Posted by John Merchant on October 07, 2005 at 16:50:09:
NO, sorry I’m not up on details of the new law yet.
If you’ll dig around on Google you’ll probably find plenty on it from lots of sources and learn all there presently is.
This may be one of those broad-sweep Federal laws that will have to be interpreted by the BK courts over next few years, with lots of details left to be ironed out, including counseling provisions.
My guess is it’s going to be a gold mine for employment opportunites for financial counselors who’re going to be needed in droves.
New Bankruptcy Law and its effects - Posted by John Merchant
Posted by John Merchant on October 02, 2005 at 15:16:45:
As all of us know, the US Bankruptcy Laws are just about to change radically.
The now easy ability of the debtor to stop paying us by jumping into BK, and to stall foreclosure when he’s stopped paying us, is about to change in a big way, and the seller is not going to be able to so easily stay in the property when he’s stopped paying.
Re: New Bankruptcy Law and its effects - Posted by Natalie-VA
Posted by Natalie-VA on October 07, 2005 at 12:07:49:
John,
Do you know exactly how the counseling requirement works? I’m curious to see if people using BR to stall a foreclosure sale will have to plan way ahead, or if they can still file last minute.
This is the legislation that was pushed by lobbyists for the same companies pushing high interest credit cards on folks who can’t afford them. Gee, maybe you CAN have your cake & eat it, too–