Katrina and the bankruptcy law -

[peacetalksforall]

About the time most of the water recedes enough for the coastal people to find some belongings and dry out their records, it will be too late for any businesspeople who have been operating at a borderline profit or less to sign up for bankruptcy under the old law. By the time the loss of the breadwinner is known, it will be too late for surviving family members to file under the old law.

And MBNA and Biden said that they did not want people who take advantage of the law, plus gamblers, to benefit from a long standing personal bankruptcy law so they wrote the law for EVERYONE even those who don't gamble and take advantage of the system.

So I guess everyone who settled on the U.S. coast and the rivers were gamblers. Guess the French were glad they sold the property.

And I guess they thought that anyone could always pick up and start over again as if they were 21 depsite the fact that they have children 21 and under to care for - an possibly a son or daughter with missing legs after a trip to Halliburton country.

Aren't our leaders wonderful!

But, large corporations can fold repeatedly. They are fully protected. They have some bureacratic guidelines. But, they can't be too strict if there is no strictness on stealing pensions.

[FloridaPat]

1. I thought the law went into effect in October?

[Jacobin]

3. Yes. October 17

[election_2004]

2. What Congress will have to do....

They will have to draft and pass an emergency clause/exception to the Bankruptcy Legislation for anyone who's property was damaged by Hurricane Katrina.

It would be political suicide for ANY politician to say "the victims of Katrina need to deal with it themselves."

Landrieu and Vitter are certainly going to be working overtime on this one, that's for sure...

[blondeatlast]

4. Bankruptcy attorneys are already refusing new cases en masse.

If millions in FL, MS, and LA are homeless and on the street, it can't be ignored anymore, can it?