Should indebted progressives declare bankruptcy now?

Onlooker

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Fri Apr-15-05 08:02 PM
Original message

Should indebted progressives declare bankruptcy now?

Edited on Fri Apr-15-05 08:10 PM by Onlooker

I think progressives who are eligible for bankrupcy protection should take advantage of the opportunity while its still available. It's a way to make a statement to the banks and credit card companies. It's a way to make their greed backfire on them.

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Jeebo

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Fri Apr-15-05 08:20 PM
Response to Original message

1. Not only that, but also...

... every time one of us gets a pre-approved offer or an invitation to apply for a credit card, we should always decline, explaining, "Now that the bankruptcy reform legislation has gone through, it's even more risky for me to accept your credit card, because it will be so much more difficult for me to get out from under if I fall into the credit card trap."

This will let the credit card companies know that the bankruptcy bill's passage is COSTING THEM BUSINESS.

I told one of them this just today when they called to let me know I was "pre-approved" for their Visa card.

Ron

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Misskittycat

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Fri Apr-15-05 08:50 PM
Response to Original message

2. When will the law go into effect? n/t

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Deja Q

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Fri Apr-15-05 09:02 PM
Response to Original message

3. For the last couple of years, more judges have been inclined to

impose chapter 13 and judge against the attempt for chapter 7, especially if the person has a job.

I nearly had to declare bankruptcy but the counselor said to avoid doing so.

I'm playing the odds and will still try to do the right thing and pay off the debt.

I'd rather not even think about bankruptcy (let alone do) unless I had to.

But it is wrong for people who lose their jobs to not be able to get bankruptcy. That's worse than death. and this issue is one I am VERY strong on in my belief.

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Cleita

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Fri Apr-15-05 09:07 PM
Response to Original message

4. Well, it does affect your credit rating so don't be so hasty.

You may want a mortgage or a car loan down the road.

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