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Bankruptcy Bill

Toby

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I was wondering what you all thought about the Bankruptcy Reform that is going before Congress later this week? Considering how much prevelence its getting in the news, I'm surprised there isn't a thread here already... Personally I am in favor of any act that encourages personal responsibility and discourages people from taking advantage of the system. What are your thoughts on the issue?
 

MOZO

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On another forum I belong to (see link below a little plug for that site)
there has been some discussion about this.

The profile of the average citizen that files for bankruptcy.


Bankruptcy Profiles

Average age: 38;
44% of filers are couples;
30% are women filing alone;
26% are men filing alone;
Slightly better educated than the general population;
Two out of three have lost a job;
Half have experienced a serious health problem;
Fewer than 9% have NOT suffered a job loss, medical event or divorce;
Highest bankruptcy rates: Tennessee, Utah, Georgia, Alabama.
 

Pacridge

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Toby said:
I was wondering what you all thought about the Bankruptcy Reform that is going before Congress later this week? Considering how much prevelence its getting in the news, I'm surprised there isn't a thread here already... Personally I am in favor of any act that encourages personal responsibility and discourages people from taking advantage of the system. What are your thoughts on the issue?
If it solely held irresponsible people responsible for their actions I’d favor it. But it doesn’t just do that. It goes way beyond that. It shuts the door on people that have suffered a major tragedy in their lives such as medical disasters and uninsured catastrophic losses, such as floods. Now these people have no ability to do anything legally to get back on their feet. Their were several admentants proposed that would have allowed those with medical reason to still file or uninsured lose, but they were all shot down by the GOP without debate. The Bill was all but written by the credit card industry. It nothing short of a huge give away to them. And it gives them no reason not to keep preying on people. To suck them in and get them to run up balances the card companies know the they can’t afford.
 

ludahai

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Pacridge said:
The Bill was all but written by the credit card industry. It nothing short of a huge give away to them. And it gives them no reason not to keep preying on people. To suck them in and get them to run up balances the card companies know the they can’t afford.
How can you call this a giveaway to the credit card industry when bankrupcy is the biggest TAKEAWAY from the very same industry. Sure, I think it could have been done a bit better, but there are way too many instances of people running up huge credit card bills and then deciding that they can't pay them and declaring bankruptcy.

I agree with you on the point of catastrophic loss and medical situations. They SHOULD have been handled, and I don't think even now that it is too late for well meaning people to make those corrections. However, it isn't right for the credit card companies to take the hit due to the irresponsibility of people who make use of the services they provide.
 

craigfarmer

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I have researched the issues concerning this bankruptcy bill searching for the typical family that would be hurt. The arguments against it range from the bill being written by republican special interests, to it being harmful to the sick, and abused.

However, I have yet to find one example where a person who shouldn't pay more of their bills is forced to, and thereby kept in a horrible financial state.

An actual reading of the bill and our current code show that our bankruptcy laws are quite liberal and very fair. This bill retains those good characteristics for those who need (and many who don't), but tries to tighten up the rules for those who could and should be more responsible.



That there should be more laws concerning business practices is probably true, but not germane. As adults, we need to focus on ourselves and doing the right thing. As a society, we should promote as much good as possible. If the Republicans won't pursue problems with business or the rich that are abusing the credit system, then we will have a good campaign issue.


People who complain really should have an alternative world-view, rather than isolating small parts of an agenda or issue and becoming demagogues.



If anyone can show me an example of a person who should be able to discharge 100% of their debt, and not pay back what they are able to; please do. As a newliberal, I'm dedicated to facts and logic, not emotion or ideology.

We live in the best country in the world as evidenced by the many people wanting to come here, and the very few wanting to leave.

Newliberals like myself need to fight battles that can and should be won.

universal healthcare with maximum choices for each person.
universal education k - college in a marketplace system w/o govt bur.
flexible federal tax that eliminates the IRS and current income tax
decriminalize adult victimless crimes
gun control and gun/crime enforcement that attacks crime
affirmative action that deals with not only race, gender, but ideology, geography, body type, etc.

etc.


We should fight for the broad priinciples of actual equal opportunity, government reform, social and economic justice.

All of this in the greatest country in the world that works through a market-place system. That system must have rules, and this bankruptcy bill is one piece. It is clearly a liberal piece of legislation, even though all of the supporters call themselves "conservatives".

Craig Farmer
making the word "liberal" safe again!
https://www.newliberals.org
 

ludahai

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While I don't agree with everything you say, it is refreshing to see a self-proclaimed liberal who doesn't simply lash in a knee-jerk attack on anything Conservative and Republican simply because it is supported by Republicans.
 
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