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Tuesday, July 8, 2008
Obama to Change Bankruptcy "Reform" Bill
During my time in law school, I participated in a clinic that gave free counseling to low-income people who wanted to file for bankruptcy. During my time in the clinic, the vast majority of the people I saw were people that were effectively forced to declare bankruptcy because they lost their jobs or incurred catastrophic medical expenses.
After I left the clinic, Congress passed one of the worst pieces of legislation I've seen over the last few years, the misleadingly named Bankruptcy Abuse Prevention and Consumer Protection Act was passed in 2005.
Without going into all the legal nuances, this bill was promoted and crafted by the credit card lobby and has made it much more difficult for people to declare bankruptcy, including the vast majority of people who file for bankruptcy due to job loss or medical expenses.
Barack Obama today came out forcefully in favor of overhauling the legislation.
Barack Obama on Tuesday proposed changing bankruptcy laws to fast-track the process for military families, help seniors keep their homes, and protect people recovering from natural disasters.
The Democratic presidential hopeful also accused Republican rival John McCain of repeatedly siding with the banking industry, saying, “When it comes to strengthening the safety net for hardworking families, he’s been part of the problem, not part of the solution.”
...
He pledged to expedite the bankruptcy process for [service members] by exempting them from a "harsh means test," cutting "unnecessary paperwork" and "token counseling," and enacting a minimum homestead exemption to help them keep a greater share of their home's value.
Posted by Metavirus at 7/08/2008 01:21:00 PM
Tags: Barack Obama , Election 2008 , General Election , Integrity , John McCain
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