On Sun, 11 Sep 2005 04:29:24 GMT, "Edwin Pawlowski" >
wrote:

>Of course the lawyers opposed it, Now they will have to go chase ambulances
>again to make a living. Legitimate bankruptcy in a situation like this is
>far different than the ones caused by people that just don't know how to
>control spending. I fail to see how the government is "screwing over"
>people like that.
>
Ed, my husband is a bankruptcy lawyer, one of the most thoroughly
respected lawyers in Orange County, if I do say so myself. There are 3
types of bankruptcy filings and the only ones that this bankruptcy
bill really nails are Chapters 7 and 13, which is what is filed by
most consumers, so the bankruptcy lawyers will continue to do well,
esp. as the economy tanks taking businesses large and small with it.
And the 11s, which is where the biggest bailouts are to be found,
won't be touched: the corporate bailouts of United Airlines, KMart,
Mirant, oh, and let's not forget Enron. Consumer bankruptcies are a
fraction of the loss of revenue through bankruptcy to creditors. The
only ones who gain from this bill are secured lenders, such as
automobile lenders. This bill does nothing to aid and everything to
damage a consumer's ability to regain financial health.

How are the victims of Katrina supposed to "control spending"? Under
the new bankruptcy bill, if Joe Citizen's house was destroyed in the
hurricane, he still has to pay his mortgage. If Joe Citizen's car was
destroyed in the hurricane, he still has to make his car payments. If
Joe Citizen's job is now a wet memory, along with his health
insurance, he had better not get sick, b/c the health care industry
can dun him into his grave to get paid. And if Joe Citizen has lost
all his worldly possessions, he had better not rack up any new bills
on his Visa, as his credit card company can likewise chase him into
the next lifetime. And they won't have the required pay stubs for the
past six months, 1040 forms, bank statements, etc., which will cause a
bankruptcy filing to be automatically dismissed: and there is
absolutely zero discretion to the plea that Katrina drowned the
debtor's documentation. No discretion on the part of either judge or
trustee.

All this administration is lacking to really round out this new bill
is a provision for debtors prisons.

Terry "Squeaks" Pulliam Burd
AAC(F)BV66.0748.CA

"If the soup had been as hot as the claret, if the claret had been as
old as the bird, and if the bird's breasts had been as full as the
waitress's, it would have been a very good dinner."

-- Duncan Hines

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