WHAT PRESIDENT WILL HELP YOU FILE BANKRUPTCY?

Been watching the democratic convention? Whatever your opinion is of the candidates, it is quite a spectacle. I at least never know if I am watching a unique function of our great countries' constitutional system or some bizarre marketing blitz for the sole function to control us and the world. Who knows. Really, who knows if these people are even real.

Anyways, away from my Paul Harveyesque discussion, the topic here is bankruptcy. In 2005, our great congress and senate, with the blessing of our President, signed the new bankruptcy law that is currently in effect. Let me tell you, the law for those of you needing to file, made things a heck of a lot more difficult. You used to be able to pretty much file a Chapter 7 (liquidation) if you couldn't pay your debts. Now, you have to go through what is called a "means test" to see if you meet standards based on local and national standards. Many can still file, but it certainly has loomed to be a deterrent and has caused many more to seek credit counseling (more on this later) than go through bankruptcy.

The problem with the means test and the hoops is that looking at numbers and looking at real life many times are completely different things. For instance, you look like you make good money (lets say 105,000) but have 4 kids and huge expenses. One kid is sick, you don't have insurance, etc. These may not meet the "means test", but you certainly need bankruptcy, as intended. That is what I am saying.

So, in terms of the candidates, which one is best? Well, Mc Cain was a big supporter of changing the bankruptcy laws, and I believe if you checked out his contributions from the banking industry, it would be consistent with the law helping them out. Obama did not support the change in the law, and has stated that he wants the law to change to help people who have lost jobs, in the military, that are having a particularly tough time. Assuming Obama has congressional backing, he will seek to change the law to make it easier for people to discharge their debts to be able to live.

Mind you, if someone defrauds a bank or anyone, bankruptcy doesn't help. This is for legitimate debts of people who need help. It is a fundamental right of our country (actually in the constitution in Article I-To establish a uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States).

Keep this in mind for you and your fellow Americans when you vote in November.

BUYING GAS CAN HELP YOU QUALIFY FOR BANKRUPTCY

What a loopy world we live in. I mean, we eat, walk around, work hard, and of course, play. For some of us, its a struggle. Well, actually, a lot of people struggle. There are such nice things to do, but they all cost money. Real money.

Until the last few years, we have as a country been able to do stuff with ease. Now, gas. Its almost 5 bucks a gallon. For most of us, it is now a HUGE part of our monthly expense. Believe it or not, it can be used to your benefit if you are in the situation to seek bankruptcy protection.

You see, the Government (yes, the same one that the gas prices have hit these prices) amended the Bankruptcy Laws a few years back to make it more difficult to file. A means test was added as a requirement prior to filing a Chapter 7 bankruptcy. This means that you had to analyze your income and debts, and determine prior to filing whether you made too much to get rid of all of your debts.

Your expenses aren't relevant unless you had income between $6,000 and 10,000. Now, the steep gas prices, it is a legitimate expense that helps one become qualified within these income ranges.

So don't fret---when you drive around and need to fill up, there is a way it can help you that prices are so high!

If interested, go to www.easychapter7.com for information.

WHAT'S UP WITH EQUITY LINES?

Free Checking?

National City. Looks like a nice place. Where dreams come through, don't you think?

Well, many people had equity of lines of credit with this company. Many. They were so easy to get---you have any equity, you get your line. People use these lines for a variety of reasons--vacations, pay credit cards, use for improvements, or simply for no reason. When they got these lines, they signed the documents which obligate them. Most people lived up to their agreements. Most, except of course, National City.

National City's stock price has tumbled, and they got out of the equity line business. Now, they seem to find any reason to cut people off of their credit lines. They did for no reason to a number of customers.

Hopefully, National City's actions will cause them a class action lawsuit, or other karmic actions. It usually does. In today's times, people need certainty, and if National City's actions cause a bankruptcy, or a foreclosure, that is simply wrong.

There are good people who want to help when people are wronged. Please, if you have any questions, drop us a line.