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Fortunately I have not met anyone whom has managed their debts to the point of deciding to declare bankruptcy. That, perhaps, is the good thing. Since joining this board I have met and found (much comfort and guidance) from meeting many ppl whom have decided to Slug-fest their way to Freedom by paying their debts.

I agree 100% with you, that is the easy way out, in fact - Too easy! Unless there is a certain amount of pain assoicated with this one never really learns from past mistakes and more than likely will repeat past mistakes.

You think there should be reform in this process and Little do you know that there are Bills meandering their way through Conference committees in Congress to do just that - Reform the Bankruptcy laws. I am not sure exactly what is being proposed and looking into this myself. The one big concern I have and that has been echo'ed by many reporters is that the Credit Card Companies are Lobbying very heavily for this by way of campaing Contributions and lobbists and such... But there is no one really representing the consumer. The gist of what the CC Companies want is it harder for ppl to declare bankruptcy for those ppl who have the means... They claim they can then charge lower rates since they have to make up the lost revenue by charging other customers Higher Rates. Similar what the insurance company does to make up for fraud.

Finally found the URL: Here it is

Bankruptcy Legislation -- Congress is working on legislation to reform bankruptcy laws and make it harder for individuals to walk away from their debts. The House version of the bill favors credit companies, who say it's immoral not to meet one's obligations. Consumer groups, who blame banks and others for giving too much credit to people who can't handle it, don't have the money and lobbying power to have much clout in the debate. NPR's Peter Overby reports. (7:30)

Note: this is an NPR Real audio report and you need Real Audio to listen to this report. It is very intersting, heard it on the air when it first aired.

Hope this helpped


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