Bankruptcy Law Affects Debtors of All Ages

[Yo_Mama_Been_Loggin]

By MADLEN READ, AP Business Writer



At age 85, the last thing Virginia Norwood needed was to file for bankruptcy — during the past year, her husband died of cancer and Norwood and her daughter have struggled to hold on to their Dallas home.

But on Oct. 1, Norwood filed for Chapter 7 bankruptcy protection, a move that stopped the house from going into foreclosure and allowed Norwood and her daughter, Shari Murphy, 49, to stay afloat.

"I do not know what to do. And I'm very strong, that's what they told me at the hospital. They told me I was the strongest person they'd seen," Norwood said.

"We had to do something," said Murphy, an electrician who, after a back injury and two ensuing surgeries, has had a hard time finding a job.

As of Monday, people with financial plights like Norwood's face a bigger struggle as a new federal law takes effect and places limitations on personal bankruptcy filings. Two age groups, debtors under 35 and those over 65, are expected to have a particularly hard time under the law.

http://news.yahoo.com/s/ap/20051016/ap_on_bi_ge/bankruptcy_the_old_and_the_young

[ClintonTyree]

1. This is one of the most hideous laws.......

ever passed. I can only hope that when the "grownups" are voted out of office in '06 and '08 that they take this fucking national embarrassment of a law with them. It's going to literally kill the poor and working class people with medical problems. This grotesque giveaway from the Cons to the Credit Card Industry must be repealed.
Our country has disappeared, it's merely corporations hiding behind the flag now. We should start electing companies, not politicians because that's what we're getting anyway. :grr:

[OldLeftieLawyer]

2. Say a great big "Thank You"

to my Democratic congressman, Jim Moran, who was instrumental in getting this bill through.

Of course, he had already gotten a $250,000 interest-free loan to buy himself out of his messy third divorce.

Guess who he got it from?

MBNA.

He's a Democrat. Imagine. I'm so fucking disgusted with him, I won't vote for his Republican opponent, but I will never again vote for him.

[niallmac]

4. Whoa! I am used to the amoral aspect but is he within the law? n/t

[OldLeftieLawyer]

5. Yep

Brazen, but legal.

It was done brilliantly.

He was then re-elected. Go figure.

[niallmac]

3. Allowing our citizens into poverty because of

catastrophic illness is such a badge of honor for this land of the free.
It is only topped by the fact that its' elected representatives (Democrats Included!!!.:grr: ...) are seeing to it that the bankruptcy law has a couple more bullet holes in its head.