Obama Proposes Bankruptcy Changes

[JRScott]

"A man is none the less a slave because he is allowed to choose a new master once in a term of years." -Lysander Spooner

Obama, Mcain, etc, etc. They are all puppets controlled by the global elite. Your vote will make not one bit of difference in this country's future. Voting is just a tool to make people feel that they have "real" choices and that they have a say in their goverment. Its all b.s. Republicans talk about the Democrats and vice versa. Its divide and conquer in its simplest form.

"The real rulers in Washington are invisible and exercise their power from behind the scenes".- Justice Felix Frankfurter, U.S. Supreme Court

Very much truth in this. Which is one reason I advocate removing the Democrats and Republicans from power, it might not completely solve the problem, but it would make progress to doing so.

[Cali]

I always vote.

No I didn't "neglect" you - I am pleased that you are going to vote for someone this election. My comment was in the context of all the naysayers on this thread that claim they are not going to vote because they think they have no choice, or their vote won't make a difference because the elections are all controlled by a worldwide conspiracy, or "their" ideal candidate didn't win the nomination. Sorry I included you in this bunch.

[WhatMoney]

I always vote.

Congratulations! So do I.

[r.m]

Why?

Why?

1) Because Bush would veto any reform bill.

Not necesarily true.

The results of the reform act have not delivered the results that the banking industry had hoped for. They're getting squeezed by their own hand.

[magyar123]

Not necesarily true.

The results of the reform act have not delivered the results that the banking industry had hoped for. They're getting squeezed by their own hand.

Of course they have. More and more folks are being sentenced into 13s then being able to file 7s.

[banca rotta]

Of course they have. More and more folks are being sentenced into 13s then being able to file 7s.

[MomIcantFindmy]

Could be a fluke but I was on pacer the other day looking at the statistical reports and the Chapter 13's are increased as a percentage of bankruptcies since the reform. I guess you can interpret that however you like since it is a statistic. "There are three kinds of lies....lies, damn lies and statistics". (Quote of multiple origin)

[JRScott]

The question is since only about 30% of Ch 13s finish their Ch13, how many of those ultimately become Ch 7s. After all the first year or two your paying the trustee and your lawyer.....unsecured creditors get very little in the first year or two.

[crazycat]

..bankruptcy Reform....

....Yes, allowing student loans, IRS Debt, even alimony & the holy cow of all, CHILD SUPPORT should all be dischargable under very limited & specific circumstances under a new revised law...But even if nothing new is allowed to be discharged, then they simply need to truly federalize the law, and have all 50 states and territories have all the same exemptions and allowances. Further, they need to make a tighter law on Creditor Calls-perhaps only once per day per debt.Those harassing , incessant Calls are silly... GO OBAMA!!!! Republicans For Obama!!! Texans For Obama!!! McCain is too old and I Think not in full custody of his mental faculties!

[JRScott]

While entitled to your opinion crazycat, nothing significant will change under Obama except possibly the eroding further of US sovereignty and the formation of a North American Union. After all he's campaigning in Germany, France, Italy etc. He declared himself a Citizen of the World. He's a much more dangerous man than most think.

I wouldn't vote for McCain or Obama, tired of the R and D, I've seen relatively no positive change in my lifetime from these two parties, time for something else.

[Cali]

I have seen more CH13's in my area than CH7's.

crazycat - how would discharging alimony, child support, IRS debt or student loans help people?

[Bandit]

....Yes, allowing student loans, IRS Debt, even alimony & the holy cow of all, CHILD SUPPORT should all be dischargable under very limited & specific circumstances under a new revised law...But even if nothing new is allowed to be discharged, then they simply need to truly federalize the law, and have all 50 states and territories have all the same exemptions and allowances. Further, they need to make a tighter law on Creditor Calls-perhaps only once per day per debt.Those harassing , incessant Calls are silly... GO OBAMA!!!! Republicans For Obama!!! Texans For Obama!!! McCain is too old and I Think not in full custody of his mental faculties!

so in other words, a parent would not have to support his/her own kids...just file BK & not support your kids....that is what obamama is about?
what would be the very limited reasons?...

I would prefer that each state have something to say about it...the fed has too much power over the people as it is.

[bmrigs]

so in other words, a parent would not have to support his/her own kids...just file BK & not support your kids....that is what obamama is about?
what would be the very limited reasons?...

I would prefer that each state have something to say about it...the fed has too much power over the people as it is.

The way things are now Bandit, the State is subservient to the Federal Govt.That started happening after the Civil War.

[treehugger1]

Unfortunately, any of the proposed changes would not lead to a significant change in the real problem of unsecured debt, except for the few who would qualify.

Unsecured debt is simply that - unsecured. And, the US has tons of it in its citizenry. Imagine what could happen to the economy, should congress and a president pass a bill that would allow unsecured debt to be forgiven regardless of chapter filing. You can also imagine how banks and financial firms would have to reconsider how they lend without security. The majority of our recent economy has been driven by consumers purchasing power related to unsecured debt. In addition, I would argue that even a great many of the recent-past home mortgages are truly unsecured when one takes into account the real ability of American consumers to satisfy such debt. Loaning money to homeowners based on "assessed value" as "equity," is mainly based on any current and temporary speculation of what other consumers are willing to pay, and is more readily described as "unsecure."

Imagine a market economy that considers the actual costs of constructing a home and adds only 5% - 10% onto the construction cost. I believe that in the next few years, this is exactly what will drive new-home construction, rather than "speculation."

Would the country fair better if every American had the opportunity to "wipe-out" unsecured debt? I would think so. Think of the true spending power that would then be available to the national economy. Granted, fewer folks would have the ability to borrow money that is truly unsecured, but with a reduction in credit availibility, the economy might respond to what consumers can afford. While individual corporations would suffer for a few years, the "global" national economy would prosper.

Is the above unrealistic? Let's see where we are in a few years.

Just my humble opinion. TH

[banca rotta]

....Yes, allowing student loans, IRS Debt, even alimony & the holy cow of all, CHILD SUPPORT should all be dischargable under very limited & specific circumstances under a new revised law...But even if nothing new is allowed to be discharged, then they simply need to truly federalize the law, and have all 50 states and territories have all the same exemptions and allowances. Further, they need to make a tighter law on Creditor Calls-perhaps only once per day per debt.Those harassing , incessant Calls are silly... GO OBAMA!!!! Republicans For Obama!!! Texans For Obama!!! McCain is too old and I Think not in full custody of his mental faculties!

This is too extreme and hopefully it will never happen. I guess everyone can bankrupt there taxes and we will speed this great nation to it's death in no time at all. CHILD SUPPORT? The only time I would forgive C.S. or some of these other liabilities would be if the debtor is paralized. Other then that the dead beat dads should pay, no exceptions! Some may need a temporary break do to injury or unemployment but NO debt forgiveness IMO.

I don't think either candidate is qualified. I will vote for McCain simply because it's an anti B. Hussein Obama vote and no other reason.

You have a right to disagree with me but please make your decision based on issues good for our nation and not just bankruptcy. I cringe everytime I hear someone voting for Obama over bankruptcy reform.


"Ask not what your country can do for you. Ask what you can do for your country". ~JFK