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Bankruptcy Bill Opponents Criticize Loan
(Louis Freeh's employer, MNBA)
The New York Times ^
| Aug. 9,2001
| PHILIP SHENON
Posted on 08/09/2002 6:21:05 AM PDT by Donald Stone
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To: Joe Montana; J. L. Chamberlain; Fred Mertz; Uncle Bill; Askel5; rdavis84
FYI.
To: Iwo Jima
No. Part of the bill is designed to override the exemptions that they have in states like Florida.
To: Greeklawyer
"I believe this bill crosses if not get right to the boarder of indentured servitude."
Correct. It's ok if the big guy screws the little one, but now that they have over-extended credit to too many individuals, they don't want the defaults any more. They want to down right own their lives. I smell a Tea Party coming on if this passes and is enforced into law.
To: Greeklawyer
Yes, but as I understand it, or should I say had it explained to me, is that if you default on a payment and receive a warning from the court, and then do so again, at the creditors request they can hold you in contempt. I too will have to see a test case on this but I can see it coming as it sounded logical when it was explained to me.
To: Greeklawyer
From what I had explained to me, the federal exemptions will supercede all state exemptions. This will end up as another states' rights test case before all is said and done. The credit card companies are seeking federal protection to override the states' exemptions to cover for their own foolishness. Just like they do with Argentina, Brazil, etc.
To: Greeklawyer
The old bankruptcy act, followed by the bankruptcy code(s) were born out of the historic elimination of debtor's prisons. Hopefuly in the next step we will be able to restore debtor's prisons. Return to the Golden Age of free market will be good for the literature. And this is the real objective.
26
posted on
08/13/2002 4:46:22 AM PDT
by
A. Pole
To: Donald Stone
Very interesting! Didn't Bramble from Allfirst just join MBNA?
27
posted on
08/13/2002 7:56:47 AM PDT
by
mssnoop
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