11% of the houses in the US are empty.

[Truthmatters]

Because he was for it and signed the law as well as it happening under his admin.

I remember when they did it claiming people were abusing the current law.

That was a lie.

They did it so people would not be able to just file and keep their homes because this whole mess was a planned money grab by the very people who benifited most from this mess.

They screwed us on purpose to make money.

 

[Mini 14]

Because he was for it and signed the law as well as it happening under his admin.

I remember when they did it claiming people were abusing the current law.

That was a lie.

They did it so people would not be able to just file and keep their homes because this whole mess was a planned money grab by the very people who benifited most from this mess.

They screwed us on purpose to make money.

They're still filing and keeping their houses.

So what is the argument now? (2011)

 

[Zoom-boing]

President Bush signed the biggest rewrite of U.S. bankruptcy law in a quarter century on Wednesday, making it harder for debt-ridden Americans to wipe out their obligations.

“Bankruptcy should always be a last resort in our legal system,” Bush said. “If someone does not pay his or her debts the rest of society ends up paying them.”

Many debtors will have to work out repayment plans instead of having their obligations erased in bankruptcy court under the law, which will go into effect in six months. The 500-page legislation won final congressional approval last week after being pushed for eight years by banks and credit card companies.

The measure would require people with incomes above a certain level to pay some or all of their credit-card charges, medical bills and other obligations under a court-ordered bankruptcy plan.

Bush said the new law makes the financial system fairer for debtors and creditors.

Bush signs tougher bankruptcy bill into law - Business - Personal finance - msnbc.com


Oh the horror of making people pay what they owe, instead of dumping it on the rest of us.

 

[Truthmatters]

Chapter 7, Title 11, United States Code - Wikipedia, the free encyclopedia


Individuals who reside, have a place of business, or own property in the United States may file for bankruptcy in a federal court under Chapter 7 ("straight bankruptcy", or liquidation).[2] Chapter 7, as with other bankruptcy chapters, is not available to individuals who have had bankruptcy cases dismissed within the prior 180 days under specified circumstances.[3][4]

In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive. The value of property that can be claimed as exempt varies from state to state. Other assets, if any, are sold (liquidated) by the interim trustee to repay creditors. Many types of unsecured debt are legally discharged by the bankruptcy proceeding, but there are various types of debt that are not discharged in a Chapter 7. Common exceptions to discharge include child support, income taxes less than 3 years old and property taxes, student loans (unless the debtor prevails in a difficult-to-win adversary proceeding brought to determine the dischargeability of the student loan), and fines and restitution imposed by a court for any crimes committed by the debtor. Spousal support is likewise not covered by a bankruptcy filing nor are property settlements through divorce. Despite their potential non-dischargeability, all debts must be listed on bankruptcy schedules.


In other words you cant get out of the HUGE mortgage that makes it so you will NEVER reach a home equity possitive numbers.

In light of what was done to our housing market this is now not a big possitive for the average prospective bankruptcy subject.

 

[Mini 14]

Chapter 7, Title 11, United States Code - Wikipedia, the free encyclopedia

From your link:

In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive.

Are you suggesting that the lien should be removed and the debtor allowed to keep their home?

As I've said, homes are not now, and were not before the modifications to bankruptcy filings, typically subject to forfeiture.

What point are you trying to make, other than you don't understand bankruptcy, and everything is George Bush's fault?

 

[Truthmatters]

From your own link



Those who fought the bill’s passage said the change will fall especially hard on low-income working people, single mothers, minorities and the elderly and will remove a safety net for those who have lost their jobs or face crushing medical bills.

The financial services industry argued that bankruptcy frequently is the last refuge of gamblers, impulsive shoppers, divorced or separated fathers avoiding child support, and multimillionaires who buy mansions in states with liberal homestead exemptions to shelter assets from creditors.

“In recent years too many people have abused the bankruptcy laws,” Bush said. “They walked away from debts even when they had the ability to repay them.”

