Bankruptcy law could hit Nevada early

[NVMojo]

snip...

The homestead provision is just one small part of the massive bankruptcy overhaul legislation the Senate passed in March and that the House will take up this month.

The bill would make it harder to file for Chapter 7 bankruptcy, which is set up for people who fall so deeply into debt they have no hope of repaying what they owe. Debtors turn over a portion of their assets and in return, their debt is wiped away.

More people would be forced into Chapter 13 bankruptcy, which puts debtors on a repayment schedule that can last for five years and allows their wages to be garnished to repay as many creditors as possible. Unsecured creditors, such as credit card companies that have lobbied heavily for the change in law, get more in Chapter 13 bankruptcies.

Nevada had the fourth highest U.S. bankruptcy rate in 2004, about 70 percent higher than the national average.

EDITED BY ADMIN: COPYRIGHT


more...

http://www.rgj.com/news/stories/html/2005/04/09/96759.php?sps=rgj.com&sch=LocalNews&sp1=rgj&sp2=News&sp3=Local+News&sp5=RGJ.com&sp6=news&sp7=local_news

[fasttense]

1. I understand foreclosed homes for sale have increased this month.

Homes foreclosed on and then put up for sale by banks have increased in March by 25% (I'm not sure of that percent but it's close)as compared to February. The wave of the future, the ownership society (just not homeowners).

[Moderator]

2. NVMojo

Per DU copyright rules
please post only four
paragraphs from the
copyrighted news source.



Thank you.


DU Moderator