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Shortly, it is likely that the Bankruptcy Bill will be law--It has already passed the Senate and the conditions seem to be favorable for a passage, this time around. The Credit Card lobby has been at it for the past seven years and finally with their people in place both in Congress and the White House, it is likely that the People will get the short stick... Once again.
"The legislation would make it much more difficult for people turning to bankruptcy as a last resort to actually discharge their credit card debts under Chapter 7, which pays off debts by liquidating assets, offering a fresh start financially. Instead, it would force people into Chapter 13 with a rigid 5-year repayment plan, even after liquidating all assets.
In DC, the banking lobby's line about frivolous debtors lacking personal responsibility plays well on both sides of the aisle. But, as Robert Scheer pointed out recently in a typically strong column, 'for all of the whining about deadbeats ripping off the system, credit card companies' annual pretax profits have soared two-and-a-half times in the last decade, and last year was their most profitable in more than fifteen years.'"
Say No to Bankruptcy Bill by Peter Rothberg
Click here to have your voice heard... For what it worth.
Also worth checking out: DebtSlavery.Org.
Each time I hear about initiatives taken by this Administration, it becomes more and more clear that the only thing American about this bunch is their address. Nothing else.
"The legislation would make it much more difficult for people turning to bankruptcy as a last resort to actually discharge their credit card debts under Chapter 7, which pays off debts by liquidating assets, offering a fresh start financially. Instead, it would force people into Chapter 13 with a rigid 5-year repayment plan, even after liquidating all assets.
In DC, the banking lobby's line about frivolous debtors lacking personal responsibility plays well on both sides of the aisle. But, as Robert Scheer pointed out recently in a typically strong column, 'for all of the whining about deadbeats ripping off the system, credit card companies' annual pretax profits have soared two-and-a-half times in the last decade, and last year was their most profitable in more than fifteen years.'"
Say No to Bankruptcy Bill by Peter Rothberg
Click here to have your voice heard... For what it worth.
Also worth checking out: DebtSlavery.Org.
Each time I hear about initiatives taken by this Administration, it becomes more and more clear that the only thing American about this bunch is their address. Nothing else.
posted by NBT at 19:48
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