“If the American people ever allow private banks to control the issue of their currency, first by inflation then by deflation, the banks and corporations will grow up around them, will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.  The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”  Thomas Jefferson

Is It Harder To File For Bankruptcy Now?

I love this quote and it is great advice.  It scares me what Washington and George Bush did in 2005 by passing the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 or the BAPCPA.  It gave the power back to the credit card companies.  It has been a few years since the new bankruptcy law was put into effect.  Personal Bankruptcies are at record lows.  This could be due to the fact that many consumers with financial issues rushed to do their BK before the new law came into effect.  I think that it has more to do with the myths and misconceptions about filing for bankruptcy now that discourage people from doing so.

Scary Facts About The New Bankruptcy Law

Shortly after the new legislation, many credit card companies doubled their minimum mnthly payments from 2% of the balance to 4% of the balance.  Congress also voted themselves a raise while refusing to raise the minimum wage standard.  Over 70% of Americans live paycheck to paycheck and are less than one month from bankruptcy.

The BAPCPA Seems To Be About Money And Big Business And Not People

Payday loan companies are charging people as much as 300% interest or more.  If Thomas Jefferson knew about this he would roll over in his grave.

This information is of general interest and not considered legal advice.  Should you require legal advice seek the services of a qualified professional or attorney.