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can anyone help me in understanding the new bankruptcy laws?  

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I just heard on the news that congress passed the new bankruptcy laws today. So it is in our best interest to understand what the changes would mean for us. Of course the banking industry has scored a major victory. But equipping ourselves with an understanding of the new legislation would make the bankruptcy process go smoother. This NPR article spells out the new law in detail.



npr.org/templates/story/story.php?storyId=4600645


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asked Apr 14, 2005 04:26 PM

benjaminz6

2Answers

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Let's wait for some time and see what the effects of this law will be like.

Roxette

answered Apr 14, 2005 04:41 PM

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Quote:

Originally Posted by roxette
Let's wait for some time and see what the effects of this law will be like.

Roxette


More than likely, the effects are going to be more beneficial to the creditors. because now people ill actually be required to repay the debts even after bankruptcy. Even though this method would be very effective in stopping those that abuse bankruptcy, i am afraid that it will have a negative impact on those who actually will need to use bankruptcy in order to obtain a fresh start.

answered Jun 29, 2005 06:08 PM

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