I am all for personal responsibility but this soon to be law is for special interest only. Did you know Attorneys will be liable for any undisclosed assets of the filer. <p.
Have you once thought why this law is being passed. Credit Card companies are not going out of business. CC companies earn large profits even with the bad debts. Historic low interest rates and still many with effective rates exceeding 25%. I only stating facts so don't start calling me a liberal. The government has not business protecting the free market with special interest laws.
As I understand it, the key provision of the new law says that if your income is above the median income for your state, you cannot file Chapter 7 (get out from under debt), but must file Chapter 13 (live on a super tight budget - beans, rice, cornbread) and pay the debt back under court supervision.
Seems to me that real bad medical problems, death of the principal wage-earner in the family, etc., would drop the income for the family, likely below the median for the state. Of course, I don't have all the details on the final bill.
I didn't know that attorneys will be liable for any undisclosed assets of the filer. Does that mean what I think it does?
Why do you think this law was passed. I've paid scant attention to it because it sounded like a good thing. Too many people run up their credit cards deliberately, don't want to pay it back and declare bankruptcy.