Senator Chris Dodd has a comprehensive and timely proposal for Bankruptcy Reform. As we all know the last ‘reform’ was a disaster for the average family in trouble. Now with the housing downturn the last ‘reform’ is a financial death knell for most families.
From the proposal itself: Unfortunately, today’s bankruptcy laws—recently re-written by the credit card companies, passed by a compliant Congress, and signed into law by President Bush—disproportionately penalize our most vulnerable families and leave them without a safety net.
It’s a vital topic that isn’t getting headlines. Read the substance here.
This important policy paper is written in the third person as were most policy papers in the past. From a 2008 campaign point of view, I think Chris Dodd needs to speak to us directly on the topic. I would rather hear or read a speech he’s given on the same topic. Media, audio or video, works better than a staff written policy paper. [Are you hearing this staff?]
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This is excellent. It shows a clear understanding of the problems caused by the recent “reform”. Amazingly, if you let lenders write their own bankruptcy law, what emerges is far better for bankers than for debtors.