I feel your pain, man...and mine. As a condition of my divorce, I'm required refinance my house. The Feds are raising the interest another quarter point today.
I just finished taking a 3 and 1/2 hour essay examination on, you guessed it, DEBTORS and CREDITORS!
It was pure TORTURE.
Every since I learned the TRUTH about the Moneteray System, having to sit through two hours of DEBTORS and CREDITORS, two times a week, for what remained of the semester, was almost more than I could bear.
Just to give you a small sample of the DEVICES used to torture me, under § 1325(a)(5)(B) of the Bankruptcy Code:
The present value of an allowed secured claim [.e.g, mortgage] should be computed by using the prevailing market rate [which the FED determines at whim] for a loan of equal term and similar risks – In re Hollins (1995)
A. To determine the market rate, consider: 1. Short-term T-bills 2. Long-term T-bills 3. Prime Rate [all is controlled at whim by the FED]
B. Remember: A Chapter 13 plan will not be confirmed if it doesn’t satisfy the best interests test [of course, not your best interest, but the Creditor's].
If a debtor has debts of 3,000 and he proposes a total payout of $3,000, the plan will fail because it doesn’t account for the time value of money.[!!!]
The creditors in this scenario would be better off in a Chapter 7 because they would be getting the money today. A dollar today is worth more than a dollar tomorrow.[!!!]DAMN YOU!!!
2 Comments
Close this window Jump to comment formI feel your pain, man...and mine. As a condition of my divorce, I'm required refinance my house. The Feds are raising the interest another quarter point today.
How do you get out of this mire? (sigh)
Tuesday, December 13, 2005
wow, that sucks that you have to refinance while those pricks twist the screws tighter on the money supply.
but, I can tell you what we can all do to get out of this mire...
tell anyone with ears about the problem and helps us reach CRITICAL MASS before it's too late.
Tuesday, December 13, 2005