Mike Hacker Quotes (6 Quotes)

We have bankruptcy because we recognize that bad things happen to good people. It's meant to give someone a fresh start. That idea is pretty well gone now. The new rules turn a compassionate system into a punitive one.

Most people in Chapter 13 are behind on their mortgage and want to save the house. This keeps the creditors away as long as the person makes the agreed-to payments.

If you're a business debtor, your situation doesn't change that much. This is for the average Joe.

This type of bankruptcy is for the person who is barely making it, who can barely pay their rent or mortgage and food and has no extra money to pay debts. It relieves them of the debt and removes the creditors' rights to sue the debtor.

I used to advise 13s for two reasons where consumers are behind on their house payments or they need more time to pay student loans, taxes, child support or alimony. Now 13s will be for credit cards and unsecured debt.

A creditor always had the ability to pursue a debtor if they felt there was fraud.