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The Mudcat Cafesj

User Name Thread Name Subject Posted
GUEST,Dreaded Guest BS: Get out of debt now! (25) BS: Get out of debt now! 17 Mar 03

If you go to the Congressional legislation search engine and type in H.B. 975 you'll see new national bankruptcy legislation. GWBush and the Republicans passed this in Texas and made it harder to qualify under state law for bankruptcy, and not it's going nation-wide.

Now that so many people are in debt up to the eyeballs, they're going to change the rules so you can't declare bankruptcy. So if that was your plan, you'd better do it NOW.

If and when the war with Iraq starts, American Airlines and/or United Airlines will fold. If both do, 150,000 unemployed overnight. And that's just the beginning of that one little services and the ripple effect will put no telling how many out of work. I've heard lots of economists lately talking about a 'Perfect Storm' coming up...where one financial disaster will trigger another and lead to the collapse of banking as we know it. Not much you can do about that, but you can look to your debt. And H.R.975 WILL be passed in all likelihood, so if you plan to declare bankruptcy, you'd better do it now.

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