9.14.2005
NOLA victims may be victimized by bankruptcy laws.
Hurricane Katrina's victims may be the first casualty of bankruptcy reforms, foisted upon us by Bush, the GOP, and the credit card industry several months ago, says Sen. Russ Feingold (D-WI). The new rules require, among other mandates, a "means test" for bankruptcy filers--proof that those filing for protection don't have means to pull out of their debt--which may prove problematic for people whose records (or assets) may not be located by the time the new rules go into effect October 17. Feingold says hurricane victims should be exempt from the rules for one year, an idea opposed by the Republicans and chairman of the judiciary committee, Rep. James Sensenbrenner (R-WI).
Subscribe to:
Post Comments (Atom)
1 comment:
Another way the Katrina victims are being played, or so I've read, is that some major creditors are giving them 90-day extensions on their accounts. This might lull the victims into believing they can pull it all together. Once they realize their mistake, they'll be just past the point when they can file bankruptcy under the current laws...or maybe ever.
Also, I find Sensenbrenner's name oxymoronic, what with "sense" being imbedded in it...
Post a Comment