Please Oppose "Morally Bankrupt" Bankruptcy Bill
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The Honorable Harry Reid
528 Hart Senate Office Building
Washington, DC 20510
The Honorable Richard Durbin
332 Dirksen Senate Office Building
Washington, DC 20510
Dear Senators,
Please urge our Democratic Senators to oppose the pending bankruptcy legislation.
This bill is another of the many worker-unfriendly laws and rulings emanating from the Congress and the Agencies of our government since the current Administration came to office.
It returns at a time when many American workers are in real duress, having seen their wages decline, their jobs disappear, their health-care coverage evaporate, and their hopes for their families futures endangered.
We understand that over half of all those families who file for Chapter 7 relief do so because theyve suffered illness that left them with medical bills their insurers didnt cover. Many used credit cards to pay medical expenses.
Depending on whose numbers one credits, 90\% - 97\% of persons who file, do so reluctantly, as a last resort, having no other option. These are working Americans, anguished by economic conditions beyond their control.
We understand that the credit industry has been the driving force behind this bill, and that the credit industry often engages in irresponsible marketing of its products, targeting young and disabled people, aggressively marketing to people whose credit history is poor or worse, and charging exorbitant interest rates and fees with dubious justification.
We understand that the credit industrys irresponsible behavior is profitable, that during a period when the number of filings rose by 17\%, profits for the industry rose by 163\%.
We understand that this bill does nothing to limit the ability of wealthy debtors to shift assets into property holdings or trusts, and does nothing to limit the ability of firms like Enron or WorldCom to apply for relief thereby avoiding requirements to pay employees wages and health insurance. But it does limit the ability of those same employees to apply for the same relief, should they find themselves faced with catastrophic medical expenses.
This legislation ignores the fact that Bankruptcy judges, or Trustees, determine the validity of any filing on a local level. It denies them discretion, amounting to a type of Federal mandatory sentencing for working families guilty of no crime other than economic misfortune.
This bill has been called Morally Bankrupt, and we believe it is. Because the bill is an affront to American workers and their families, we believe that no Democratic Senator should approve it.
We ask that you urge every Democratic Senator to join Senators Kennedy and Schumer in opposition.
528 Hart Senate Office Building
Washington, DC 20510
The Honorable Richard Durbin
332 Dirksen Senate Office Building
Washington, DC 20510
Dear Senators,
Please urge our Democratic Senators to oppose the pending bankruptcy legislation.
This bill is another of the many worker-unfriendly laws and rulings emanating from the Congress and the Agencies of our government since the current Administration came to office.
It returns at a time when many American workers are in real duress, having seen their wages decline, their jobs disappear, their health-care coverage evaporate, and their hopes for their families futures endangered.
We understand that over half of all those families who file for Chapter 7 relief do so because theyve suffered illness that left them with medical bills their insurers didnt cover. Many used credit cards to pay medical expenses.
Depending on whose numbers one credits, 90\% - 97\% of persons who file, do so reluctantly, as a last resort, having no other option. These are working Americans, anguished by economic conditions beyond their control.
We understand that the credit industry has been the driving force behind this bill, and that the credit industry often engages in irresponsible marketing of its products, targeting young and disabled people, aggressively marketing to people whose credit history is poor or worse, and charging exorbitant interest rates and fees with dubious justification.
We understand that the credit industrys irresponsible behavior is profitable, that during a period when the number of filings rose by 17\%, profits for the industry rose by 163\%.
We understand that this bill does nothing to limit the ability of wealthy debtors to shift assets into property holdings or trusts, and does nothing to limit the ability of firms like Enron or WorldCom to apply for relief thereby avoiding requirements to pay employees wages and health insurance. But it does limit the ability of those same employees to apply for the same relief, should they find themselves faced with catastrophic medical expenses.
This legislation ignores the fact that Bankruptcy judges, or Trustees, determine the validity of any filing on a local level. It denies them discretion, amounting to a type of Federal mandatory sentencing for working families guilty of no crime other than economic misfortune.
This bill has been called Morally Bankrupt, and we believe it is. Because the bill is an affront to American workers and their families, we believe that no Democratic Senator should approve it.
We ask that you urge every Democratic Senator to join Senators Kennedy and Schumer in opposition.
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