Dilemma

[awesomeagain]

Hi all,
I was laid off over a year ago-went to file a 7 last week, did all the necessary paperwork with the attorney but am holding back from processing because of the student loan bill that is pending - I have about 35k in student loans that I would love to include-the dilemma is that I may be starting a new job soon and if I wait too long I may not pass the Means Test because I will be making too much, also I have another obligation that I can't include in a BK so it's imperative that I eliminate all I can. I guess I would be taking a gamble to see if the student loan bill passes, HR5043, in the near future. My thoughts are if it's going to pass then they will have to pass it by years end before the Republicians take control of the House-any thoughts???thanks

[LadyInTheRed]

I wouldn't count on passage of HR 5043. It was referred from subcomittee to the full judiciary committee on Sept 15. There has been no action since then. If it ever makes it out of committee (the majority of bills never do), it then needs to be passed by both the House and Senate. Just doesn't seem likely before the end of the year.

[keepinitreal]

File now and if the bill passes, amend your filing.

[wonderingrov]

I agree with the posts above - the chances of the bill passing by year end are very slim. I suspect the debate over tax cuts is going to take higher priority. Also, Thanksgiving is only a few weeks away now. I wouldn't plan my bankruptcy around it - as keepinitreal pointed out, you can always amend later if you need to.

[freedomnow7]

Yes, file now so that you can start rebuilding. That way, you can get some sort of piece of mind and your filling will have a 2010 filing date, instead of 2011.

[awesomeagain]

Thanks for the responses, how do you amend after you file? thanks

[LadyInTheRed]

From HR 5043:

(b) Application of Amendments- The amendments made by this Act shall apply only with respect to cases commenced under title 11 of the United States Code on or after the date of the enactment of this Act.

If you file now and the bill is passed later, it will not apply to your case, unless that provision is amended before it is passed.

Make decisions about filing BK based on the law as it is now.

[keepinitreal]

From HR 5043:



If you file now and the bill is passed later, it will not apply to your case, unless that provision is amended before it is passed.

Make decisions about filing BK based on the law as it is now.

Thanks for that important message!

[awesomeagain]

if the bill doesn't get passed by years end then I just don't see it happening with republicans taking over the house in january-but if it does pass look out! bk attorneys will be the most sought after professionals since doctors who first prescribed the cure for the clap

[dumpinmydebt]

I wouldn't hold you breath. They are more focused on other things besides this issues. The economy, jobs, and healthcare are going to take precedence over this.