Here's what you get to live on under the new bankruptcy law:

[MikeG]

http://www.irs.gov/individuals/article/0%2C%2Cid=96543%2C00.html

http://www.irs.gov/businesses/small/article/0,,id=104627,00.html

http://www.irs.gov/businesses/small/article/0,,id=104623,00.html

Enjoy.

[AutumnMist]

1. yikes

(sigh)I am getting rid of our Visa tonight. LOL

[Eloriel]

8. Here's some excellent advice for you from another DUer

How smart people will handle the new Bankruptcy law
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=104x3214945

[MikeG]

13. Do you have any idea how that will depress the economy?

[PROGRESSIVE1]

17. stop spending.

[Eloriel]

18. What, like it's the people's responsibility to run the economy?

I think NOT, thank you very little.

[murray hill farm]

2. How does it compare to...

what it is now? Does filing bankruptsy iliminate a mortgage? I did not see anything on the chart for mtg or rent.

[LaraMN]

4. There was a link

for state and county dollar amounts.

[MikeG]

5. Here's the link:

http://www.irs.gov/businesses/small/article/0,,id=104696,00.html

[murray hill farm]

9. Thanks, Mike G

i admit my total ignorance when it comes to the whole topid of bankruptsy. When an individual files bankruptsy...what does that mean? What happens? Are debts wiped out? All debts? Certain debts? Why does, then, a person have to live on a prescribed budget? So do you know how the whole thing works?

[MikeG]

12. Right now in most instances non tax and student loan debts are forgiven.

You can exempt the following:

$18,450.00 in equity in a home per debtor.

$8,000.00 in furniture and clothing

$3,000.00 in equity in a car.

$10,000.00 in any property

401K's

pensions

SS benefits.

$18,450.00 in personal injury proceeds.

Double it if a husband and wife file.

[Jacobin]

14. I think the homestead exemption amount will be controlled by

which state you live in.

That was a biggie for the republicans who voted for this thing and wanted to make sure their criminal dead beat wealthy friends could keep their 20 million dollar mansions.

[MikeG]

15. You are right - I am assuming no state homestead exemption.

However if you choose state exemptions, you lose the federal personal property exemptions.

Most trustees don't want your furniture or clothing to sell.

[LaraMN]

3. I'm surprised.

That's actually just about what we (family of five) live off of, each month. Yeah-- not counting the debt we can't pay on.

[K-W]

6. Lets bring back debtor's prisons, or better yet

lets ship the debtors to australia.

I know the quote about forgetting history, but what about people who are so screwed up they actually want to relive the worst parts of it.

[FlavaKreemSnak]

7. Nothing for health care, insurance, medicine

Those are not allowed.

[MikeG]

10. You can expect it to be allowed if it meets a reasonableness standard.

Go to thomas.loc.gov and search for bankruptcy

Then click on the link for Senate Bill 256.

I haven't completely scoured the bill.

[Jacobin]

11. Yes. If you get sick, you die.

RW values

[Armstead]

16. kick