11 Sep Bankruptcy and the Presidential Election
Four years ago, part of Obamaâ€™s platform included passing a bankruptcy reform bill that would allow Chapter 13 judges to have the power, under limited and appropriate circumstances, to modify the first mortgage or deed of trust on a familyâ€™s home. That would probably have gone a long way towards saving the housing crisis. It wasnâ€™t supported by the Republicans and never made it out of Congress.
It is not included in the 2012 Democratic platform. In fact, itâ€™s nowhere to be found 4 years later.
There is no mention of bankruptcy reform that I could find in the Democratâ€™s platform. There are discussions of strengthening the economy, creating jobs, regulating big banking interests, and protecting consumers. But no mention of help for those persons needing bankruptcy.
The Republicans fought against bankruptcy reform (successfully) four years ago. And there is no mention in their platform of doing anything different now.
Their platform contains language about privatizing the mortgage industry to bring about â€œfairness.â€ They talk about reducing Federal regulations including deregulation of the banking and mortgage industries. And, although there is language about it being important to protect consumers and restore the middle class, there is, at least as far as I could find, no plan or program for how to do that other than by de-regulation and reducing taxes.
So, who do you vote for, if your primary concern is the economy and consumer rights? The Republicans promise that lowering taxes will create larger profits for businesses with which they will hire more employees, raise wages and stipulate the economy. The Democrats promise they can bring back the middle class and help consumers by regulation.
Which offers the most promise? I donâ€™t know. But it looks to me like there will be little help for those among us needing bankruptcy relief.
image credit: Vectorportal
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