New personal bankruptcy filings edged down from 1,613,097 in the year ending June 30, 2003, to 1,599,986 in the year ending last June 30, breaking an upward trend of recent years.

Bush signs tougher bankruptcy bill into law - Business - Personal finance - msnbc.com

 

[Truthmatters]

Chapter 7, Title 11, United States Code - Wikipedia, the free encyclopedia

From your link:

In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive.

Are you suggesting that the lien should be removed and the debtor allowed to keep their home?

As I've said, homes are not now, and were not before the modifications to bankruptcy filings, typically subject to forfeiture.

What point are you trying to make, other than you don't understand bankruptcy, and everything is George Bush's fault?

No I am saying that bankruptcy is little protection from any debt in a world where your mortage leaves you indebt forever paying a highly inflated price for your home which will make it impossible to EVER have home equity.

They made this mess on purpose to finacilly rape the American people and make a whole new generation of plyable workers with very few options in life to gain finacially.

 

[Zoom-boing]

From your own link



Those who fought the bill’s passage said the change will fall especially hard on low-income working people, single mothers, minorities and the elderly and will remove a safety net for those who have lost their jobs or face crushing medical bills.

The financial services industry argued that bankruptcy frequently is the last refuge of gamblers, impulsive shoppers, divorced or separated fathers avoiding child support, and multimillionaires who buy mansions in states with liberal homestead exemptions to shelter assets from creditors.

“In recent years too many people have abused the bankruptcy laws,” Bush said. “They walked away from debts even when they had the ability to repay them.”

New personal bankruptcy filings edged down from 1,613,097 in the year ending June 30, 2003, to 1,599,986 in the year ending last June 30, breaking an upward trend of recent years.

Bush signs tougher bankruptcy bill into law - Business - Personal finance - msnbc.com

You're an idiot.

 

[driveby]

From your own link



Those who fought the bill’s passage said the change will fall especially hard on low-income working people, single mothers, minorities and the elderly and will remove a safety net for those who have lost their jobs or face crushing medical bills.

The financial services industry argued that bankruptcy frequently is the last refuge of gamblers, impulsive shoppers, divorced or separated fathers avoiding child support, and multimillionaires who buy mansions in states with liberal homestead exemptions to shelter assets from creditors.

“In recent years too many people have abused the bankruptcy laws,” Bush said. “They walked away from debts even when they had the ability to repay them.”

New personal bankruptcy filings edged down from 1,613,097 in the year ending June 30, 2003, to 1,599,986 in the year ending last June 30, breaking an upward trend of recent years.

Bush signs tougher bankruptcy bill into law - Business - Personal finance - msnbc.com

So bankruptcies going down is a bad thing? ....

 

[Zoom-boing]

Chapter 7, Title 11, United States Code - Wikipedia, the free encyclopedia

From your link:

In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive.

Are you suggesting that the lien should be removed and the debtor allowed to keep their home?

As I've said, homes are not now, and were not before the modifications to bankruptcy filings, typically subject to forfeiture.

What point are you trying to make, other than you don't understand bankruptcy, and everything is George Bush's fault?

No I am saying that bankruptcy is little protection from any debt in a world where your mortage leaves you indebt forever paying a highly inflated price for your home which will make it impossible to EVER have home equity.

They made this mess on purpose to finacilly rape the American people and make a whole new generation of plyable workers with very few options in life to gain finacially.

For those who live beyond their means? Likely. For people who live within their means and are smart in how they pay down their mortgage? Nope.

 

[Zoom-boing]

From your own link



Those who fought the bill’s passage said the change will fall especially hard on low-income working people, single mothers, minorities and the elderly and will remove a safety net for those who have lost their jobs or face crushing medical bills.

The financial services industry argued that bankruptcy frequently is the last refuge of gamblers, impulsive shoppers, divorced or separated fathers avoiding child support, and multimillionaires who buy mansions in states with liberal homestead exemptions to shelter assets from creditors.

