Bracing for a Bankruptcy Rush - NY Times March 11

Milton Haynes has been struggling for more than a decade. In recent months, Mr. Haynes, 72, a widower and a retired machinist from Chatham, Ill., had started to make a small dent in repaying tens of thousands of dollars in debts.

But faced with the prospect of new bankruptcy rules - approved by the Senate late yesterday in a 74-to-25 vote - that would make it harder for someone in his situation to erase debts, Mr. Haynes met with a lawyer last night to consider a bankruptcy filing. "The news panicked me," he said. "I keep trying to pay my bills, but I keep getting deeper into debt."

After meeting with his lawyer, Mr. Haynes decided to hold off. But bankruptcy lawyers around the country say they are hearing from lots of people like Mr. Haynes, and expect to hear from many more.

-------http://www.nytimes.com/2005/03/11/business/11impact.html?

Article reports that people are rush to beat the effective date of the new Bankruptcy Law.

(Don't know if this is a dupe or not - didn't see an earlier posting)

I think not

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these bastards won't be happy until there is no middle class and we're a third world country. I feel sorry for idiot freepers and red staters still drinking the kool-aid, they're taking it up the butt with no vasaline and don't have the sense to realize it. Although I did find some glimmer of lucidity on FR. Or this is from a troll:

"I am really stunned by just how many FReepers have bought into this crap. It is this sort of garbage bill that gives truth to the lie that the GOP is bought and paid for by corporate interests. The Amnesty plan? Bankruptcy "reform"? What about our damned borders? The FBI Director is now "CONCERNED" that TERRORISTS are crossing our borders...yet the Senate in dominated for 2 weeks by a simple payoff to corporate donors."

Between this and SS when will the sheeple wake up? This 2nd term is turning out to be even worse than I could have imagined.

These would be "personal" bankruptcies, involving what banks call "non-performing" loans. So, the debtors would get a "fresh start." That's the purpose of the bankruptcy laws --> a "fresh start."

The new law (probably not effective until 10/2005) would put people into fives years of peonage, and not give the banks that much additional profit. A lot of debtor suffering for very little incremental creditor gain.