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No Bankruptcy Relief for Katrina Victims
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Professional Poster
Join Date: Jun 2005
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No Bankruptcy Relief for Katrina Victims
Rep. Sensenbrenner, Who Voted Against Hurricane Relief, Refuses to Hold Hearings
By Martin H. Bosworth
ConsumerAffairs.Com
September 15, 2005
Survivors of Hurricane Katrina who were hoping to avoid the weight of the new bankruptcy law may be out of luck. Representative F. James Sensenbrenner (R-WI), chairman of the House Judiciary Committee, has indicated he will not hold a hearing on waiving the law for purposes of disaster relief.
"If someone in Katrina is down and out, and has no possibility of being able to repay 40 percent or more of their debts, then the new bankruptcy law doesn't apply," Sensenbrenner said.
The new bankruptcy laws take effect Oct.17.
Thirty one Congressional Democrats had voiced support for waiving the more onerous provisions of the new law for Katrina victims "to insure that we do not compound a natural disaster with a man made financial disaster," according to a joint statement.
Sensenbrenner was one of 11 Republicans who voted against a massive relief package for Katrina victims.
I think all of the refugees should be given a chance to get back on their feet before having to worry about paying debts. The New Bankruptcy Law should not apply to them. They should be given reasonable limits and allowances. It will also take someone looking into the individual cases and acting as a watchdog against abuses of the system, though.
http://www.consumeraffairs.com/news0...kruptcy03.html
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Give petty people just a little bit of power and watch how they misuse it! You can't silence the self doubt, can you?
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Addicted to MacNN
Join Date: May 2001
Location: Zip, Boom, Bam
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Come on, Bankruptcy Laws are for $90,000+ a year forklift operators in the suburbs to maintain their ‘jet set, keeping up with the Jones’ lifestyles on. There for people who don’t want to be burdened with medical expenses because then they wouldn’t be able to glom more bling-bling to the tune of a whopping $11,000.
Bankruptcy Laws are not for people who lost everything in a natural disaster!
Let’s get our priorities straight here!
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Posting Junkie
Join Date: Oct 2001
Location: South of the Mason-Dixon line
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Bankruptcy is the only thing keeping predatory creditors on the straight and narrow.
Offerring credit to non-creditworthy people should, indeed, carry a risk of monetary loss.
Nowadays, there is no reason to charge high interest rates - since there is no risk of default. It's impossible to qualify for bankruptcy protection. So why are creditors charging more than about 6%?
Instead of holding creditors responsible for making stupid loans, we hold the borrower responsible.
There were two people at fault, remember?
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Professional Poster
Join Date: Feb 2001
Status:
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Originally Posted by mojo2
No Bankruptcy Relief for Katrina Victims
Rep. Sensenbrenner, Who Voted Against Hurricane Relief, Refuses to Hold Hearings
...
I think all of the refugees should be given a chance to get back on their feet before having to worry about paying debts. The New Bankruptcy Law should not apply to them. They should be given reasonable limits and allowances. It will also take someone looking into the individual cases and acting as a watchdog against abuses of the system, though.
http://www.consumeraffairs.com/news0...kruptcy03.html
I can't agree. Why make an exception in this case and not in others? If you want to change the law, then fix it. But I don't think Katrina victims deserve a special status in bankruptcy law.
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