The Liberal Standard
As early as Wednesday, your Representative in Congress will vote on a hugely important "Debt Slavery" Bankruptcy Bill (S. 256) that could literally change your life. The bill was written by representatives of the credit card industry, which made $30 billion in profits in 2004--and is now gunning for more.
The legislation would make it much more difficult for people turning to bankruptcy as a last resort to actually discharge their credit card debts under Chapter 7, which pays off debts by liquidating assets, offering a fresh start financially. Instead, it would force people into Chapter 13 with a rigid 5-year repayment plan, even after liquidating all assets.
(The Nation)
Tuesday, April 05, 2005
Say No to Bankruptcy Bill
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1 comment:
Here we go again,helping the big guy get richer and stepping on the people in need, only a fool will allow this,all that is necessary is to take a look at the interests bearing charge cards and their absord over bearing late fees,if congress really cares for the American people who if they remember were once told by the President how we could help our cause after 911 ,(just keep shopping) and now we have to pay the piper. T.A.
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