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To: bentway who wrote (17762)	2/24/2004 10:28:24 AM
From: Elroy Jetson	Read Replies (1) \| Respond to of 306849

For those not familiar with the new terms for Bankruptcy, which will likely soon be passed into law. personal-bankruptcy-chapters-7-13-filing-laws.com Under proposed new bankruptcy laws, chapter 7 is prohibited for any individual earning more than $100 per month disposable income (determined by the IRS means test) if debts owed total less than $24,000. Under proposed new bankruptcy laws, chapter 7 is prohibited for any individual earning more than $166 per month disposable income (determined by the IRS means test) if debts owed total $24,000 or more. Current laws allow employed debtors to file chapter 7 without income restrictions. Under proposed new bankruptcy laws, if the value of collateral is less than debt owed, debtors must pay the higher amount to retain property. Current laws allow debtors to choose the lower amount - "cram-down" to actual collateral value - under Chapter 13. Under proposed new bankruptcy laws, all Chapter 7 debtors presumptively file in "bad faith," with the burden placed upon debtors to disprove presumptions in accordance with the Federal Rules of Evidence. This amendment effectively creates a rebuttable presumption of "guilt until proved innocent" with criminal punishment available in some circumstances. Under proposed new bankruptcy laws for chapter 13, debtors shall live under court supervision with all disposable income above the IRS means test applied to the full payment of all debts for a period of 5 years, or until paid in full. Under proposed new bankruptcy laws, penalties are mandatory against all debtors who assert facts, pleadings or requests without "substantial justification". Innocent errors, oversights or omissions are not excluded. This zero-tolerance provision does not apply to creditors. Under proposed new bankruptcy laws, mandatory penalties are required against all debtors' attorneys who assert facts, pleadings or requests without "substantial justification." Innocent errors, oversights or omissions are not excluded. This zero-tolerance provision does not apply to creditors' attorneys. Under proposed new bankruptcy laws, any creditor may allege misconduct or request dismissal at anytime. Dismissal then becomes mandatory, without judicial discretion, unless a debtor proves compliance with all legal requirements for bankruptcy protection. The debtor is solely responsible for attorney fees when proving compliance before the court. Under proposed new bankruptcy laws, chapter 13 debtors shall be restricted to monthly living allowances mandated by the IRS, regardless of individual circumstance, upon the same quasi-criminal standard used when prosecuting and collecting unpaid taxes (the "means test" under IRS "National Standards and Local Standards, Internal Revenue Service"). Under current laws, a debtor's financial means is determined on a case by case basis.