Disaster + Bankruptcy Bill = Bigger Disaster

[sshan2525]

I haven't seen this angle yet, but there are obviously going to be a lot of people who are going to be financially devastated by this storm. Many will lose their jobs temporarily, or worse, permanently. Some won't have enough insurance coverage to cover their losses while the even less fortunate will have no insurance at all. How many will be pushed over the edge into bankruptcy? A lot, I'm afraid. Even those with adequate insurance face possible months before receiving any compensation. I'm sure that too few of those in this perilous position know the impact that the newly passed bankruptcy bill (that goes into effect in October) will have on them. I fear thousands are just beginning a long period of homelessness, originally due to Katrina, but made permanent thanks to our G.O.P. run congress. Wait until some of these poor souls see how few assets they have left after their creditors get done with them. It's a hole far too many will be unable to climb out of. It's going to get ugly, folks. While people should first be grateful for having survived this disaster, I hope those facing possible financial ruin make it a point to know how their elected officials voted on this issue and realize the consequence of whom they voted for. Since the majority of the states suffering major damage from Katrina are "red" ones, I'll bet almost all of the Senators and Congressmen signed on to this give-away to the banking industry. Shame on anyone who supported it. Let all of us who were lucky enough to live far enough away to not be directly affected do what we can now to help those in need. Let's also remember, down the road, to work doubly hard to unseat anyone who signed on to that hideous bill.

[babylonsister]

1. You said it! And when does that b.bill go into effect, mid

September? They are so screwed...

[PurgedVoter]

2. I didn't see it either,

although we should have. This was one of the reason the founding fathers were against permanent debt without resort.

[peacetalksforall]

3. Both Senators from Deleware voted for the bill. Deleware - former

home of MBNA who donated to both Senators.

[msrbly]

4. Becomes effective October 17

It's a horrible act obviously written by the credit card companies. It is going to devastate more than the hurricane victims. It's a complete nightmare supposedly written to "eliminate abuse in the system."

[msrbly]

5. Becomes effective October 17

It's a horrible act obviously written by the credit card companies. It is going to devastate more than the hurricane victims. It's a complete nightmare supposedly written to "eliminate abuse in the system."

[FreedomAngel82]

6. I'm afraid you're right

[distantearlywarning]

7. I was just thinking about this this afternoon.

The combination of this bill going into effect and Katrina is just horrible. I feel so incredibly bad for all of these displaced people who have pretty much lost everything and now will be at the mercy of the credit card sharks.

Actually, it makes me a little sick to think about it. I can only hope that they might show some mercy and pass some additional legislation exempting this season's hurricane survivors? Probably a long shot, but I guess we can always have hope...

[Geoff R. Casavant]

8. Hadn't thought of that

but we all should have. Pretty much each of us is just one hurricane, earthquake, tornado, or blizzard from the edge. Shame on all those in Congress who let this travesty happen.