Duty Honor Country
Active member
Come mid October, it will be harder for anyone in the USA to file for Chapter 7 bankruptcy. Chapter 7 bankruptcy is where someone is forgiven for all the debts that they have created. Right now there is a huge surge in Chapter 7 filings before the new law goes into effect.
READ ABOUT IT VIA GOOGLE NEWS
This law is extremely political becuase most democrats are against it. Their position is that the law is unfair to those who are in debt because of lost jobs and such.
I am quite supportive of this law. I know it will cause some pain and hardship to those who are in debt. BUT you reep the consequences of your actions. Americans today are spending more and saving less than they ever have in its history. I watch people blow thier paychecks away without the slightest regard to planning for a financial crisis. I think the figures say about 75% of families will face a financial emergency of $5000 or more in any 10 year period. Since I have made sacrifices inmy spending habits and lifestyle to stay out of debt, I have little sympathy for those who live the good life in debt.
If you need to know, I did have a brush with debt. It took me a year to get out of it and I have vowed never to be in debt. My morgage is the exception. It is a little hard to raise $110,000.
Doody
READ ABOUT IT VIA GOOGLE NEWS
This law is extremely political becuase most democrats are against it. Their position is that the law is unfair to those who are in debt because of lost jobs and such.
I am quite supportive of this law. I know it will cause some pain and hardship to those who are in debt. BUT you reep the consequences of your actions. Americans today are spending more and saving less than they ever have in its history. I watch people blow thier paychecks away without the slightest regard to planning for a financial crisis. I think the figures say about 75% of families will face a financial emergency of $5000 or more in any 10 year period. Since I have made sacrifices inmy spending habits and lifestyle to stay out of debt, I have little sympathy for those who live the good life in debt.
If you need to know, I did have a brush with debt. It took me a year to get out of it and I have vowed never to be in debt. My morgage is the exception. It is a little hard to raise $110,000.
Doody