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Too Poor to Go Bankrupt

March 3, 2005

(broadcast stream ) (.mp3 download)
The new bankruptcy bill wending its way through Congress protects the right of rich people like Donald Trump to declare bankruptcy, as well as corporations like Enron that fail to fund their employees’ health and pension plans.
But if such an employee should fall ill and use his credit card to pay for hospital bills to save his life, the Republicans in Congress insist that every penny be paid back.
Corporate scofflaws and rich people avoiding payment of debts are understandable. But lower middle class individuals should be held to account for life for their purchases!
Find out the details of a bill solidly rejected in the 1990’s that has been passed by the Republican Congress and is about to signed into law.
And oh…if you want to declare bankrupcy, make sure you’re rich enough to afford it!

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  • Nathan March 5, 2005 5:10 pm

    Funny Ripley! 🙂
    I agree with you in principle Vicky, the buck stops with the consumer. People are responsible for educating themselves on what is best for their situation. Especially now with the internet this information is readily available.
    I do share the sentiments of some others here that the creditors are a little out of control. And it’s not just credit card companies, it’s everyone down to local phone providers. Our truth in advertising laws aren’t nearly adequate enough. I support legislation that requires credit card companies to disclose the details of how long you’ll pay only making the minimum payment. After all, the end goal in my mind is that the consumer knows what they are getting into and makes their own decision.
    I can say, having recently bought a house, that the story the salesman (we built our house new) gave is a far cry from reality. Sure he kept the price down so that the mortgage stayed in our price range, but he never mentioned how high property taxes were around here. Our lender wasn’t much help either, approving us for 40% of our gross monthly income. Had I not done so much research on my own, we very easily could have gotten into a situation we couldn’t handle.
    I do want to hold individuals responsible, but it’s very easy to feel sympathy for them when society as a whole right now is saying borrow borrow borrow.