the Sugar Conspiracy 

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Sunday, March 13, 2005 Bankruptcy bullshit Senators on Thursday passed the bankruptcy reform bill, which political observers said was largely crafted by the credit card industry more than eight years ago, sending it to the House of Representatives. Lawmakers there said they could vote on final passage next month. Every year, some 1.6 million Americans file for personal bankruptcy protection--more than five times as many as in 1980. The process, which in many respects mirrors corporate bankruptcy, allows them to come up with a creditor-reviewed and court-approved plan to write off some of their debts, pay off others, and reorganize their personal finances so they can make a fresh start. Opponents of the first revamp of the nation's personal bankruptcy laws in more than a quarter-century said the legislation would deal a ruinous blow to the overwhelming majority of those forced to declare personal bankruptcy: moderate- and low-income families, many of them black or migrant or with only one parent; and individuals of modest means hit with large divorce losses or medical expense. Our representatives in Congress are voting for this legislation despite the fact that it doesn't address some of the underlying problems with the rampant use of credit cards: The legislation would do nothing to rein in credit card solicitations or put caps on interest rates or late fees, over-the-limit fees and other penalties, she said, yet these were among the reasons people were forced to declare bankruptcy in the first place. And it ignores the fact that most individuals file bankruptcy because of mounting medical bills that they can't handle, not cause they're buying large-screen TVs, DVD players and other high-ticket items and then defaulting on their credit card payments. So maybe we should think about revamping the nation's health care program instead of handing the credit card companies an early Christmas present. posted by chris at 1:51 PM   ------------------

    

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