Senate Nixes Efforts to Soften Bankruptcy Bill

[Tony_FLADEM]

They also turned down a proposal by Massachusetts Democrat Sen. Edward Kennedy to close a loophole that benefits wealthier individuals in states with unlimited homestead exemptions, such as Texas and Florida.

"Millionaire deadbeats buy a huge mansion in Florida and Texas to shield their wealth from creditors. The harsh rules of bankruptcy being established by this bill will trap hard-working middle-class families, but the unlimited homestead exemption will allow rich debtors to escape," Kennedy argued.

<http://www.democraticunderground.com/discuss/duboard.php?az=post&forum=104>

So it's more difficult for the middle class to declare bankruptcy but the rich still are protected?

:eyes:

[Randi_Listener]

1. You think they give 2 fucks about us?

They care jack-shit for us "commoners".

[Jesus Saves]

2. The money chargers are going to get their pound of flesh

[MeDeMax]

3. something wrong with the link, please check

it opens a form to make a post.