“In recent years too many people have abused the bankruptcy laws,” Bush said. “They walked away from debts even when they had the ability to repay them.”

New personal bankruptcy filings edged down from 1,613,097 in the year ending June 30, 2003, to 1,599,986 in the year ending last June 30, breaking an upward trend of recent years.

Bush signs tougher bankruptcy bill into law - Business - Personal finance - msnbc.com

So bankruptcies going down is a bad thing? ....

Apparently.

 

[30x90]

Because he was for it and signed the law as well as it happening under his admin.

Is obama held to the same standard?
Whatever happens while he is pres. is his fault?

I remember when they did it claiming people were abusing the current law.

That was a lie.

People abuse EVERYTHING they possibly can. They always will. Human nature.

They did it so people would not be able to just file and keep their homes because this whole mess was a planned money grab by the very people who benifited most from this mess.

They screwed us on purpose to make money.

Politicians do that...that's why it's foolish to believe ANY of them...Some people are too partisan to acknowledge that.

 

[driveby]

Ahh a post worthy of your intelligence and integrity.

very worthy follow up to any post from rdean......

i guess that's a matter of opinion. *shrug*

the number one cause of bankruptcy IS unanticipated medical bills, constituting approximately 50% of all bankruptcies filed.

He's the king of the troll left wingnuts, you're pretty rough on the right wingnuts, just not as vulgar.....

 

[Truthmatters]

Why did you ignore that the bankruptcy numbers were actually falling when Bush claimed they needed revamping due to misuse?

It was done to cut off an avenue of escape for the people when they crashed the economy.

You were had and you still dont know it?

 

[Mini 14]

Chapter 7, Title 11, United States Code - Wikipedia, the free encyclopedia

From your link:

In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive.

Are you suggesting that the lien should be removed and the debtor allowed to keep their home?

As I've said, homes are not now, and were not before the modifications to bankruptcy filings, typically subject to forfeiture.

What point are you trying to make, other than you don't understand bankruptcy, and everything is George Bush's fault?

No I am saying that bankruptcy is little protection from any debt in a world where your mortage leaves you indebt forever paying a highly inflated price for your home which will make it impossible to EVER have home equity.

They made this mess on purpose to finacilly rape the American people and make a whole new generation of plyable workers with very few options in life to gain finacially.

Did they force them to sign those mortgages?

Did they change the price of the home AFTER the sale?

This isn't Bush's fault, or "them" (whoever "they" is).

The blame lies squarely on the shoulders of the borrower.

And again, your original point is moot. Even from your own link, the evidence is overwhelming that homes are typically not included in a bankruptcy. Most Trustees work VERY HARD to ensure that the home is kept intact (whenever feasible) so that the filer has the best opportunity to recover.

If we adopt your way of thinking, I'm first going to kick myself in the ass for paying cash for my home, and then I'm going to get up, and run out and buy 4 more homes. On credit. So that I can then file bankruptcy and keep them anyway.

Where I come from, we call that "theft by conversion."

 

[Zoom-boing]

Why did you ignore that the bankruptcy numbers were actually falling when Bush claimed they needed revamping due to misuse?

It was done to cut off an avenue of escape for the people when they crashed the economy.

You were had and you still dont know it?

Because they needed revamping due to misuse.

Who? The poor? Did you not see this?:

The measure would require people with incomes above a certain level to pay some or all of their credit-card charges, medical bills and other obligations under a court-ordered bankruptcy plan.

 

[Truthmatters]

From your link:



Are you suggesting that the lien should be removed and the debtor allowed to keep their home?

As I've said, homes are not now, and were not before the modifications to bankruptcy filings, typically subject to forfeiture.

What point are you trying to make, other than you don't understand bankruptcy, and everything is George Bush's fault?

No I am saying that bankruptcy is little protection from any debt in a world where your mortage leaves you indebt forever paying a highly inflated price for your home which will make it impossible to EVER have home equity.

They made this mess on purpose to finacilly rape the American people and make a whole new generation of plyable workers with very few options in life to gain finacially.

