The new bankruptcy law – the truth about the new BK law unconstitutional changes. On April 20, 2005, Bush signed the new “Bankruptcy Abuse and Consumer Protection Act” into law.
Bankruptcy Abuse? Personally know someone who has abused the bankruptcy laws and that consumers really protected? Or if this new bankruptcy law, the bill shall be known as “addiction Agency and Consumer Protection Fraudulent Banks Act”?
We shall soon see. . .
To understand these new bankruptcy laws unjust and to help ensure that you must avoid bankruptcy, could cover the initial aim of the BK laws.
U.S. bankruptcy courts, the primary purpose of the old Chapter 7 bankruptcy was a Chapter 11 bankruptcy and Chapter 13 Bankruptcy Law: 1) to give an honest debtor a “fresh start” in life, raising most of the debts of debtor, and 2) to repay banks and creditors in an orderly manner in m & # xE5, n where the debtor has property available for payment.
Apparently, the primary purpose of the new credit card bank BK laws is: 1) to repay banks and creditors in an orderly xE5 # & m, n where the debtor has property available for payment.
But with the new BK laws, giving an honest debtor a “fresh start” in life, relieving the debtor of the debt was removed.
Finance companies and commercial banks short of blaming any need for changes to the bankruptcy. 003% of users of the old bankruptcy law.
Sponsors of the bill claim that most bankruptcy personal cases involve irresponsible spenders who have made their purchases or your money and time do not want to pay their creditors so the new BK legislation, will eliminate “filing bankruptcy for convenience”.
Nothing is further from the truth then these alleged claims by banks Credit card and finance companies. And as you dig deeper these pages, you can see who is really abusing the U.S. credit, financial and banking games.
They argue that bankruptcy costs the credit card banks billions of dollars every year and that these costs are passed on to customers in the form of interest rates.
It would of course be true for banks credit cards actually borrow one of their own money, or storage of their clients’ money. For more details, see our page of a history of money and banking secrecy that banks do not want to publish.
And, by filing for bankruptcy more difficult for those with financial problems, legislators say that more people will pay their R & # xE4, Appointments, companies credit cards will save billions of dollars, and will come to consumers in the form of lower interest rates.
We never heard of a company credit card lowering interest rates voluntarily, and we know that will never be.
New Bankruptcy Act Highlights
The main highlights of bank credit cards new bankruptcy law are:
The new bankruptcy law a system of people filing for bankruptcy. If a debtor has at least $ 100 per month left after the IRS determined monthly plan cost, you can (picture?) Galder & # xE4; clean will be forced to pay Chapter 13 and for five years.
Try to imagine life after bankruptcy now.
They will not be able to file Chapter 7 of federal bankruptcy code, which would remove all their unsecured debts.
There are no provisions of the bankruptcy law for debt problems caused by unemployment, illness or other traumatic events, despite studies showing that these are the cause of most failures.
Can you say Debt Slave?
With these new, credit card BK laws, attorneys are now responsible for the accuracy of paperwork filed by their customers. Thus, in other words, research attorney for your drawers hidden family heirlooms.
And ‘no doubt result in fewer bankruptcy attorneys, with the remaining increase their taxes to cover this additional responsibility.
With most of the new consumer bankruptcy laws are completely protected from losing their jobs or have health problems. Can no longer start by filing for Chapter 7 bankruptcy.
They will help economically less attractive, BK attorneys due to the new bankruptcy law liability provision.
To give an honest debtor a “fresh start” in life, relieving the debtor of the debt has been completely removed and I; point was thanks to the new bankruptcy law.
But a surprising discovery was made that you can not miss learning. Now that you have to avoid BK because there is no protection for consumers as the new Bankruptcy Abuse and Consumer Protection Act if filing bankruptcy under the new bankruptcy law.