I just called my GOP congressman about the bankruptcy bill. [View All]

[madfloridian]

I read to them what the bill does NOT contain, and they were surprised. I pointed out it will hurt Republicans and Democrats alike. They did not know any of this.

The bill does NOT do these things:
1.Preserve existing bankruptcy protections for
individuals experiencing economic distress as caregivers to ill or disabled family members.

2.Exempt debtors whose financial problems were
caused by serious medical problems from means testing.

3.Require enhanced disclosure to consumers regarding
the consequences of making only minimum required payments in the repayment of credit card debt, and for other purposes.

4.Provide a homestead floor for the elderly.

5. Protect servicemembers and veterans
from means testing in bankruptcy, to disallow certain claims by lenders
charging usurious interest rates to servicemembers, and to allow
servicemembers to exempt property based on the law of the State of their
premilitary residence.

And I believe it does not put any cap on how high credit cards interest rates can go. Not sure of that one.