Congress Pointing Some Fingers at the Creditors

[anonymuse]

The system definitely has many flaws!

[aa06a47]

It didn't actually do much harm for the poor either since below median income debtors can file chapter 7 without the test. The attorney fees probably hurt going up, but that's about it. It does hit the middle class very hard. I try to stay positive and encourage others to do the same, but when I read the chapter 13 section of the forum I can't help but be upset for most of you. 5 years is a long time to have to give up all extra money and not have an emergency fund in place. What I don't like about the disposable income test under old and new laws is that if you're poor and get a chapter 7 discharge, you can rebuild your financial life in about 2 years by earning more, saving more, and do very well by 5 years from your bankruptcy. If you are sentenced to chapter 13 debtors prison with no non exempt assets just because you have a couple of hundred bucks left over at the end of the month you are stuck even poorer then the poor person that qualified for the 7. Not a good thing IMO.

Yes, I agree, I'm one of them middle income folks that feels the pain of this. It is tough to make it month to month, but not impossible, but 5 years of not expecting any emergencies is a little extreme. 57 months to go in my plan.