Get personal bankruptcies to a record in America.
Joseph A. Chrystler, a bankruptcy trustee in Kalamazoo, Mich., he called “ the most flagrant abuses of credit card Fall”das he had ever seen.
An old couple living on $ 17400 had before 150000 debt $ 33 credit cards to supplement their retirement income, then bankruptcy.Chrystler, she could not believe it.“ I have to believe that these people were above their heads, several years ago and has simply refused to recognize the fact …,” he wrote on the couple’s creditors. “ Is this a bad faith registration? Is this abuse of the system?”
The record personal bankruptcies in order to raise capital in America, this question could be asked several times a day in bankruptcy, federal courts across the country. In a crowd, people are in bankruptcy to erase the debt credit card $ 25000, $ 50000 or $ 100000.
In all but the most flagrant cases of such failures are not attacked, or even accuracy. Bankruptcy trustee, verification of declarations, as a general rule, you write that “ no”Asset from the event. And individuals in a bankruptcy within a few weeks _ debts without forfeiting any property.
The nation’s bankruptcy law last revised in 1978, was designed for the debtor simply deleted, we get a fresh start. It was a system of good faith, who believes that most people go bankrupt, are a serious and honest distress.But critics say that because the bankruptcy law is so generous that is used is like a license to steal.
“ I see more and more consumers, go ahead and charge and feel they could not with him,’’said Scott Spradley, a lawyer in Orlando, Fla., represents the credit card company in bankruptcy Tribunal Federal.
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