I was watching Nightline on ABC lastnight and they were talking about the new legislation that just passed Congress that would make it tough for normal, every day citizens to qualify for Chapter 7 bankruptcy protection. Seems that the new legislation is posed to protect big businesses and credit card companies from financial losses from consumers who go bankrupt. Normal people, who fall into debt because of some financial hardship, would find a hard time getting some relief under the new law.
Being a person who has had to file bankruptcy, I find this new bill a little hard to swallow. There are people in this world, who for some reason or another, fall into hardships and have a problem paying off enormous debt. I was one of them. My debt equalled my yearly income, therefore, it was best to erase all debts. I just wonder, if I had waited a little while longer, I might not have been so lucky.
What do you all think of this new legislation?? Sounds like a part of Dubya's MANY promises he made to big businesses during his campaign.
The bill hasn't made it across Dubya's desk yet, but, it is almost guaranteed he will sign it into legislation.
What do you all think??
New Bankruptcy Legislation
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