Democratic Senators Cave on Bankruptcy Bill

[musicman]

Let me say though, that I do agree that people with medical conditions that cause them to go bankrupt should have a little easier time with bankruptcy. I haven't read the text of the bill, but if the GOP failed to make exceptions based on this, they might have screwed up.

Well, according to my very sketchy understanding, theses provisions are typically handled on a state-by-state basis - and I haven't seen anything that would convince me that this bill would change that.

 

[OCA]

I don't know how it is where you live, but it is easy to file bankruptcy in WA. In fact, my wife works with a lady who, along with her husband, are about to declare Chapter 11 for the thrid time in about 11-12 years - but they've still got a couple of boats, a huge house, luxury cars, etc. I'm not saying every bankruptcy is like this, but I am saying that it sure doesn't seem to be hard to get rich while declaring bankruptcy.

Yes but that was before, now it will be much harder for the middle and lower class with the provisions not in place.

 

[musicman]

A desperate cry for help! Don't depend on others for help. Stand on your own two feet. Isn't that what Republicans believe in anymore? You know. Self-Reliance, independence, running to mama, whining ....

Aw, cut it out, man - you're KILLING me!

 

[OCA]

A desperate cry for help! Don't depend on others for help. Stand on your own two feet. Isn't that what Republicans believe in anymore? You know. Self-Reliance, independence, running to mama, whining ....

Watch your step Truth.

 

[OCA]

Well, according to my very sketchy understanding, theses provisions are typically handled on a state-by-state basis - and I haven't seen anything that would convince me that this bill would change that.

Music I hope your right, this makes us look sort of bad.

 

[musicman]

Music I hope your right, this makes us look sort of bad.

Me, too, OCA. I'm a little iffy on the details, and all I seem to be getting from Itt is "Republicans bad - Democrats good". A true mental midget.

 

[Itsthetruth]

Aw, cut it out, man - you're KILLING me!

OCA might post something important on the meaning of "true" and "false" that will help you. I'm sure he read your heartfelt appeal for assistance in this bankruptcy discussion.

Let's see if he will enlighten us on this matter.

You're not mad at me about anything are ya? I'm sure you have, like me, a good sense of humor. And I'm sure that OCA has an even better one!

We shall see!

 

[rtwngAvngr]

Explain factually and logically RWA how millionaires can file and the middle class has to suck on it.

If that's really the case then that does suck. I'm too tired to read the shit right now.

Is it related to businesses going bankrupt versus individuals going bankrupt?

 

[musicman]

OCA might post something important on the meaning of "true" and "false" that will help you. I'm sure he read your heartfelt appeal for assistance in this bankruptcy discussion.

Let's see if he will enlighten us on this matter.

You're not mad at me about anything are ya? I'm sure you have, like me, a good sense of humor. And I'm sure that OCA has an even better one!

We shall see!

I've got a helluva sense of humor, Itt - and I'm able to laugh loudest when the joke's on me. But, why on earth would I be mad at you? This is a free country (as of this writing, at least; I guess we should allow you and your fellow liberals a little more time to work on that problem). You have the absolute right to display your dimness to your heart's content. Enjoy!

 

[5stringJeff]

Yes but that was before, now it will be much harder for the middle and lower class with the provisions not in place.

Good... it should be hard for people to declare bankruptcy.

 

[Itsthetruth]

CBS News
March 16, 2005

A Tutorial In Greed
by Robert Scheer.

Question: What is the difference between a loan shark and a banker?

Answer: Not much. The former uses hired thugs to enforce repayment from the debtors; the latter employs the feds as paid muscle.

One extremely modest amendment that was rejected by the Senate would have blocked creditors from recovering debts from military personnel if the loans had annual rates higher than 36 percent. Also killed were sensible amendments designed to protect those ruined by a medical emergency, identity theft, dependent-caregiver expenses or loss of income due to being called to full-time military duty through the National Guard or the Reserve.

In the end, these individuals are simply not powerful enough to earn the protection of our by-the-powerful, for-the-powerful government. Creditors can scam consumers, Enron can burn California, Halliburton can gouge the Pentagon, the rich can enjoy obscene tax cuts, our "conservative" President can run up the deficit like a drunken sailor -- and none of it seems to faze our elected leaders. For them, "fiscal responsibility" is just a high-minded prescription appropriate only for the commoners.

http://www.cbsnews.com/stories/2005/03/16/opinion/main680701.shtml

 

[Itsthetruth]

Me, too, OCA. I'm a little iffy on the details, and all I seem to be getting from Itt is "Republicans bad - Democrats good". A true mental midget.

