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Bankruptcy News
Congress Should Give Katrina Victims Finanical Relief By Delaying Severe New Bankruptcy Law
Burdensome Paperwork Rules, Other “Gotcha!” Requirements Not Practical for Wiped-Out Hurricane Victims; New Law Would Make Victims’ Already Bad Situations Even Worse.
WASHINGTON, D.C. September 8, 2005 Harsh new provisions under federal bankruptcy law set to go into effect in mid-October should be delayed for at least one year for people whose lives, finances or business were directly impacted by Hurricane Katrina, according to the Consumer Federation of America (CFA) and the National Association of Consumer Bankruptcy Attorneys (NACBA). CFA and NACBA warned that, in the absence of the enactment of such emergency relief by Congress, thousands victims of Hurricane Katrina could face a cruel second blow when they try to take steps to put their lives and finances back together.
The two groups urged that the delayed implementation cover those who already were in financial trouble and planned to file before the new law became effective on October 17, 2005, and those who have been driven into bankruptcy because of Katrina and need time to regroup and get their records together. These natural disaster victims already have been devastated and should be allowed to file under the more flexible current law, according to the two groups. CFA Legislative Director Travis Plunkett said: “Bankruptcy is an important safety net that families hit by unforeseen circumstances depend upon.
The federal government should be bending over backwards to help Katrina’s victims get back on their feet, not throwing up new barriers to bankruptcy. The new law's harshest provisions that impose the biggest hurdles to bankruptcy should be permanently waived for victims of Hurricane Katrina. ”
Many family finances include a credit card debt
The typical family filing for bankruptcy in 1997 owed more than one and a half times its annual income in short-term, high-interest debt. A family earning $24,000 had an average of $36,000 in credit card and similar debt.
Definition:
If your loan is reamortized, the delinquency is added to the loan balance in order to bring your payments up to date. This increases your loan amount and will also increase your monthly payments.
Forbearance and Repayment
Definition:
The most common way of resolving a loan default is to work out a plan which will let you repay part of the delinquency each month, along with you regular monthly installment.
Insolvency
Definition:
Another term used to describe a firm that is failing; generally it means that a firm's liabilities exceed its assets or that it is unable to satisfy its obligations as they come due.
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