I'd like to see Obama push eliminating the Chap. 7 means test.

[closeupready]

It's not that uncommon for consumers with jobs to be carrying more debt than their annual income. With the high interest they are paying on that debt, it could easily be 20 or 30 years before they get out from under it. When consumer spending is 2/3 of the economy, a consumer whose spending power is trapped by these cards is not spending on goods, they are spending on finance charges and late fees, and sometimes only that and not principal. Though I'd bet Biden would do his best to put such an idea on the back burner.

[Horse with no Name]

1. About Biden

He represented his state well--his state is one that depends on the credit card industry.
He represents all of us now...we shall see if he continues to represent Delaware or the citizens of the United States.
I'm willing to give him a chance before I judge.

[closeupready]

3. Yes, good way of looking at his record.

I hope you are correct.

[madrchsod]

2. one can file chapter 7 and eliminate credit card debt

one has to stop using any credit cards months before filing. people who live off their credit cards are the ones who actually face the tougher means test.

[closeupready]

4. Not entirely true.

People seeking to file Chap. 7 who are making above a certain income need to pass certain additional hurdles, which by its nature, excludes a good portion of those seeking relief. If you are truly a member of the working poor, then yes, you can file. Alternatively, if you are house rich but cash poor, Chap. 7 is also a real possibility. It's the people in the lower-middle and middle-middle who have become trapped.

[madrchsod]

5. ya.. i was discussing this with my bankruptcy lawyer

since i have`t had good credit for years i do`t have credit card debt...just medical. i owe 20 and counting after the insurance paid. filing 7 and keeping my home...the bank told me to come in and sign the reaffirm papers. no big deal to my bank...