[Peach]

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.

[Orange1998]

Yes it means exact that. The law has a good ring to it but the devils in the details.

[Finger Monkey]

It means that attorney's butts will be on the line for any mistakes in the debtor's schedules. I think it's really quite untenable. Apparently it's not enough that the debtors swear under penalty of perjury that the schedules are accurate and complete. The Court never goes after the debtors anyway, I see it time and time again.

However, I am quite certain the Bar will find a work-around. They always do.

Those of us private individuals who work in jobs overseen by the Great and Wonder Government always have to find a way to work around their bureaucratic bovine fecal matter.

[international american]

Most people do not do that, Peach, only a handful in comparison. And the loss factor is very small for the credit card companies. They just want to increase their profits.

[stylin19a]

Hey...that's my retirement plan you are talking about.
Under my plan:

Under current bankruptcy law, 401k & retirement funds are excluded as assets. (can't be touched)

Refinance the house taking cash out.
Put the cash in a 401k etc....
Run up all the credit cards, cash advances, perishables ( clothes etc)
About 10 months before retirement, file bankruptcy.
Once debts are discharged, reaffirm the loan on your house.
Apply for SS and start drawing your retirement.

Now I gotta find a different retirement plan.

[Kath]

Whatever happened to accountability and responsibility??? You sign on the dotted line you pay it back. At least that is what my parents taught me. They didn't believe in bankruptcy and neither do I. Why is it people think they can sign a contract, run the credit card to the hilt and then tell the company they owe to go to hell and file bankruptcy???