Comments on: Bankruptcy: Chapter 7 Part II http://masteryourcard.com/blog/2009/04/15/bankruptcy-chapter-7-part-ii/ The best Credit Card Debt Blog online Thu, 02 Feb 2012 13:31:13 +1100 http://wordpress.org/?v=abc hourly 1 By: Kristy http://masteryourcard.com/blog/2009/04/15/bankruptcy-chapter-7-part-ii/comment-page-1/#comment-38248 Kristy Fri, 24 Apr 2009 01:34:59 +0000 http://masteryourcard.com/blog/?p=1110#comment-38248 @ kosmo - Sorry it took me so long to get back to you. What I mean is that if lenders had the right to come behind a bankruptcy and get people to reaffirm their debt, they would put more effort into collecting that debt. They would probably hire someone specifically trained in getting people to reaffirm that debt so they wouldn't have to write it off. You see similar situations in the case of death where they call family members and try to get them to pay the debt, even though those family members aren't responsible. They appeal to people's sense of justice and fairness in order to get them to pay. In the case of bankruptcies, someone who has filed probably doesn't need to be reaffirming the debt because the debt has lead them to the bankruptcy path in the first place. The courts recognize that lenders may try to appeal to the debtors by making them feel guilty and getting them to reaffirm the debt, so they've created a safe wall to prevent that. Any debts that are reaffirmed have to go through the court for approval. Does that make more sense? @ J - Yes, a bankruptcy is extremely involved and I've only touched on the tip of the iceberg. In this case, an attorney is your friend! @ kosmo – Sorry it took me so long to get back to you. What I mean is that if lenders had the right to come behind a bankruptcy and get people to reaffirm their debt, they would put more effort into collecting that debt. They would probably hire someone specifically trained in getting people to reaffirm that debt so they wouldn’t have to write it off. You see similar situations in the case of death where they call family members and try to get them to pay the debt, even though those family members aren’t responsible. They appeal to people’s sense of justice and fairness in order to get them to pay. In the case of bankruptcies, someone who has filed probably doesn’t need to be reaffirming the debt because the debt has lead them to the bankruptcy path in the first place. The courts recognize that lenders may try to appeal to the debtors by making them feel guilty and getting them to reaffirm the debt, so they’ve created a safe wall to prevent that. Any debts that are reaffirmed have to go through the court for approval. Does that make more sense?

@ J – Yes, a bankruptcy is extremely involved and I’ve only touched on the tip of the iceberg. In this case, an attorney is your friend!

]]> By: J. Money http://masteryourcard.com/blog/2009/04/15/bankruptcy-chapter-7-part-ii/comment-page-1/#comment-37305 J. Money Thu, 16 Apr 2009 20:43:20 +0000 http://masteryourcard.com/blog/?p=1110#comment-37305 all i know is this: there are a LOT more details to this that people may think out there! my goodness. all i know is this: there are a LOT more details to this that people may think out there! my goodness.

]]> By: Kosmo @ The Casual Observer http://masteryourcard.com/blog/2009/04/15/bankruptcy-chapter-7-part-ii/comment-page-1/#comment-37255 Kosmo @ The Casual Observer Thu, 16 Apr 2009 13:35:50 +0000 http://masteryourcard.com/blog/?p=1110#comment-37255 "Clearly this would leave room for a lot of creditors to take advantage of debtors, so the court requires a little process before a debt can be reaffirmed." Clearly I'm not connecting the dots properly - can you expand your thought about how a creditor would take advantage of the debtor? “Clearly this would leave room for a lot of creditors to take advantage of debtors, so the court requires a little process before a debt can be reaffirmed.”

Clearly I’m not connecting the dots properly – can you expand your thought about how a creditor would take advantage of the debtor?

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