Bankruptcy Lawyers
Q.When I see a client with a $35,000 annual income and $30,000 in debt getting pre-approved credit cards with $15,000 lines of credit, this is corporate irresponsibility of the highest order. Why is there no discussion of this issue? Why are only debtors in bankruptcy targeted? If it's just a "business decision" for the corporation to make such a loan, why should it not just be a business decision for the debtor to file for bankruptcy? It's a two-way street. And credit card companies are making record profits, in the *billions* of dollars, notwithstanding bankruptcy filings being up. Doesn't this mean that the market is working as it should? Why do we need massive changes to guarantee these companies to make even *more* money?
A.You may remember my story of the terrible mortgage companies we dealt with and who put us in the position we are today. They receive a slap on the wrist and are allowed to go on just as before with maybe a few alterations. Pouring ****** into Congress to assure that these "gentlemen's agreements" are made and the victims can go to *** are common. Last year the CC companies made trillions in profits. They cry all the way to the bank--whoops! They are the bank. A lot of bankruptcy lawyers would agree with Mr. Weiss because they deal with consumers who have suffered at the hands of these lenders and have come to realize how sleazy they can be. There are good lenders out there, and as I've said, the industry should itself clean out its own bad apples. It will not only help consumers but reduce the harmful effects from bad debts, bankruptcies etc.
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