The GOP's bankruptcy bill is so unpopular....

[Rufus T. Firefly]

Originally posted by DanS


Yeh, but it's something that should be used rarely. Unfortunately, bankruptcy is being used routinely nowadays, so the law should be tightened up (after other, more important priorities have been attended to).

You know what? Bankruptcy was something to be used rarely back when credit was hard to get (and you and I remember, Dan S, as few people do here, just how hard it used to be to get credit). But now you've got the credit industry practically giving away lines of credit -- to jobless students, to people with too much debt already, to people who've already gone bankrupt, fer Chrissake. They're taking gigantic, irrational, fundamentally unsound risks and, when those risks come back to bite them on the ass, they go whining to Congress to tighten up the laws. They're the businessmen, not the guy with the new SUV and plasma screen tv in his double-wide who just found out he has cancer. They're the ones with MBA's, CPA's and spreadsheets up the wazoo. They knew exactly what they were getting into when they decided that easy credit was the future, when they decided that mailing credit cards, unsocilited, to people already deep in debt was now part of the business model. So, f*ck 'em. F*ck 'em 'til they chafe.

[Dinner]

Hopefully they'll be f*cked so hard they will suffer an anal prolapse.

[Shi Huangdi]

Oh, and

Yeh, but why should society be required to pay for the legal fees of those getting divorced? Fvck that. They can pay their own damn legal fees.

It's more then legal fees. Divorce judges are known for being excessively punitivie towards males, leaving them absolutely destitute. In many cases after judges rulings, men are made destitute and would be unable to their debts.

[dudemanjack]

If they take the risk away from giving credit, they should be forced to charge less interest.

[chequita guevara]

Originally posted by Shi Huangdi
Divorce judges are known for being excessively punitivie towards males, leaving them absolutely destitute.

Which is odd, because the number one way for women and children to fall into poverty is divorce.

[DanS]

You know what? Bankruptcy was something to be used rarely back when credit was hard to get (and you and I remember, Dan S, as few people do here, just how hard it used to be to get credit). But now you've got the credit industry practically giving away lines of credit -- to jobless students, to people with too much debt already, to people who've already gone bankrupt, fer Chrissake. They're taking gigantic, irrational, fundamentally unsound risks and, when those risks come back to bite them on the ass, they go whining to Congress to tighten up the laws. They're the businessmen, not the guy with the new SUV and plasma screen tv in his double-wide who just found out he has cancer. They're the ones with MBA's, CPA's and spreadsheets up the wazoo. They knew exactly what they were getting into when they decided that easy credit was the future, when they decided that mailing credit cards, unsocilited, to people already deep in debt was now part of the business model. So, f*ck 'em. F*ck 'em 'til they chafe.

First, I made medical stuff a special case, so that guy's going to have to lose his job or get divorced for your scenario to work. Second, I think this is a balance of who gets the screwing -- both the creditor and debtor deserve their share. I have no problem with most of your post because of this.

[Sava]

good thread Shi

[Flubber]

Originally posted by chegitz guevara


Which is odd, because the number one way for women and children to fall into poverty is divorce.

Not that odd-- both sides in a divorce always take a hit-- Its inevitable when presumably the same income that supported one household now has to pay for two

[Dis]

Originally posted by chegitz guevara


Which is odd, because the number one way for women and children to fall into poverty is divorce.

that's because of deadbeet dads

[Dinner]

Originally posted by Shi Huangdi
It's more then legal fees. Divorce judges are known for being excessively punitivie towards males, leaving them absolutely destitute. In many cases after judges rulings, men are made destitute and would be unable to their debts.

There's a fellow I knew in the Army whose wife left him when we were in Kosovo (she told him to ignore the military orders or she'd leave him; like he could do that without going to jail) and he got a delay until we returned stateside. Once back though the court reamed him royal and between spousal support and child support he had to pay 80% (!!!!) of his income to her. He was only making $36k per year and there is no way a man can survive on the remaining $600 per month.

He had to declare bankruptcy and move back in with his parents. That's how most guys get treated in divorce court and that's one reason why I'm not getting married to my girlfriend any time soon.

[Odin]

The Republicans have absolutely pwned themselves. When this thing starts f*cking over middle-class families in the swing states the Republicans better get ready for President John Edwards.

[Lefty Scaevola]

Originally posted by Shi Huangdi
The lawyer liability could be the most significant fact here. This could really discourage alot of lawyers from practicing in the field, making filling a bankruptcy much harder.

I would not worry about it much. The debtor's attornies around my area are already somewhat the dregs, and supply a very disproportiantely large share of the displinary cases for my Bar region, commonly for fraudulent asset concealing submissions to the bankruptcy court. Thay do seem to have some progress in cleaning it up in the past decade. As for the debtors, I do do not recall having ever seen a personnal banruptcy that did not invovle soom fraud/concealments of assets, but my experience is limit to a dozen or so cases.

[Agathon]

What is the problem DanS?

Why don't the credit card companies simply write in the risk from bankrupticies into their interest rates?

That's what you are supposed to do if you are a responsible lender - make some provision for loans that won't get repaid.

[Rufus T. Firefly]

Originally posted by Odin
The Republicans have absolutely pwned themselves. When this thing starts f*cking over middle-class families in the swing states the Republicans better get ready for President John Edwards.

Swing states, nothing; the states with the highest rates of personal bankruptcies are -- you guessed it -- dyed-in-the-wool red states. Remember all those grinning rednecks who posted their pictures on WereNotSorry.com? Looks like its time for WhosSorryNow.com.

[pchang]

And they do. However, that interest rate is applied to all the credit card company's customers. That means that people who do not go bankrupt are subsidizing the people who do, not the credit card companies.