The President
signed a new bankruptcy
law in 2005 which severely
limits your ability to
eliminate debt.
The banking
industry, the same bunch giving out large bonuses, giving huge salaries and receiving large government bailouts, the wealthiest
industry in the country,
spent millions lobbying
Congress and contributing
to political campaigns
to pressure our legislators
to pass unfavorable law
for consumers.
For example,
MBNA America was the
largest contributor to
President Bush's campaign,
contributing over $234,000.
Executives from MBNA
and other major credit
card companies also made
significant personal
contributions as well.
As a result, Congress
has passed a bill that
would use unrealistic
IRS standards for household
expenses. Using these
conservative standards
for expenses, if someone
can afford to pay as
little as $50 per month
to their creditors,
they could be disqualified
from filing Chapter
7.
Congress has convened
a committee to iron
out the final details,
and the law could be
presented to the President
shortly. Consumer bankruptcy
attorneys are recommending
that debtors consult
with their attorneys
immediately to discuss
how the law could impact
them.
Read the next bankruptcy article
< back to previous page
|
