I'm ashamed of Congress for even writing this ridiculous law, and totally ashamed of President Bush for signing it. The new bankruptcy laws will result in a lifetime of debt for millions of Americans...since the rules are just too harsh. With the new law- many Americans will be forced into chapter 13 bankruptcy which involves paying your debt off to creditors. This makes bankruptcy all but pointless for millions, since one of the advantages of filing is a "freah start" with your credit record, your finances, etc. Your debt is erased under chapter 7, which is what the average citizen would file, as opposed to other forms that businesses would file, chapter 11 for example.
You know that this new law isn't for the consumers at all, considering who lobbied for the passage of it for the past decade- the credit card companies! For Congress to have the audacity to call it the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, it's just amazing. Most Americans who file don't abuse the law in doing so, and this law hurts consumers- it in NO way protects consumers. I'd like to sit down with some members of Congress and 1. ask them how they grew such giant balls, and 2. ask them how on earth they think this protects consumers. Just ONE way that it does so. None of them will be able to answer that one properly, because this new law means extra costs to file bankruptcy, extra work to even find an attorney will who take a risk (since the new law includes big fines for attorneys who mistakenly leave out even one piece of their client's financial info.), the new law also requires much higher payments each month via chapter 13, which most Americans filing won't be able to afford, which means that millions of us will be crushed by debt and won't even have bankruptcy as an option.
It just sickens me to see the credit companies, who spend billions to force credit down our throats, to lobby for this law that kills consumers, and then see Congress so easily pass it. Our tax dollars paid to a group of men and women who just destroyed the lives of millions of Americans. Thanks, guys.
The problem is not the act in itself, but the fact that the american government is so prone to heavy lobbying. Most western countries have very stringint controls on "campaign contributions" or whatnot. It's no coincidence that every time old mickey mouse cartoons are about to enter the public domain, congress retroactivly extends copyright. Copyright was intended to temporarily protect artists so they could make money off of their works, but then they'd have to keep creating new works in order to keep in business. Therefore, it would encourage more art. Could you imagine if somebody was still in control of Beethoven or Mozart? While I do believe that business should in general be unhindered by the government, they shouldn't be going out of their way to put them first, either.
I was in Canada awhile back during their last election, where there are strict controls on third party donations (not only from businesses, but unions, special interest groups, and individuals, as well). The elections were a lot cleaner, the only advertisements were from the parties themselves (no swift boat vertran-like smearing by either right of left wing groups) and people pay more attention to the actual issues rather than topics that have little to do with the campaign (like if somebody actually threw their medals away or showed up for national gaurd duty).
It provides a good balance, too. Even "left wing" canada has been tilting to the right, and the Conservative party may even win the next election.
too many in congress are on the side of business and not the consumer, thats for sure. and thats awful. business has enough advantages out there, even numerous advantages from govt itself, congress and all levels need to concentrate on the avg american citizen.
lobbying is ridiculous. you can openly use BIG money from people with certain vested interests to sway what bills get passed into laws, what changes or made to existing laws, and what current laws are taken back, etc. its absurd with our form of govt that its even allowed, let alone be allowed in the open, and few see a problem with it. i think that the majority of members of congress are in it for the money, for the perks, for the good life they lead doing the peoples business (congress is basically a debating hall and thats that.) so, you cant trust many of these guys to have your best interest at heart to begin with. sad, but true.