Word: collected
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While she is still optimistic, Driskell says the council is now shooting to collect just 200 of the 500 survey forms--down from a goal of 250 just last week...
...credit cards and charge accounts, double their annual income. That November, Carolyn Smith died. With the loss of her Social Security income, Smith struggled. His situation was further complicated by a run of misfortune. He was hospitalized after a stroke; he had cataract surgery; the friend who promised to collect his pension and Social Security checks and make his mortgage payments didn't, and the mortgage company moved to foreclose. That's when his Chapter 13 case collapsed--as happens in two-thirds of all Chapter 13 proceedings--and he was switched to Chapter 7. Now he's awaiting...
...this come about? The credit-card industry seized on a sharp increase in bankruptcy filings in 1996 and 1997 to mount an intensive lobbying campaign for legislation that would make it easier to collect from borrowers who file for bankruptcy. A sophisticated public-relations blitz created the image of a bankruptcy system rife with abuse and in need of reform. That campaign told of rich people walking away from their debts, courtesy of bankruptcy court. It told of responsible families who paid their bills being forced to pick up the costs of more affluent Americans and others who were bilking...
...same study projected that the total amount that unsecured creditors, like credit-card companies, might be expected to collect from all Chapter 7 filers added up to "less than $1 billion annually...
...this suggests, there is little money to be squeezed out of those in bankruptcy, especially since trustees already collect about $4 billion from debtors each year, a sum that includes proceeds from liquidated assets. Even if they could find an additional $1 billion, the economic and emotional costs of doing so would far outweigh the return. To put it in perspective, the estimated $1 billion that might be collected would amount to two-tenths of 1 percentage point of outstanding revolving credit. If trustees were able to scare up another $4 billion--as the industry claims...