There is some interesting movement on this bill. I have, in my humble, short life, seen 4 men I know fairly well go through bankruptcy, and one woman friend.
3 of the 4 men had assets, mostly hidden, and excellent prospects for future income with almost airtight ability to pay off the debts they had accrued. At least one intentionally ran up additional debt, and two considered bankruptcy a wealth-building strategy!
These men clearly abused the system by dodging $15K - $50 or $75K of debts.
The system clearly, definitely needs reform.
However, the woman I know had a husband who drove her into bankruptcy but she refused to let her attorney do a full discharge and so is still, many years and a divorce later, paying off the debt (or a portion of it) while supporting her 3 children with NO childsupport from 2 deadbeat ex-husbands.
The other guy tried to start a business on credit cards, had no income but continued to receive credit offers, took some, and crashed a 20 year perfect credit history when his business failed.
What I can't reconcile is how the people who we elect to protect We the People against predatory lending get to decide to make us a Debtor nation again? If the vast majority of people who are in or filed for bankruptcy weren't being beaten down by astronomical medical bills, job losses and ignorance, I suspect they would be sharpening their guillotines.
Posted by Vicki at April 4, 2005 10:18 PM