Hardly. I captioned the lead post: "Democratic Senators Cave on Bankruptcy Bill".

And that's exactly what happened. 18 Democratic Senators joined Republican Senators in sticking it to working middle class people. The poor will still be able to file and the rich will retain their loopholes. My sharpest criticism was directed at the Democratic Senators because they claim to represent working people and have once again betrayed us!

So to say that I'm spreading the political line or spin "Republicans bad - Democrats good" is obviously not the case at all.

---------------------------------------------------------------------
Millionaire's bankruptcy loophole

THE POLITICIANS of both parties are getting ready to pay back the big bankers and credit card companies for all those campaign contributions.

After several failed attempts in recent years, Congress was on the verge of approving legislation to "reform" bankruptcy laws. Translation: Make it impossible for working people to escape from crippling debts through Chapter 7 bankruptcy protection.

Meanwhile, Grassley's legislation keeps open what legal experts call the "millionaire's loophole" in the bankruptcy system. By transferring assets into protected trusts, the super-rich will still be able to shield their wealth from creditors--while working people are left to the mercies of the credit card industry.

http://www.counterpunch.org/maass03162005.html

 

[Mr. P]

The only good news here is that Bush hasn't signed this bill yet.
I know he said he would, but there is always hope. But as much a he has been spending on social programs I fear the worst. I'm beginning to think we were fools for voting for him. This BILL IS A BAD BILL!

 

[OCA]

Yes, the bill needs to be redesigned. If its intent was to go after people with means who run up debt then use bankruptcy as a way to get out of paying their bills then its failed miserably.

People like the aforementioned should be dealt with but bankruptcy should still be available to those who truely need the safety net. It should be dealt with like welfare, use it too much and out you go.

 

[SmarterThanYou]

Yes, the bill needs to be redesigned. If its intent was to go after people with means who run up debt then use bankruptcy as a way to get out of paying their bills then its failed miserably.

People like the aforementioned should be dealt with but bankruptcy should still be available to those who truely need the safety net. It should be dealt with like welfare, use it too much and out you go.

Laws that specifically narrow down the target are never going to happen. It's easier to create a broad based piece of crap legislation that targets everybody and fail. the war on drugs, tort reform, and now the bankruptcy bill.

 

[Annie]

The only good news here is that Bush hasn't signed this bill yet.
I know he said he would, but there is always hope. But as much a he has been spending on social programs I fear the worst. I'm beginning to think we were fools for voting for him. This BILL IS A BAD BILL!

I agree. I always had 'perfect' credit. In order to help my kids get through high school, some things went on credit. (My own income has never hit 30k, yet I have over 30k in credit card limits-never higher then 7k, but that's me and still too much.) I have a mortgage and car payment. I have school loans. My dad got sick last summer, had a pacemaker put in. Couldn't work as I have in the past. Got late on some payments. 2 Visas put the interest rate up to 23%. What is a person to do? (I am lucky, my dad and brother paid them off, so I'm paying them back, but what if the family couldn't?)

 

[musicman]

Hardly. I captioned the lead post: "Democratic Senators Cave on Bankruptcy Bill".



So to say that I'm spreading the political line or spin "Republicans bad - Democrats good" is obviously not the case at all.

]

I'm trying to decide whether you're truly this dimwitted, or your cleverness actually rises to the pathetic level of selective deafness. I'll give you the benefit of the doubt, and point out the obvious to you:

I was referring to the laughably loaded and biased AP article you posted; you know - the one that should have been titled, "Democrats good - Republicans bad".

You make me tired all over. Why don't you do us all a favor, and go play in traffic?

 

[musicman]

As I stated earlier, I'm not well versed on the details of this bill. But, when I see board members I respect arguing intelligently and well for both sides, it makes me want to learn more about it.

 

[Yurt]

I'm trying to decide whether you're truly this dimwitted, or your cleverness actually rises to the pathetic level of selective deafness. I'll give you the benefit of the doubt, and point out the obvious to you:

I was referring to the laughably loaded and biased AP article you posted; you know - the one that should have been titled, "Democrats good - Republicans bad".

You make me tired all over. Why don't you do us all a favor, and go play in traffic?

Here is his quarter to play in the freeway...

 

[Annie]

Here is his quarter to play in the freeway...

You just dropped 20 cents too much!