What is everyone's opinion if the economy continues to sink?

[Kansas1960]

What is everyone's opinion on filing if these things happen? If any of these things happen this year how would it affect filing of Chapter 7?

1. Our banks are nationalized like what is starting to happen in England.

2. Our currency is changed to the Amero?

3. Hyper inflation happens.

If any of us are looking to file 1 year down the road would they make BK illegal if the government now owns the banks? How long would we have before BK laws are changed? Is it possible that the government will hit "reset" and everyone's debt wiped out? Please share any thoughts.

[B65]

I have no clue

but as for hitting reset, doubt that will ever happen has it anywhere? ever? I have no clue.
scary times...

[BKOnce]

Let's wait until March-April come (1 quarter) for Obama to work on $$... it's too early to predict anything right/wrong.

[debtmonster]

That's exactly why I want to file so quick. My checks are getting smaller and smaller each month and I'm paying my bankruptcy lawyer smaller retainers each month. This means test IS KILLING ME! I have to keep paying my cars just to qualify. I'm about 90 days late on my mortgage. But since we had 3 incomes a few months back, it put us way over the means. Now I have to sit here living on a fraction of what we used to make and drag this crap out. If they repo the car, then I won't qualify for the means test. Everything is being a catch-22 and I'm getting sick of it.

I only get paid once per month. We have $550 in our checking today and that has to last until Feb 15th when I get paid again. That money will be gone SO FAST like you could not believe.

[optimistic1]

Ultimately, the median income in your state could drop so low that you or a majority of would be filers simply do not qualify any more, thus forcing them into a Ch.13.

Also, I have read that we are now experiencing DEFLATION, but tell that to OPEC, which gas prices are now seemingly on the rise once again.

[drowningNdebt]

I read that Obama is looking to enforce the old bk laws. This is suposed to take effect in his first quarter to give relief to the citizens in financial turmoil.

[Kansas1960]

Can you verify this? Where did you read this?

[bkchap7filer]

Oh, yes....thank God the Messiah is here....all problems will be over.....sorry, just not a Kool-aid drinker

[optimistic1]

Better than the old fart and the totally clueless moose burger eating running mate.

[Never_Again]

One might want to think about this...

Before you wait for Obama to ride in to the rescue and go with the old bankruptcy laws...

Don't you know that Joe Biden was a major sponsor of the bankruptcy reform act of 2005? He is from Delaware, the credit card capital of the US?

Don't look for too many changes right off...

[welovedis]

One might want to think about this...

Before you wait for Obama to ride in to the rescue and go with the old bankruptcy laws...

Don't you know that Joe Biden was a major sponsor of the bankruptcy reform act of 2005? He is from Delaware, the credit card capital of the US?

Don't look for too many changes right off...

So many people are completely unaware of Joe Biden's record--I remember him from those days watching C-SPAN when this legislation was being passed and he was a like the cat that ate the canary. I'll be happy if some good changes come along but I doubt it will be like pre-2005 days.

[debtmonster]

Ultimately, the median income in your state could drop so low that you or a majority of would be filers simply do not qualify any more, thus forcing them into a Ch.13.

Also, I have read that we are now experiencing DEFLATION, but tell that to OPEC, which gas prices are now seemingly on the rise once again.

Man, that would be TOTALLY UNCOOL if more people could not qualify. That would just add insult to injury. That's why I want to hurry and file NOW before any laws start to change with Obama in there.

Gas prices are being affected from the stock market. I wish they would force the oil companies to be private so that way the stock would not affect the pricing. Every time you buy gas, so many other people that have nothing to do with the oil are getting rich.

[JRScott]

There will probably be no changes in the bk laws for the next 4 years on the federal level. You may see states pass newer laws for exemptions.

The economy will not recover short term, indeed it is likely the economy will worsen for at least the next 2 years before beginning to recover. The house economic stimulus package will not aid in short term recovery as many of the projects it wants will not even be started within the next 2 years.

Whether or not you should file now should not depend on what you see in the future, we can't predict the future reliably. You need to take into account your past 6 months, your debt to income ratio and make a business decision that is best for you.

[debtmonster]

Whether or not you should file now should not depend on what you see in the future, we can't predict the future reliably. You need to take into account your past 6 months, your debt to income ratio and make a business decision that is best for you.

I am self-employed. I am seeing my income nose-dive over the past 12 months. I am getting about a 70-80% decrease in sale conversion to new account signups for what I do. The thing is I made almost $30,000 in the past 6 months which is almost $10,000 over my median. I had a good Christmas bonus that killed my income. Now it has set me back where I will have to suffer for months with much smaller commission checks. I was making $4,000-$5,200/mo. Now my checks are grossing almost $3,000/mo. The median is almost $25,000 for the past 6 months. I have to pay my lawyer $500 for them to process the means test. The closer I am to the median, the easier it is.

[HHM]

No offense, this is a dumb thread.