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"Cry That Debts Repaid Fell Due Again" (Charlottesville Journal, July 2) illustrates the stigma that can attach to people with criminal records, even those who have completed their sentences, have remained crime-free and now lead productive lives.
Under the new law, filers still need not prove that debts exceed assets, but a bankruptcy judge would have to use a complex formula to decide if debts can be eliminated, which would disqualify some from Chapter 7. The typical Chapter 7 bankruptcy filer had, in 1996, after-tax income of $19,800 and credit-card debts of $17,544, according to the Consumer Federation of America.
In our personal lives, we all understand that debts may take different forms.
Anything above 100%, implying that debts exceed foreign exchange, should ring alarm bells.
But a spokesman said yesterday that debts now far exceed assets on hand.
He said that debts had been cut and would continue to be cut to below £50m.
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Don't forget to pay that debt".
That debt is now coming due.
So tired of that debt ceiling.
"We are trying to settle that debt".
All that debt.
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