Bankruptcy Bill

[opebo]

Need any more proof both parties are right-wing?  The new bankruptcy bill, which robs poor people of the right to discharge debts through bankruptcy, is being supported by lots of Democrats:
http://news.yahoo.com/news?tmpl=story&u=/ap/20050301/ap_on_go_co/bankruptcy

[opebo]

Yes, this bill is vicious.  The whole idea of 'unsecured' credit is that you don't necessarily have to pay it back - the lender is taking some risk on you.  It doesn't have some asset attached to make it safe for the lender - which one reason a house loan is 5%.

The reason credit cards have such absurdly high interest is that borrowers don't really have to pay them back - as it should be.  What this bill does is move us towards indentured servitude - where one can be forced to pay ones unsecured debts.

[opebo]

One should not be able to declare bankruptcy.  It is a form of stealing.  Pay your debts.  It is the right thing to do.

No, lending money is a risky activity - it is not the government's responsibility to remove risk from private business activity.

[opebo]

You don't have to borrow money.  Don't like it?  Don't borrow.  Get another job, or create another job.

The person in error in a bad loan is the lender - he made a foolish business decision.  Why should anyone else, or the State, care about that?

[opebo]

You don't have to borrow money.  Don't like it?  Don't borrow.  Get another job, or create another job.

The person in error in a bad loan is the lender - he made a foolish business decision.  Why should anyone else, or the State, care about that?

No, the person in error is the person who took the money and ran.  You signed a contract to repay the loan.  The State should enforce that contract.

I don't see the benefit of having the State take on this enormous and quite literally impossible (can't get blood from a stone) task.  People promise things all the time that later become economically unfeasible - corporations in particular.  How would you deal with a corporation that couldn't pay its debts?
 

[opebo]

You don't have to borrow money.  Don't like it?  Don't borrow.  Get another job, or create another job.

The person in error in a bad loan is the lender - he made a foolish business decision.  Why should anyone else, or the State, care about that?

No, the person in error is the person who took the money and ran.  You signed a contract to repay the loan.  The State should enforce that contract.

I don't see the benefit of having the State take on this enormous and quite literally impossible (can't get blood from a stone) task.  People promise things all the time that later become economically unfeasible - corporations in particular.  How would you deal with a corporation that couldn't pay its debts?
 

I don't support the existance of a corporation entity.  And it is hardly an "enormous" task.  It is simple.  The judge orders you to pay your debts, and you comply.

This would be impossible, as the people in question have no money.  Most are unemployed, or employed at such low wages that every bit is consumed in providing subsistence.