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Bankruptcy reform is still needed.

The most recent reform to the bankruptcy guidelines seemingly enabled corporate greed while it disabled the last resort survival tactics of the average citizen. Bankruptcy is often the inevitable aftermath of predatory lending, and or overwhelming unpaid medical expenses. This option offers salvation to many good American families or, perhaps more appropriate, it did. Future bankruptcy reform is necessary. As it stands, bankruptcy is not written for the relief of the common people. All future reforms must prioritize the citizen’s needs and the environment that brought that citizen to those needs. This reform must also clarify whether or not a corporation deserves the same rights as a human being. When corporations lose what they own to bankruptcy, they walk away bruised but not beaten. When an individual loses their belongings to bankruptcy, they just keep walking because they no longer have a home. How is that the same?
2 Comments  »  Posted by http://warismyconcern.wordpress.com to Economy on 1/12/2009 12:00 PM

Comments

 
E. A. LIND
1/12/2009 2:37 PM
I agree the law needs change. Especially the income limit for chapter 7. As it is only those couples making under 14 hr. each, or a single person making 57K a year can file.  There are people that due to the economic situation cannot file a chapter 7 and may need to. Not everyone is unemployeed but many are making much less in income, cannot sell homes, etc. If there must be limits they should be per person not one limit per household. Why should being married with 2 incomes be a negative when your already in trouble?
 
The Progressive Logic Guy
1/13/2009 1:39 PM
Allow student loans to be discharged in bankruptcy, if justified.
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