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    Lobbying Reporter
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    Editor in Chief
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    Vice President/Editor, ALM
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    Senior Reporter
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    Chief Washington Correspondent
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    Supreme Court Correspondent
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    D.C. Courts Reporter

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August 13, 2009

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Comments

Lori

Ann R in NC----this is part of the protection bankruptcy provides. Each state has its own "exempt" status that provides assets you own that cannot be taken away or "repossessed". In Texas, this includes your homestead, 2 vehicles and basically everything in your home including jewelery, etc.

Gary

I'll let you know in a few months barring some kind of personal financial windfall or miracle.

Thinkabotit -SLLamb

Sometimes I think the biggest impediment to making meaningful progress on these issues is the continuous error we seem to make in lumping everyone's situation into one big pot. I know people who are buying homes and even constructing new custom homes. I also know people who have filed for bankruptcy, or are strongly considering it. We have a very big country here. Subsequently, it's possible to have housing sales showing life from some Americans, even as other Americans are still battling their way through a very, very tough economic condition. Now when we figure out that both of these realities can and do exist simultaneously in our country, maybe we will be able to more seriously consider constructive legislation to cure our economic woes.

Banker McBonus

But home sales are up .5% from last month, doesn't that mean everything's OK? The self-delusion index is at all-time highs.

ann r in NC

If people understood what it was really like to go bankrupt while through one of the worst times in your life, the laws would change. Or, at least I would like to think so.
The banks won the bankruptcy law changes not that long ago. It's hard to believe. And even more sad, Congress went along with it all.
Unfortunately, there are very few who are willing to share what it's really like. There is so much shame connected to filing for bankruptcy, there is often little or no support before, during, or after going through the bankruptcy process.
If someone or some group would be willing to bring the dark side of the bankruptcy process into a bright light to provide some advocacy and support, they would at the very least be providing many in our country right now some hope. And for others, knowing that someone actually understood what they went through.

cork

I'd file in a heartbeat if I didnt fear losing my house.

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