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Interesting article on BK


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Yeah.. but the only thing that 'irks' her is the sleazy BK attorney ads on TV ??

GEEZ,. don't bother to mention that bankruptcy lawyers' fees are going to skyrocket put them out of reach for a LOT of people who probably would 'qualify' for a Ch 7. Don't bother to mention that more debts will be challenged and survive bankruptcy because CREDITORS can now make claims and objections that they couldn't do before. Don't bother to mention that if you bought a car less than 2 years before you file that you will be FORCED to reaffirm and that you will be force to pay FULL PRICE for the thing, regardless of of what its REALLY worth.

She's only puttin' a shine on bankruptcy, she's not giving them the REALLY ugly details that will screw a LOT more than 10% of the people looking to file. As for that $400 crap, she should read THIS article by Dr. Warren: http://nacba.org/maxdocs/Phantom_400.pdf

She recommends they go to credit counseling -- don't bother to mention that MOST of them are scams and bullshit and that the FTC is shutting them down and fining them right and left !!

I've half a mind to write her and tell her to tell the REAL ugly parts.

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I started to lose her after her comment about not getting a job because of your BK....

It's printed right in the BK Basics handbook put out by the US BK Courts:

"A private employer may not discriminate with respect to employment if the discrimination is based solely upon the bankruptcy filing."

Still, there were some points in there that made it an interesting (although often scripted) read...

Her data was showing the amount of BK's since 1980? First, the population in 1980 according to the Census Dept. was 226.5M. In 2004, 294M.

Then, look at the way the industry was set up in the 80's... wasn't that about when the U.S. Supreme Court opened the floodgates to fees and penalties? What were the standard interest rates of the time?

Lastly, she states that business-initiated BK's have remained steady... yeh, in number. WorldCom still filed the LARGEST bankruptcy in U.S. history...

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