Senate Passes New Bankruptcy Law

The United States Senate passed a law on March 10, 2005 that changes the bankruptcy laws in America. It is expected that the House of Representatives will look to pass the same bill in April, which will send it to President Bush for his signature. Since it is well known that President Bush will sign the bill into law, a new bankrupcty law is just one step away from ratification. This law makes it much harder for Americans to file Chapter 7 bankruptcy. So for those of you trying to decide whether to file bankruptcy in the next few weeks, realize you may not have the same options in a couple of months time.

This bill is a pure win for the credit card companies. Since the bill was written by credit card company lawyers, you can imagine how advantageous it is to the credit card industry. It means that Americans will pay their earnings to creditors for many years to come, with little help from the U.S. government. Of course, creditors say these are bills charged up by the debtors. But since the credit card industry is one big legal trap, it amounts to the federal government helping bankers and lawyers trick average citizens out of their money. As I always say, if a person has been paying their minimum monthly payment for a few years, the creditor made a huge profit on their original loan years ago. That applies even if a debtor files for Chapter 7 bankruptcy.

The real shame is that 50% of Chapter 7 bankruptcies happen due to medical and health issues. With the loss of jobs overseas and the subsequent loss of health insurance, many Americans are slipping into debt to try to pay their medical bills. Twenty percent of bankruptcies come from single mothers who children have deadbeat fathers. In other words, the mother filing bankruptcy is not to blame, but is the victim of an ex-husband who refuses to pay his debts to his children. The new law will leave the mother on the hook to the credit card industry.

Now is the time to do your homework when looking for debt consolidation loans and other consumer credit counseling advice. It looks like the public sector is no longer a friend of the consumer, so you have to look at the private sector to help you out of your troubles. Do your research. Choose wisely. There are ways out of your financial crisis, but one of the most used options just got undermined by the politicians in control of legislation at the moment.

You can read more about personal finance and debt issues at the Debt Consolidation blog.

---

Google News Updated : Fri, 05 Sep 2008 08:05:30 GMT Kilpatrick's rise and fall - Detroit Free Press Washington Post Kilpatrick's rise and fall Detroit Free Press - 37 minutes ago BY BILL McGRAW • FREE PRESS STAFF WRITER • September 5, 2008 Kwame Kilpatrick entered the mayor's office with extraordinary gifts -- charisma, savvy, flair, pedigree, connections, ambition and chutzpah -- everything a 31-year-old needed to make a ... Video: A Timeline of Detroit Mayor's Text Scandal AssociatedPress Detroit’s Mayor Will Leave Office and Go to Jail New York Times Chicago Tribune - San Jose Mercury News - DetNews.com - Wall Street Journal all 5,822 news articles Publ.Date : Fri, 05 Sep 2008 07:27:50 GMT Arthritis Drugs Linked to Risks From Infection - New York Times WNCT Arthritis Drugs Linked to Risks From Infection New York Times - 6 hours ago By AP WASHINGTON (AP) - The Food and Drug Administration ordered stronger warnings Thursday on four medications widely used to treat rheumatoid arthritis and other serious illnesses, saying they can raise the risk of possibly fatal fungal infections. Deaths Heighten Arthritis Drugs Warning WebMD Nation Digest 4 arthritis drugs get tougher warnings Seattle Times U.S. News & World Report - Reuters - Bloomberg all 491 news articles Publ.Date : Fri, 05 Sep 2008 01:38:34 GMT Tropical Storm Hanna aiming for Massachusetts - Boston Globe ABC News Tropical Storm Hanna aiming for Massachusetts Boston Globe - 3 hours ago By Andrew Ryan and Martin Finucane, Globe Staff Tropical Storm Hanna is expected to churn up the Atlantic coast and lash Massachusetts this weekend with winds gusting up to 50 mph near the coast and up to four inches of rain. Video: Hanna Nears US, but Stronger Ike Looms AssociatedPress Area departments gearing up for Hanna's arrival Attleboro Sun Chronicle Sun-Sentinel.com - Opelousas Daily World - The Associated Press all 5,279 news articles Publ.Date : Fri, 05 Sep 2008 04:23:14 GMT Jesse Jackson hospitalized for stomach pains - Chicago Tribune United Press International Jesse Jackson hospitalized for stomach pains Chicago Tribune - 1 hour ago By Jeremy Gorner | Chicago Tribune reporter Rev. Jesse Jackson was being treated Thursday in Northwestern Memorial Hospital in Chicago after falling ill. Video: Rev. Jesse Jackson Hospitalized AssociatedPress Jesse Jackson hospitalized after stomach pains USA Today Atlanta Journal Constitution - Entertainment Tonight News - CNN Political Ticker - AHN all 328 news articles Publ.Date : Fri, 05 Sep 2008 07:00:48 GMT Stocks: A Terrible Thursday - BusinessWeek Washington Post Stocks: A Terrible Thursday BusinessWeek - 2 hours ago Major US indexes each tumbled nearly 3% as worries intensified over the health of the economy. All eyes are on Friday's jobs report Market players were probably wondering Thursday why they bothered to come back from their summer vacations. Stocks Are Broadly Lower Tracking Falls on Wall Street Wall Street Journal Stocks slide on economic worries CNNMoney.com Seattle Times - Los Angeles Times - Forbes - New York Times all 821 news articles Publ.Date : Fri, 05 Sep 2008 05:53:27 GMT House committee widens probe of Vytorin safety - International Herald Tribune ChattahBox House committee widens probe of Vytorin safety International Herald Tribune - 7 hours ago AP TRENTON, NJ: A House committee investigating the safety and effectiveness of the popular cholesterol drug Vytorin and one of its components is turning up the heat on the drug's makers. Many Questions About Vytorin New York Times Drug Scare Shenanigans FOXNews Reuters - U.S. News & World Report - Forbes - MedPage Today all 547 news articles Publ.Date : Fri, 05 Sep 2008 00:32:18 GMT UN warns of Haiti flooding crisis - BBC News BBC News UN warns of Haiti flooding crisis BBC News - 1 hour ago Several hundred thousand people need help in Haiti, which is suffering severe flooding after being hit by a series of tropical storms, the UN says. Attempts to Aid Desperate Haitians Hindered by Floodwaters Washington Post Storms line up to slam western Atlantic, southeastern US AFP Telegraph.co.uk - The Associated Press - Chicago Tribune - Bradenton Herald all 2,575 news articles Publ.Date : Fri, 05 Sep 2008 07:05:26 GMT RSS Datafeeds RSS Software

