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Finally! No More Bankrupt Freeloaders

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There goes my student loan (flight school) repayment plan! What am I going to do now?
 
If you really think that the credit card companies are going to pass along any savings to the consumer I've got some oceanfront property in AZ I'd like to sell you. Responsible consumers will continue to get screwed.
 
Now if we could just apply the new laws to bankrupt airlines. Oh well... I guess there were no lobbyists for that.
 
DetoXJ said:
http://story.news.yahoo.com/fc?cid=34&tmpl=fc&in=Business&cat=Personal_Bankruptcy_Law

Bill passed today. No more declaring BK and then leaving the burden to responsible consumers. Most BK cases are almost as bad as welfare abuse. Hopefully this will make people more financially responsible. Props to congress for passing this bill.
Click to expand...



What's this doing in the regional forum? Oohhh yeah, regional FO pay...perhaps it's in the right place after all.

Don't ever trust credit card companies. A bill heavily sponsered by credit card companies won't act in the consumer's favor. There are deadbeats out there and it's good that they'll have a harder time scamming society, but most people declaring bankruptcy get there by A. some unfortunate decisions and B. failing health, job loss, etc; problems not necessarily related to being a deadbeat. And since it's a "conservative" majority in power, they had to put a little something in for the rich folks to make it more palatable.
Asset Protection Trust

The new law leaves intact an increasingly popular loophole called asset protection trusts. These trusts allow people to protect substantial assets from creditors even after filing for bankruptcy.

Setting up these trusts can cost many thousands of dollars. Maintaining them and paying an in state trustee can cost thousands more. That rules these trusts out for people of modest means, making them an option mainly for the wealthy.

Until 1977, these trusts could only be opened offshore. But since then, eight U.S. states -- Alaska, Delaware, Utah, Nevada, Rhode Island, Oklahoma, South Dakota and Missouri -- have passed laws exempting assets held in the United States from federal bankruptcy laws. People opening one of these trusts don't have to be a resident of the state, but merely establish the trust through a financial institution located there.


 
DetoXJ said:
http://story.news.yahoo.com/fc?cid=34&tmpl=fc&in=Business&cat=Personal_Bankruptcy_Law

Bill passed today. No more declaring BK and then leaving the burden to responsible consumers. Most BK cases are almost as bad as welfare abuse. Hopefully this will make people more financially responsible. Props to congress for passing this bill.
Click to expand...
And my Aunt Anita had hip surgery today, poor lady. I like Chicago Style Hot Dogs--ummmmmmmmmm !! I think it's about time to clip my toenails.

Anymore useless random thoughts???????
 
Thanks to deregulation for all of the industry woes. I'm not all about big government, but in this lowballing business, certain routes need set prices. We need some form of gov. regulation in the airline business.
 
We have gov. regulations. They are called the FAA. Do the majors need better scope protections in their contracts for pilots, FA's, Mechanics, etc...you bet, but that is up to them for their respective contracts. Being a regional pilot, I am all for the betterment of our industry, but not at the cost of having mainline jobs watered down by giving bigger and bigger planes to us regional flunkies.
 
Dodge said:
We have gov. regulations. They are called the FAA. Do the majors need better scope protections in their contracts for pilots, FA's, Mechanics, etc...you bet, but that is up to them for their respective contracts. Being a regional pilot, I am all for the betterment of our industry, but not at the cost of having mainline jobs watered down by giving bigger and bigger planes to us regional flunkies.
Click to expand...


How did a comment on industry re-regulation turn into one on employee group scope?
 
pilotmyf said:
I like Chicago Style Hot Dogs--ummmmmmmmmm !! Anymore useless random thoughts???????
Click to expand...
Any more useless random thoughts? Hahahaha...thanks for asking.

Here's one for ya...

What's the difference between Jimmy Hoffa and those roller hotdogs you see at 3:00 AM in the convenience stores? (give it a try...no disrespect to Mr. Hoffa...but there are unlimited punchlines for this one!)
 
DoinTime said:
How did a comment on industry re-regulation turn into one on employee group scope?
Click to expand...

In my mind, Ramp Tower, was blaming the government on the woes of the industry. I simply disagree.

Another random thought, if we the people want the gov to run our business's for us, how about they fix the low grade education in a lot of our public schools. After all, it is THEIR jurisdiction.
 
Call me nuts, but I think that imposing more reasonable interest rates would do more good than this. I'm Mr. Responsible, but when the cost of EVERYTHING keeps rising and interest rates do too...people need to make better money. It isn't happening. And that needs some fixing. I am a very conservative man politically and morally, but I have to go with the whiney liberals that this attacks the middle class.
 
acaTerry said:
Call me nuts, but I think that imposing more reasonable interest rates would do more good than this. I'm Mr. Responsible, but when the cost of EVERYTHING keeps rising and interest rates do too...people need to make better money. It isn't happening. And that needs some fixing. I am a very conservative man politically and morally, but I have to go with the whiney liberals that this attacks the middle class.
Click to expand...

You're kidding, right? Interest rates are at near historic lows. Also, no one is forced to use a high interst credit card. If you can't afford to live on first year pay without using 18%+ credit cards, then you can't afford to take the job. Borrow money from family, or some other reasonable source. We all know that high interst credit card debt is the worst form of debt.

I have no problem jamming people who were irresponsible and mounted up a heap of stupid debt. What I am concerned about is the number of people who go bankrupt due to tremendous medical expenses. If properly documented, I would in favor of helping to protect these people.
 
