Bankruptcy grace period

Wojtek Sokolowski sokol at jhu.edu
Fri Mar 23 09:36:20 PST 2001


At 11:59 AM 3/23/01 -0500, Doug wrote:
>Though lots of people on the verge of bankruptcy might find a $500
>lawyer's fee a bit of a burden, no?

That's not very difficult. If you owe, say, $30k on your credit cards (a modest amount in bankruptcies), your monthly payments most likely exceed $500 (the 18% interest alone on that amount is about $450/mo), so all you need to do is simply skip a month in servicing your debt. They will slap you with "penalties" but that will soon become irrelevant, no? (PS. Do not try to put the attorney fees on your soon-to-be-defaulted plastic, it's illegal).

wojtek



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