'via Blog this'
Yes, thanks to politicians like Tom Carper, whose baby it was, and Joe Biden, the former senator from MBNA, who supported it, the bankruptcy "reform" act pretty much killed off any chance at all for poor people to recover from their debts. It also made credit card companies more powerful - and profitable, so as far as the politicians are concerned, win/win!
If there's anything at all that I wish the Occupy movement would focus on, it would be overturning this travesty and getting people some relief from debt prison.
It's also why it's really, really important to support Elizabeth Warren. It will make the bankers crazy:
This year, hundreds of thousands of Americans are expected to be too broke to file for bankruptcy.
The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $1,500, according to recent research submitted to the National Bureau of Economic Research.As a result, anywhere between 200,000 and one million consumers are estimated to be unable to afford that steep cost this year.