Bankruptcy bill steamrolling
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Bankruptcy bill steamrolling
| Wed, 03-02-2005 - 4:24pm |
As a life-long Republican, I am outraged at the current bankruptcy bill supported by Republicans whose campaigns have been bank-rolled by credit card companies. Have any of you read this bill? It screws the average consumer (bye bye bankruptcy) but has a gaping loophole for wealthy Americans who happen to get in too far over their heads.
This is sickening. I may have to vote Democratic in November and in Novembers to come.

Could you provide the official link to the bill?
All my best,
Danni
here is a news story on it:
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20050303/ap_on_go_co/bankruptcy
here is the bill:
http://thomas.loc.gov/cgi-bin/query/D?c109:1:./temp/~c109DJKIG9::
if you can't open it, go here:
http://thomas.loc.gov/
and in the search box enter "S. 256" then click "enter bill number"
I think we've all been "duped"! Is screwing middle America "patriotic"?
Looks like the credit card companies win again. Seems like they and the Republicans are in "cahoots" together!! It's so wrong! That's why we really need to get out of cc debt and never look back.
I too, am a registered republican, although this past election I voted democrat. I am sick of "promises" to help the middle and poor classes. It's all about the wealthy. Just my opinion!
~Nicki
Thank you very much for the link to the bill.
All my best,
Danni
Wow! I think it would have been a great thing to have the information on each credit card statement telling how long it will take to pay it off making just the minimum payments each month. I think that would be an eye-opener for a great many cardholders. I know it sure would have given me a kick in the behind a lot sooner. LOL! :-D
Pat
here is another article:
http://www.nytimes.com/aponline/national/AP-Bankruptcy.html
excerpts:
Mostly along party lines, the Senate voted 59-40 Wednesday to reject a Democratic amendment that would have allowed older people to get special homestead exemptions to keep their homes when they file for bankruptcy. Currently, such exemptions are determined by the states.
Also rebuffed, 58-39, were two proposals focused on people whose significant medical expenses for illness force them to file for bankruptcy.
The first would have allowed people to keep at least $150,000 of the equity in their primary residence. If, in addition, medical bills exceed 25 percent of the person's income, the second proposal would have exempted them from a new test in the legislation measuring income and assets of bankruptcy applicants to determine if debts can be discharged.
By another 59-40 tally, the Senate defeated a Democratic proposal to require that credit card statements show how long it would take the consumer to pay off his or her debt by making only the minimum monthly payment, and what the total interest charges would be.
This bill is being taken up by the Senate today. Consider calling your senator's office.
If any of us ever found ourselves needing to file for bankruptcy, this bill would make it very difficult. Of course its bankrolled by credit card companies, auto loan companies, and those fighting for corporations & rich people - Senate Republicans.