Tuesday, March 08, 2005

Bankruptcy Day

I'm late with this topic because I started studying it late (thanks to Kathy Geier for getting me off my butt at all), and the Senate is voting on the new bankruptcy bill proposal today. If you possibly can, please call your elected representatives and tell them not to vote for the bill. You can go to Eschaton for information on numbers to call.

The reasons why this proposal is terrible is this: Its proponents argue that it will reduce "frivolous" bankruptcies, but they make no real effort to decide which bankruptcies are nonfrivolous. Thus, if the reason for your financial difficulties is in large medical expenses or in having been in military service you will lose everything in this proposal, but if you were wealthy enough to begin with to start a trust you will not.

Also, the proposal doesn't put the blame on "frivolous" bankruptcies on those who lure people into taking on debt which they shouldn't. The credit card industry offers cards to my dogs Hank and Henrietta! They offer cards to freshmen in colleges. They would probably offer cards to the Debtors Anonymous if they could find them.

This is not my proper post on the topic, just a request that you contact your Senators and tell them not to support this bill. It needs public debate which it has not received.
Too late for today's vote, sorry.