Bankruptcy Bill on Brink of Passing posted by Ben

Yahoo! News - Bankruptcy Bill on Brink of Passing

Just remember, this is the bill that offers asset protection for millionaires who go bankrupt, but gives no slack to folks who make $50,000 a year.

It blatantly favors the rich and oppresses the poor and the middle class. Combine this with steadily increasing costs for health care and you have the perfect recipe for creating lives doomed to neverending cycles of debt with no relief in sight.

While the Republican claim is that this law will prevent people from shrugging off their debt without consequences, it focuses only on that tiny group while ignoring the supermajority of Americans who go bankrupt because of divorce and medical bills. It is a handout to the massively profitable credit card industry at the expense of your rights.

Welcome back to the world of medieval usury laws. And keep in mind that some hospitals have already taken up the tactic of getting debtors imprisoned if they can't pay their medical bills.