>I've been bugging an actor friend of mine to file for bankruptcy and
>sending him ominous articles about the doom to come. But true to the
>spirit that got him in this spot in the first place, he immediately
>spotted that one of my articles mentioned a six-month grace period -- so,
>he reasoned, he could put off filing that much longer. Is there a hole in
>this argument that I should tell him about? Or am I just an ant arguing
>with a grasshopper? The article that inspired his procrastination is
>excerpted below. I have to admit, if there isn't any increased danger of
>getting caught out, there's something to be said for getting his money's
>worth. Besides the fact that, when he gives up his cards, he may have to
>throw in the towel on this dream earlier than he intended.
At the risk of offending Justin's professional sensibilities....
I interviewed UCLA law prof Ken Klee on the radio last night. Klee, who as chief counsel to the House Judiciary Committee was the lead author of the late-70s rewrite of the code, said that: 1) there's a 95% chance that something closely resembling the slightly differing bills passed by the House and Senate will become law; 2) the likely date for a presidential signature is May; 3) in both bills, most provisions would become effective 180 days after the president's signature; 4) there will probably be a big spike in bankruptcy filings in the fall; 5) when the bill becomes law, many people will suffer.
I'll say again, anyone with substantial debts should seriously consider filing. The consequences of going bankrupt aren't all that awful, and those of servicing onerous debts can be. Many credit card companies are happy to give new bankrupts a card, since they're now debt-free and prohibited from filing again for 6 years.
Doug