PARLOT::Ebooks, Scripts, Websites, and more...

Adsense websites

Ten Ways to Get Out of Debt

1) Use your AssetsIf you have assets with some significant... Read More

New Bankruptcy Law ? Targeting the Wrong People?

Last April, President Bush enthusiastically signed into law the oddly-named... Read More

Budget the Luxuries First!

Strictly speaking, his advice was preceded by another Heinlein maxim... Read More

Debt Reduction, a Necessary Endeavour

Massive debt is something many Americans face. Debt reduction is... Read More

Bankruptcy: Who is to Blame?

If you are considering bankruptcy as a solution to your... Read More

Is Debt Negotiation Bad?

Educating yourself about the ins and outs of debt negotiation... Read More

Take Careful Consideration Before Filing Bankruptcy

Filing bankruptcy is not fun! It is a last resort... Read More

Assess Your Financial Attitude and Eliminate Your Debt Forever

Want to know if your attitude towards your finances is... Read More

Debt Free Living - 5 Tips To Get Out Of Debt

A few times I wonder what sort of credit system... Read More

How To Get Out Of Debt

If you have found yourself in a position where you... Read More

New Bankruptcy Law Will Not Protect You from Identity Theft

Recently passed by Congress with overwhelming support, the oddly-named Bankruptcy... Read More

Bankruptcy Your Best Bet?

Filing bankruptcy is a common practice among the U.S. Over... Read More

IVA Information

If you're thinking about an IVA, it is essential to... Read More

IVA: Individual Voluntary Arrangement

What Is an IVAThe IVA (Individual Voluntary Arrangement) was introduced... Read More

Should You Invest In Savings Or Payoff Your Debts?

I have faced this financial question 8 years ago and... Read More

New Bankruptcy Law ? Where?s the Consumer Protection?

On April 20, 2005, President Bush signed into law the... Read More

Student Loans Can?t Be Swept Away Through Bankruptcy

Bankruptcy is in the news these days, as Congress has... Read More

Bankruptcy ? Bankruptcy Myths

Bankruptcy has long been a big question mark in the... Read More

Worried About Debts?

Having trouble paying your bills? Getting dunning notices from creditors?... Read More

Learn The Five Key Debt Reduction Steps You Must Take Immediately!

Step 1. The purpose of this first step is to... Read More

Your Secret Weapon... A Budget

For many, the word 'budget' immediately sends shivers down the... Read More

Slowing Spending - The Key To Your Debt Plans Success

Anyone who embarks on a debt reduction program should know... Read More

Help for the Single Mother with Managing Credit and Debt

Today's consumers benefit drastically from the usefulness of credit. Credit... Read More

What is Bankruptcy?

Here is a useful guide to bankruptcy. It should be... Read More

Top Ten Reasons People File for Bankruptcy

1. Eliminate the legal obligation to pay many of your... Read More