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Senate Debating Bankruptcy Changes Now
From ConsumerAffairs.com:
In an effort to throw an additional lifeline to consumers facing the threat of foreclosure, the U.S. Senate is set to consider changes to U.S. bankruptcy law, giving judges wide authority to not only reduce interest rates, but actually reduce the amount of a homeowner’s mortgage.
Lawmakers are tentatively scheduled to debate the proposal on Tuesday.
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I find the entire concept of this to be very interesting. The good news for some is that it is possible to refinance your mortgage while in Chapter 13 Bankruptcy to get rid of those nasty double digit interest rates. Here’s a link that references that: http://stephlove.wordpress.com/2008/02/16/can-i-refinance-my-home-while-in-bankruptcy/