Democratic presidential candidate Barack Obama spoke out against provisions in the 2005 BAPCPA that unfairly weigh on certain segments of the population, and proposed changes to bankruptcy law that would seek to level the playing field for individuals in these classes.
Specifically, he proposed providing special provisions for military families and seniors facing bankruptcy.
Military families would gain the advantage of a "fast-track bankruptcy practice" under these proposals, with easier paperwork and documentation and a greater bankruptcy exemption for their homes.
Similarly, seniors would receive a larger homestead exemption.
In a reversal of former President Ronald Reagan's famous phrase, Obama called the current economic downturn in the country a result of the fact that "pain trickles up" in the country, meaning that laws on mortgage lending, payday lending and "questionable banking practices" that target lower-income families and individuals have led to a widespread crisis.
For more on presidential candidates, personal finance and filing bankruptcy, be sure to visit www.TotalBankruptcy.com.
Tags: bankruptcy law, bankruptcy reform, Obama
This entry was posted on Wednesday, July 9th, 2008 at 11:17 am and is filed under Bankruptcy News and Events. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
Now in October of 2008 no one is connecting the dots between change in bankruptcy laws to predatory lending which led to our current economic meltdown. I continue to ask, “What happened to make so many become suddenly tasty prey for financial predators?”