Medical expenses and such are exactly the point. But even for those who are not in such a state, how can you EVER go forward without incurring some debt? Glad I'm not just entering the working and living world...
Interest rates...I think you are talking about houses. Even with excellent credit, the rate is around 10% after the "introductory" rate. Except Capital One...what's in YOUR wallet?:D
 
Dodge said:
In my mind, Ramp Tower, was blaming the government on the woes of the industry. I simply disagree.

Another random thought, if we the people want the gov to run our business's for us, how about they fix the low grade education in a lot of our public schools. After all, it is THEIR jurisdiction.
Click to expand...

Ok my bad, I didn't mean to imply deregulation is THE cause of all our the industry's problems, but it is a big part of it. When times are good, it's great, and when the industry goes south, history shows it has gone to the sewer and back. Scope and non-union carriers aside, I'm all for some form of regulation that sets prices on certain routes. That's all. It will not fix all of our problems but it will fix some. The rest of the low-balling is fought thru the unions but that's a WHOLE other story in itself.
 
DetoXJ said:
http://story.news.yahoo.com/fc?cid=34&tmpl=fc&in=Business&cat=Personal_Bankruptcy_Law

Bill passed today. No more declaring BK and then leaving the burden to responsible consumers. Most BK cases are almost as bad as welfare abuse. Hopefully this will make people more financially responsible. Props to congress for passing this bill.
Click to expand...

Actually, most bankruptsy cases, about 60%, are due to medical bills and the majority of the rest are due to people loosing thier good paying jobs that they thought were secure. This bill is 100% about squeezing the middle class to enrich the weathy.

Scott
 
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What ticks me off about this is that some members of Congress wanted to add exemptions for our military personnel and those that had their identities stolen but it was not allowed to be brought to the floor.

Identity theft is increasing at a rampant rate in this country. It costs hundreds and thousands of dollars to fix one's credit and clear one's good name. To not allow an exemption in situations where there is verifiable identity theft is unbelievable. Then again, when credit card companies allow some of this to happen I guess they want to get their money some how.
 
As a person who was a banker and a counselor for a non-profit credit counseling agency, I'm apalled by the new regs. Granted some people are irresponsible, most are not. The biggest problem with the new regulations is that is does not force lenders to tighten up their credit policiesand stop lending to college kids with no income. OK, this has nothing to do with aviation, but its an important topic. This was a problem that needed to be addressed, but this is just like the TSA's solution, absolute overkill with unintended consequences.
 
Credit card companies do not hold a gun to anyones head and make them apply, or make them use it.

It makes those who earn above a states median income to have to enter into some kind of repayment plan, as determined by a bankruptcy judge.

If you doubt your ability to pay for something, then dont buy it.

Some of these quasi-socialists here are laughable. To them, if something benefits the private sector and business, it then hurts the country.
 
This isn't just about Credit cards, although that does happen. As someone else said, 50-60 percent of these personal bankruptcies are declared because of medical cost. That is probably a bigger issue, than some idiot who buys on credit.

Of course, that is not how it is presented. We do not hear about the family bankrupted for paying exorbiant medical bills for their sick child, it is presented as Joe Q paying for his big screen TV on a Credit card and then not paying the bill.

At the same time, no changes were made to the Ch. 11 laws and business gets to do the usual thing.

Once again, those on the Hill shows, that they are completely out of the loop with regards to the issues facing the average american.
 
I'll keep this short but BK worked great for me 6 years ago. It helped me get back on my feet and now we own our own house. I had 4 kids and a low paying regional job. I needed help with all our bills and I didnt have a mommy or daddy to come bail me out! I should have just charged all my flight training in hindsite. That could have saved me $15k.

But seriously, to imply that all BK's are because "Johnny got a credit card and went shopping" is crazy. I just wish I would have purchased my house in FLA because they couldnt take it from me if I ever have to file again!! ha!

Have a good one fellas.....
 
Why, so you could get out of paying for your flight training costs? Why it is someone elses job to pick up the bill? And is it the job of others to subsidsize your life as a regional pilot? You knew the pay when you went into it.
 
Palerider957 said:
You're kidding, right? Interest rates are at near historic lows. Also, no one is forced to use a high interst credit card. If you can't afford to live on first year pay without using 18%+ credit cards, then you can't afford to take the job. Borrow money from family, or some other reasonable source. We all know that high interst credit card debt is the worst form of debt.
Click to expand...

Sweet, can I borrow money from your family? I swear I'll pay it back.
 
Scapegoat, you should be the posterchild for this bill. Because you decided to have 4 kids and take a low paying regional job is my fault? Sounds like poor decisions. The problem is not medical bills. It is the fact that people live so close to the edge (paycheck to paycheck) all the time that any small emergency breaks their back. People are not responsible. It is everybodies fault but their own. The credit card people made me do it. Best buy made me get that TV.

When did we have the greatest increases in bankruptcy rates? The late 90's when the stockmarket was runaway and job market was on fire. People need to take responsibility for themselves. Makes me sick.

Make a budget

Live within that budget

Have an emergency fund (6-12 months living expenses)

LIVE WITHIN A BUDGET

DON'T SPEND $80,000 ON A JOB IF YOU CAN"T AFFORD TO LIVE ON $20,000 a year CFI or first year fo pay.
 
mamba20 said:
You rich little PFT people here crack me up. You talk like you earned your job in this industry.
Click to expand...

Didn't see that one comming, but we are on the Regional board so I guess that we would have ended up talking about PFT sooner or later.
 

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