Thursday, April 14, 2005

On the Bankruptcy Bill

I don't know enough about the banruptcy bill to make a statement on it.
But if, as I have heard, it protects rich people who declare bankruptcy while putting the screws on the poor and the middle class, that is not right.
Anyone who goes through bankruptcy ought to be in roughly the same position as anyone else with equivalent situation (e.g. age, number of children, etc.) who goes through it. I'm sure there are some exceptions, special situation that require special consideration, but in general a person making $5 million who goes through bankruptcy ought to be put into the same situation of near-poverty as a person making $30,000 a year who goes through bankruptcy. (I am willing to believe that people who go bankrupt because of things they are not responsible for [e.g. medical bills instead of a spending spree] should probably get special consideration, although rich people in this situation should again get exactly the same consideration as poorer people in the same situation.

Does this mean I resent the rich? Only if they try to default on their obligations.

That is all.

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