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Edited on Thu Apr-14-05 03:01 PM by rene moon
The House just passed the bill.
The bill will limit petitioners seeking relief through debt liquidation (Chapter 7) by forcing more bankruptcy filers into a repayment plan (Chapter 13).
It will tighten provisions of Chapter 13 bankruptcy making homes and cars more difficult to save, and will increase the ease by which landlords can evict tenants, even once they have caught-up on back-rent. Lastly, it encourages lenders to lower their credit standards which will further entrap those communities and demographics which are most susceptible to falling into debt.
Higher cost of filing and administration will deny the most disadvantaged of the option to file for bankruptcy. It shifts some of the costs of debt collection to the public and thus limits the banks’ financial risk of marketing to low income and highly indebted consumers.
In addition, the requirement of consumer debt counseling is not clearly explained. Credit card giant MBNA was the largest financial contributor to George W. Bush’s presidential campaign.
YAY!!!!!!!!!!!!!!!
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