Can someone tell me how do defend the bankruptcy bill against liberal attacks, Im having trouble.
Sure, its called paying your bills.
First off, they are wrong when they say 90% of bankruptcies are due to medical bills. They are not unless you count drug addiction, alcoholism, and gambling addiction as "medical".
Second thought: just tell them to go tear up their credit cards if they don't like the rules of the road. Nobody is forcing them to use credit cards.
Sure, its called paying your bills.
First off, they are wrong when they say 90% of bankruptcies are due to medical bills. They are not unless you count drug addiction, alcoholism, and gambling addiction as "medical".
Second thought: just tell them to go tear up their credit cards if they don't like the rules of the road. Nobody is forcing them to use credit cards.
The bankruptcy bill is supposed to close a solvency loophole used by 'players', i.e. people that obtain unsecured debt that they never had any intention of repaying. The change in the method by which solvency is determined will, in theory, raise the bar for Chapter 7 (debt forgiveness) high enough that people that have sufficient income vs. their debts to repay at least a portion of it will be restricted to filing Chapter 13 (debt consolidation) instead. People filing because of overwhelming losses, unanticipated catastrophic events, and other circumstances that render them completely wiped out should still be able to qualify for Chapter 7.
The major effect this would have on consumers is that lower losses to creditors will translate into a lower burden the people paying for their loans have to carry. In other words, people who have the means to at least partially shoulder the repayment of their loans will no longer have the option of shunting the full load onto other consumers, while those totally buried under insurmountable debt (usually medical bills) can still find relief.