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FIB - Scams 101 - Ye Olde Archives
Posted By: Sandi Moses In Response To: Daily Dose of Tim - Bankruptcy Issues (The Tim)
Thursday, 10 March 2005, at 4:05 p.m.
> While we're busy watching Terry, our congressmen are rewriting the law
> concerning bankruptcy. Since many here have obviously had some experience
> in that arena (and it is a definite BUSINESS concern), I thought it might
> be good for some of you to check in on some of the proposed changes:
> A Bankrupt Law: No Provisions for Illness - Medical bills cause
> bankruptcy, yet the bill would limit the rights of families to declare -
> even as the result of an illness.
> ---------
> (NOTE FROM TIM - HALF OF BANKRUPTCY in USA is from MEDICAL BILLS and
> that's even COUNTING THE FOLKS WITH INSURANCE !!)
> ----------
> From The Argus Leader:
> "It assumes that everyone is in bankruptcy for the same reason - too
> much unnecessary spending," said Harvard economist Elizabeth Warren.
> "A family driven to bankruptcy by the increased costs of caring for
> an elderly parent with Alzheimer's disease is treated the same as someone
> who maxed out his credit cards at a casino. A person who had a heart
> attack is treated the same as someone who had a spending spree at the
> shopping mall."
> A recent Harvard University study found that medical bills, not credit
> card bills, are the most common reason people file for bankruptcy
> protection. More than half the people surveyed cited a major family
> illness or injury as the reason they went into debt. Job loss was the
> second most common reason.
> A law that would penalize families for medical bills they have no control
> over is simply morally bankrupt.
> http://www.americacoalition.org/
There is something about bankruptcy that I don't get.
It seems that if you declare Chapter 13 and pay everyone everything back the stigma stays forever like the stench of old fish. No one will lend you anything for any reason except maybe at loan-shark rates even though you have proven your integrity by paying back all that you ever owed. But if you declare Chapter 7 and walk away from your debts and don't pay anybody back anything, after a certain time frame lenders are all over you like a cheap suit offering to lend you more money even though you have established a history of walking away from your debts. That makes no sense to me.
It also doesn't make sense to me that if a person is struggling to make ends meet at 10% interest, why do lenders think he will be more able to make payments after the interest rate is jacked up to 30%??? It would seem that if lenders really wnated to a) get the account paid off and not defaulted and b) make a tidy profit at the same time they would do better to freeze the account so the person could no longer charge anything and then accept interest only payments until the person gets back on their feet.
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