02 Oct Biden, McCain, Palin, Obama and Bankruptcy
Below is information that I have been able to gather with respect to the candidates about their views on bankruptcy. This article is NOT a political comment nor does it seek to convince you either way. I have always said that knowledge is power and now more than ever you must seek knowledge about the candidates to give you the power to make an informed vote. The information below is gathered to give a starting point for you to review the opinions of the candidates and how their views may affect your financial future.
Do not think that you vote does not count, it does! Although your right to vote is not necessarily a constitutional right it is certainly one of the freedoms that makes America great.
Obama’s web page explains his views on bankruptcy.
McCains’ web page lists stories were bankruptcy was mentioned but nothing was outlined about his views of bankruptcy and the change if any that is need.
Obama’s plan for the economy.
McCain’s plan for the economy.
US House report on the Emergency Economic Stabilization Act for 2008.
US Senate report on the Emergency Economic Stabilization Act for 2008.
Biden’s web page and his comments and/or interactions with bankruptcy.
Palin’s web page and her comments and/or interactions with bankruptcy.
Obama wants to fast track bankruptcies for medical needs, seniors, persons affected natural disasters and military personnel. First Read by MSNBC.
CNN’s transcript of the debate so you can read the actual comments regarding bankruptcy as well as the other issues.
CNN side by side comparison of issues such as bankruptcy of both Obama and McCain.
The Bankruptcy Abuse and Consumer Protection Act went to the Senate for a vote under S256. This is the legislation that changed the very essence of the bankruptcy law. Some feel that it was a necessary change while others said it was not not the right way to go. McCain voted for S256 to change the bankruptcy laws and Obama voted against it. However, Biden also voted to change the bankruptcy law.
Obama voted for Amendment 15 in 2005 of the bankruptcy bill to provide added disclosure that the credit card companies must provide to consumers about minimum payments and the overload debt load. McCain has voted against Amendment 15. Biden voted against Amendment 15.
McCain voted against Amendment 16 in 2005 to eliminate the means test for those in active service. Obama voted to eliminate the means test for those on active duty to make it easier for them to file for bankruptcy relief while they were putting their live on the line to protect America’s freedom. Biden voted against the change.
Obama voted for Amendment 37 that eliminated the means test for those who are filing solely due to identity theft and not due to credit card use of their own. McCain voted against and thereby agreed to keep the means test for those who are victims of identity theft. Biden also voted against this amendment.
More information by Brett Weiss of Obama vs. McCain on bankruptcy.
Obama and McCain votes on the bankruptcy amendments by Stephen Otto.
Obama Biden & Bankruptcy What Is Really Going On Here by Carmen Dellutri.
Your future is in your hands and you have the opportunity to make a difference. READ, EDUCATE, ASK QUESTIONS, DEBATE, DECIDE AND VOTE!
Written by Rachel Lynn Foley, Kansas City Missouri Bankruptcy Attorney.