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And, yes, I DO take it personally: The so-called Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
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Tuesday, March 07, 2006

The so-called Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

how about truth in labeling... it should be the "Bankruptcy Prevention and Creditor Protection Act of 2005..." howard karger at alternet tells it like it is... some highlights...

Frank Monroe, bankruptcy judge...

  • "T]he parties pushing the passage of the Act had their own agenda … to make more money off the backs of the consumers in this country. … To call BAPCPA a 'consumer protection' act is the grossest of misnomers."
House Judiciary Committee Chairman James Sensenbrenner, R-Wis...

  • . . . predicted the bill would recoup "billions … in losses associated with profligate and abusive bankruptcy filings."
Houston bankruptcy attorney Jeff Norman

  • . . . estimates that he charges 20 percent to 30 percent more due to the new law.
A Federal Reserve Bank study...

  • . . . real median income dropped 6 percent from 2001 to 2004, while average family income fell by 2.3 percent.
Current data shows...

  • [T]he average credit card interest rate actually rose 1 percent in the six months following the passage of the Bankruptcy Act.
Leslie Linfield of the Institute for Financial Literacy...

  • "Almost half [of bankruptcy filers] have incomes below $20,000 a year, and almost 40 percent indicate that their indebtedness is due to illness or injury."
Again, Judge Monroe...

  • "It should be obvious to the reader at this point how truly concerned Congress is for the individual consumers of this country. Apparently, it is not individual consumers of this country that make the donations to the members of Congress that allow them to be elected and reelected and reelected and reelected."

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