Two possible downsides of new bankruptcy bill (desperation driven).

[DemoTex]

Increased crime rate and increased numbers of suicides. Desperate men take desperate measures. Of course the potential human toll of this egregious legislation was not a part of the debate. Shame, shame, shame. Fat, rich, heartless bastards!

[HockeyMom]

1. Welcome to

the "ownership society", serfs.

[Mandate My Ass]

2. Unfortunately, I agree

I watched in literal horror as the Senators on both sides got all huffy and pontificated about personal responsibility, all the while they knew the legislation they were voting for was going to cause misery in most cases and death in some.

I'd say shame on them but shame is something these heartless beasts are immune to.

[elehhhhna]

3. These same bastards who are bankrupting the country.

They need their credit CUT OFF.

Sorry, honey, your Iraq lessons are getting too expensive.

[Enquiringkitty]

8. YEAH!!! You go!!

[JetCityLiberal]

4. Shame is exactly right DemoTex

I am repulsed by this action and the Dems who sold out on this.

I am waiting to see how my 2 Democratic Senators voted. I fear one did vote yea. If either did vote yea, my e-mail and fax are ready and I will be on the phone directly.

Shame. Sickening disgusting shame.

JetCityLiberal

[Enquiringkitty]

9. Go to this site.....

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=1&vote=00044

[Jacobin]

5. The biggest effect will be to drive people to the underground economy

I see that happen in my practice where someone has a non-dischargeable debt of one kind or another. If they get a job with a paycheck, they get garnished.

So they do off the books contract work, work for cash, don't have a checking account (that could be seized), rent a house, lease a car, own nothing that can be seized. Of course, most don't pay taxes either since there is no withholding and they are barely getting by.

This will shrink the tax base somewhat and when an entrepreneur who has failed in one business can't get a fresh start through bankruptcy, he won't be able to try again. I've had MANY business people for clients over the years who get in over their heads, have to file bankruptcy, and years later are extremely successful and productive again. The chances of that happening now are significantly reduced.

This bill is soooo bad in soooo many ways (500 pages of it) that there is really not enough time to set them all out with any clarity in a short piece.

[Enquiringkitty]

10. You're talking to one right now!!! I keep $500 in the bank in case I

need it in a hurry and I'm out of town....Plus that amount makes it a viable account.

[depakid]

6. The decrease in disposable income

that people will suffer- and the sucking of that iinto less efficient uses by credit card companies and others will decrese the mutplier effect of money circulating in local communities.

In the aggregate, this will be burden of the economy's ability to create wealth.

It's stupid legislation from every perspective. There ARE NO rational arguments for it. None. Nada. Zippo.

It's a clasic example of coruption and influence peddling. Nothing more.

[Enquiringkitty]

7. I know two people who had the choice of bankruptcy when their

spouses died unexpectedly. Both had lived in their home for about 25 or so yeas and had 5 or so year to pay off...(was a new subdivision) when their spouses died of health issues...one heart attack and one massive sudden stroke. One chose not to file bankruptcy and try to pay off the hospital bill plus existing credit cards a small amount at a time. The other filed bankruptcy to save what he had left and be able to start over on one income.

The first got farther and farther behind due to fees and charges and and a collection company took court action, demanded payment in full and was granted all of his disposable assets....lost everything except his car and $5,000. They are garnishing his wages to the tune of $200 a week.

The other had non-necessary assets liquidated and the rest were wiped out. He still has his house, car, and all equipment he used for his home manufacturing business he used as a second income.

This is the difference in choices that we have just lost.

[lonestarnot]

11. Fuckers 19 of em....Got to Go! Out bitches OUT! n/t