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To: geode00 who wrote (170353)	9/1/2005 1:44:37 PM
From: stockman_scott	Respond to of 281500

Message 21660809

To: geode00 who wrote (170353)	9/1/2005 1:49:26 PM
From: Harvey Allen	Read Replies (2) \| Respond to of 281500

New bankruptcy law a problem for Katrina victims Thu Sep 1, 2005 01:41 PM ET By Jonathan Stempel NEW YORK, Sept 1 (Reuters) - Hurricane Katrina is expected to cause a spurt of bankruptcy filings by storm victims -- and sweeping changes in U.S. bankruptcy laws may leave them even more strapped than they otherwise might be. The Bankruptcy Abuse Prevention and Consumer Protection Act, which takes effect Oct. 17, includes a slew of rules and restrictions intended to curb abuse. These are expected to make it harder for individuals to file to keep creditors away, and more difficult for businesses to reorganize. But the law wasn't directed at people who file because of catastrophes such as Katrina, in which people lost homes, businesses and perhaps months of regular paychecks. Katrina has caused widespread devastation in Louisiana and Mississippi and left New Orleans, population 462,269, virtually uninhabitable. "People who are seriously affected by this hurricane are not going to be able to file bankruptcy by October 17," said Henry Sommer, co-editor of "Collier on Bankruptcy," a leading reference work. "They have more pressing things in their lives, like survival." New Orleans' federal bankruptcy court is closed indefinitely and referring emergency filers to the court in state capital Baton Rouge. Courthouses in Alexandria, Lake Charles, Monroe, Opelousas and Shreveport are also taking emergency filings. There may be a reprieve soon. Bill Gates, deputy in charge of the Alexandria office, said there is a "very good likelihood" that by late next week a satellite office for the Eastern District of Louisiana, which includes New Orleans, will open in Baton Rouge, which is in the Middle District. "Once they get that opened, they'll essentially be running as close to normal as possible," said Gates, who is not related to the Microsoft Corp. (MSFT.O: Quote, Profile, Research) chairman. Several calls to the Baton Rouge office were met with busy signals. LENDERS TAKE STEPS Bankruptcy experts are urging people who need court protection from creditors to consider filing before Oct. 17. Individuals who wait will face extra paperwork and costs, and many will be subject to a "means test" that will force them to pay off at least some debts. Businesses will face new time limits that could force them to make key business decisions before they're ready. It wasn't immediately clear if the law could be changed to accommodate Katrina victims. But some lenders are taking steps on their own. Banks such as Wachovia Corp. (WB.N: Quote, Profile, Research) are relaxing some fees and providing loan assistance. Ford Motor Co.'s (F.N: Quote, Profile, Research) finance arm is letting customers defer two loan payments, while General Motors Corp.'s (GM.N: Quote, Profile, Research) finance arm is working with customers case by case. "Katrina will be a significant test of how flexible our bankruptcy rules are," said Wayne Abernathy, an executive policy director at the American Bankers Association. "Banks have a lot of experience dealing with debtors in difficulty because of natural disasters. The first focus will be on making sure people can meet their immediate financial needs." Still, Lynn LoPucki, a bankruptcy law professor at the University of California at Los Angeles, said going case-by-case may prove impractical. "It's hard for creditors like card issuers to start dealing with people individually" in situations of the magnitude of Katrina, he said. "There are simply too many." yahoo.reuters.com

To: geode00 who wrote (170353)	9/1/2005 3:00:57 PM
From: illyia	Read Replies (1) \| Respond to of 281500

Hello. Have you e-mailed your President today? Not only are people dying - American Citizens - the ones he is supposed to - sworn to - protect and defend - with his life, if need be!!!! But, because of his idiotic, poorly planned, terribly executed "War on Terror" in Iraq (in which nearly a thousand people died yesterday from the justifiable fear of a suicide bomber attack - something that never would have happened before Bush went into Iraq) we do not have the personnel, apparently, to deal with some gang members shooting bullets and must leave citizens - Defenseless old men and women Babies!!! - to die in the sun in their own shit!!! What? The guys flying the helos aren't soldiers? They are afraid of bullets? Are they afraid that a RIOT could happen because they shot and killed a gangster? HA! Want to see a riot, Bush-baby? Just let things rot a little longer... Need a few more soldiers? Need to fly a chopper and shoot? Isn't that what soldier do???? National Guard? Busy? Off? Somewhere else? whitehouse.gov