Did they force them to sign those mortgages?

Did they change the price of the home AFTER the sale?

This isn't Bush's fault, or "them" (whoever "they" is).

The blame lies squarely on the shoulders of the borrower.

And again, your original point is moot. Even from your own link, the evidence is overwhelming that homes are typically not included in a bankruptcy. Most Trustees work VERY HARD to ensure that the home is kept intact (whenever feasible) so that the filer has the best opportunity to recover.

If we adopt your way of thinking, I'm first going to kick myself in the ass for paying cash for my home, and then I'm going to get up, and run out and buy 4 more homes. On credit. So that I can then file bankruptcy and keep them anyway.

Where I come from, we call that "theft by conversion."

How is it the barrower is guilty of manipulating the market to inflate house prices?

How is it the buyer caused the level of loan approval?

How is it the buyer caused the mortgage fraud that has been widely discovered by investigations?

How is it the buyer caused the shakey loans to be bundled off and labeled as AAA when it was not?


You have been had and you continue to defend the people who had you.

You just cant wait to be had again I guess.

 

[editec]

The New Bankruptcy Law: Changes to Chapter 7 and 13 - Free Legal Information - Nolo

I love how the republicans made it harder to file just before they crahsed the economy

The Dems (Biden for example) had a hand in that TM.

If you look up how much money the CC companies gave to Congress in the years leading up to the change in bankrupsy laws you cannot help but notice how much money went to players in both parties.

The change in bankruptsy laws were orginally advanced by Joe Biden. MBNA (and its employees) was at one point the largest single contributor to Congress in America.

The windfall to the CC companies that resulted from this change in how personal bankruptsies are handled in courts had to be enormous.

Now Clinton refused to sign that bill into law, but Bush II didn't.

 

[Mini 14]

How is it the barrower is guilty of manipulating the market to inflate house prices?

The borrower signed the note, freely, without coercion. Only the borrower knows truly what they can afford to repay.

How is it the buyer caused the level of loan approval?

The borrower signed the note, freely, without coercion. Only the borrower knows truly what they can afford to repay.

How is it the buyer caused the mortgage fraud that has been widely discovered by investigations?

The borrower signed the note, freely, without coercion. Only the borrower knows truly what they can afford to repay.

How is it the buyer caused the shakey loans to be bundled off and labeled as AAA when it was not?

The borrower signed the note, freely, without coercion. Only the borrower knows truly what they can afford to repay.


You have been had and you continue to defend the people who had you.

I paid cash for every home I ever owned. Translation = "I could afford them." That meant I started out in a very small shit-hole, but it was mine. Then I moved up to a bigger shit-hole, which was also mine. Again, again, again. Until I finally had a small, NICE home, which was mine. Then a BIGGER nice home. Then an even BIGGER nice home....and all of them were mine all along, because I only bought what I could afford, and when I wanted something bigger or better, I made myself wait until I could afford it as well.

You just cant wait to be had again I guess.

The next time I'm "had" by a mortgage will be my first. But if you get your way, I'll be able to file bankruptcy, freed from my obligation, and I'll get to keep "my" shit.

 

[Truthmatters]

Should Biden Share Blame for Foreclosure Crisis? - ABC News

Yes Biden did and Shame on him.

I doubt howerever that Biden was in on the rest of the plan to crash the economy and cash in.






Experts say hundreds of thousands of Americans may have lost their homes due to a bill championed by Sen. Joseph Biden, D-Del., Barack Obama's pick to be his vice-presidential running mate.

At least two studies have concluded that the United States' foreclosure crisis was exacerbated by a 2005 law that overhauled the nation's bankruptcy law. That conclusion is echoed by other experts, although the banking and credit industry disputes it.


Congressional Republicans drove the effort to pass the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005. But Biden – who has enjoyed hundreds of thousands of dollars in campaign donations from credit industry executives – endorsed the measure early on and worked to gather Democratic support for it.