. Bad for families, bad for individuals, bad for small business. America is about risk. Who, weighing the possiblities will take a chance to open a Bridal Shop, Italian Restaurant or dry cleaner? His out and ability to open a new business are in jeopardy now.

An Argentinian family just arrived here three years ago. They opened a beautiful little produce market in the newly renovated Corner (it has to much parking to be strip mall) by our house. A Cuban man just opened a Pollos Don Mario restaurant beside him. The "Country Market" Deli beside them is owned by an Indian Family, only the BankAmerica and the Homeowners Association Office are "American Owned". These people who struggle daily will have had their protection and "out" removed by the BK Bill. Thank God for the immigrant spirit that is still alive and well in our Country. I have no doubt that people will still take the risk even with this bad Bill, but some will not and that hurts us all.

[robivi3]

Peevee, you'll be "grandfathered in. Us antiquated, Unionized, Federalized, Railroad Employeeized schlepps are quite used to the term. This Bill will have an "effective date".

[mothersvox]

robivi is right. the new law will take effect 180 days after the prez signs it. it still has to go to the house, where it will probably be a slam dunk. so figure six month out from sometime in april. that'd be october or so.

[robivi3]

Ultimately, more and more, it seems like no matter who you vote for, it's still the same guy, different tie.

[EdytaHome]

I agree that the US is not at all a Democracy, it's all about capitalism... and if that's what makes big business tick... that's how laws will be decided. Money talks, big business is back (monopoly), small business is being squeezed out. Look at Walmart! It's only a matter of time until we get deregulated again...

I'm glad I got a chance to file bk before this bill went into law, I feel for people which need to file but are holding back.

[BKGuru28]

About Bankruptcy Reform

For more information about the new bill and what it might mean to you visit AboutBankruptcyReform.com

[kari]

If I were to wait to file until the end of June and the new law goes into effect in October, would I still be covered under the old rules?

[HHM]

If I were to wait to file until the end of June and the new law goes into effect in October, would I still be covered under the old rules?

Yes, the old rules would still apply.

[teddybeardj]

when?

With the new laws about to be passed, when would the latest time to file be? We are hoping for things to turn around here soon, but if it results to the bk anyway, when would be safe to decide to file?

[HRx]

[mom]

when would passed bill go into effect?

Hello,
As you probably know, the new bankruptcy bill is now on the House floor for debate (April 14). If it passes, how long would it take to go into effect? I have my info into my attorney, and we're trying to wait to file until some certain dates pass... so knowing how long it would take for this bill to go into effect would be helpful. Immediately? Or within a certain amount of time? Would it take time to implement certain aspects of the bill before it could go into effect, as far as my filing date so it's before the new effective date?
Thanks!! Mom

[HHM]

For most provisions, it will be 180 days from enactment, but many of the provisions come into effect sooner...and some of those will effect BK's filed after the date of enactment.