There was a mad rush to file for bankruptcy for many in Rock and Walworth Co before the bankruptcy law was changed. The new law is hostile to consumers and the costs to file itself are high, infact so high, some may not be able to even file.
Click on the post for the story in the Janesville Gazette. What are your thoughts on all this?
Monday, March 27, 2006
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If I am correct, and If i am wrong please correct me, but i believe any debt older than 7 years, can not legally be collected on.( meaning collection agency can not legally try to collect this debt) and after 10 years it all comes off the credit report. I do believe that how it works. if people do not have the money, they don't have the money.
ReplyDeleteWhat is irritating is the rich,(think hollywood, ) who file for bankruptcy, who many have not had to worry about money ever, who hide their assets from the courts. Then you have modern day , real world mom and pop, or maybe just mom or pop, due to unfortunate circumstances needs to file, and can't even afford to . The whole thing is just screwed up.
ReplyDeleteNot necessarily Hollywood types, just think wealthy (I think Trump has filed before). If I remember correctly from when this passed, there are some loopholes that you can do things like set up certain types of investment accounts or trust funds and keep them out of your bankruptcy. These type of accounts are not going to be held by people living paycheck to paycheck.
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