Republicans to make it more difficult to use bankruptcy to erase CC debt

[Peak_Oil]

Feb. 13, 2005, 3:26AM
An overhaul is on the way
Senate Republicans are ready to make it more difficult to use bankruptcy laws to erase debt
By JUDY HOLLAND
Copyright 2005 Hearst News Service

WASHINGTON - Americans who are buried in bills would find it tougher to wipe away debt by filing for bankruptcy under legislation on the cusp of clearing the Senate.
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After nine years of failed attempts to rewrite the nation's bankruptcy laws by making it harder for people to escape their debts, Senate Republican leaders confidently predict they now will succeed, citing their new majority of 55 Republicans, 44 Democrats and one independent.

Banks and credit card companies, which have poured millions into lobbying for the bill, say it would stop abuse by debtors who shirk their debts.

http://www.chron.com/cs/CDA/ssistory.mpl/business/3037709

[Chicago Democrat]

1. I thought they already did that? Did we stop it? Can you still get out of

credit card debt????

[Peak_Oil]

4. To answer that question, you'd have to ask...

A bankruptcy court would then apply a means test — taking into account medical expenses, elderly parent support or care of grandparents and disabled children — to determine whether the debtor has enough money to repay.

Senate Democratic Leader Harry Reid, D-Nev., conceded that "at this stage, a lot of people will like it."

Hatch and other Republicans have been fighting for bankruptcy overhaul since the 1990s, but it has been stalled since 2000 by an amendment by Sen. Charles E. Schumer, D-N.Y., that would prohibit demonstrators — particularly anti-abortion activists convicted of trespassing and other crimes — from escaping court-ordered fines by filing for bankruptcy protection.

[politicaholic]

2. After the S&L scandal and the weakest link becoming president...

the Bushs have no use for bankruptcy.

[pinniped]

3. Gee, congratulations are in order.

Anyone who accepted money from the CCs and banks who voted for this is a piece of shit. Well, most repukes are pieces of shit regardless.

--Banks and credit card companies, which have poured millions into lobbying for the bill, say it would stop abuse by debtors who shirk their debts.--

[asjr]

6. The credit card companies seem to up their interest rates

at least once a year. People could manage to pay the principal--it is the very high interest rates that keep them poor.

[pinniped]

8. True, and sometimes they try to trick you.

I used to have a Discover card, one time I noticed the minimum payment was less than the finance charge!

[HeeBGBz]

5. I'm screwed. I was thinking about bankruptcy today

I wonder what they'll do to debtors now? Draft them? Indentured servants?

[LiberalinNC]

7. The #1 reason for people to file for bankruptcy is because of medical bill

[smoogatz]

9. Not coincidentally...

The credit card industry (MBNA in particular) is now Bush's largest career contributor, giving even more than Enron.

[belab13]

10. Debtor's Prison, Penal Colony,Australia....okay,where do I sign

[Peak_Oil]

11. Email your Senator today

Won't take long. Stop the insanity!

[Sweet Pea]

15. Insanity?

To hold people to their debts?

[Jacobin]

16. There is a constitutional provision guaranteeing the right to BK

Check it out.

1.6 million families a year file.

It ain't fun, it ain't abuse (97%) of the time. It's people in so far over their heads they will never get out. About half is medical bills. Also, lots of single women who can't live on one paycheck after a divorce and dead beat dads who won't pay child support.

I see these people every day. It gives them a fresh start.

I'm glad that you have not faced a similar situation, or you would know first hand why it is important to preserve this safety valve.

[Sweet Pea]

22. Call me jaded...

but just getting through suing in small claims court a family who trashed my rental (and NO, I am not some hotshot landlord - it was my home before I moved for a job to DC area) house and stiffed me on a couple months of rent and who I found out make a living off of bankruptcy every 7 years - knowing the system, playing the courts, dragging out everything knowing that in many cases I can't just hop on a plane and fly down there to appear in court to challenge their challenges.

Silly me......old school, I guess....you make your bed, you sleep in it. Something about being responsible for one's actions. Silly concept, I suppose, in retrospect.

[superconnected]

12. typical, go after the people whose financial lives are falling apart

right in line with going after the poor, unwed mothers, and illegal immigrants.

geesh, you know you're a repbulican when you have a strong urge to smite the poor, and you're obsessed with homosexuality. No wonder destroying the entire country of iraq doesn't bother them -it's full of poor people.

[Coastie for Truth]

13. Reform my tuckus

1. They eliminated class actions against predatory practices of Citi, MBNA, BofA, BankOne, Chase.

2. And over half of all personal bankruptcies involved substantial medical debts - as in MISTER (not "DR" - Howard Dean is "DR" not Frist or Coburn or Walton) Frist's HCA Mafia operation.

CHECK OUT THIS LINK---->

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=103&topic_id=104839&mesg_id=104877

[cosmicdot]

17. Sen. Grassley is sponsor of both the Bankruptcy and Class Action bills

fwiw

Bankruptcy S.420
http://thomas.loc.gov/cgi-bin/bdquery/z?d107:SN00420:

Class Action S.5 bill
http://thomas.loc.gov/cgi-bin/bdquery/z?d109:SN00005:

leading for corporate america - his real constituency

edit: trying to get the links to work

they can be linked through these sites:

http://www.senate.gov/legislative/LIS/roll_call_lists/vote_menu_109_1.htm

http://www.senate.gov/legislative/LIS/roll_call_lists/vote_menu_107_1.htm

[CornField]

19. Grassley... you know, if you ask folks in Iowa about him they say

He's a farm boy who still drives an old pickup truck and mows his own lawn. The GOP Propaganda dollars are hard at work on his behalf.

[OneBlueSky]

14. any Democrat who votes for this bill will lose my support forever . . .

are you listening, Sen. Clinton? . . .

[lonestarnot]

18. Dey already did dat!

:hurts:

[devinsgram]

20. I for one do not feel sorry for any of

these credti card companies. First of all they target the weak, the poor and the young. In my area, new banks are being built on a daily basis and popping up everywhere. The interest rates and fees are horendous and they know they can get you hooked before you know what happens. Besides that don't they have some type of insurance just for this type of action?

[Callboy]

21. Maybe they could garnish you ss payments

oh i forgot Bushwalla is getting those for his buds already