Help stop "Debt Slavery" Bill!

[NVMojo]

From the site:

Any day now, your Representative in Congress will vote on a hugely important "Debt Slavery" Bankruptcy Bill (H.R. 685) that could literally change your life.

The bill was written by credit card companies, which made $30 billion in profits in 2004 - but are blinded by greed.

The bill will change current law to prevent you from declaring bankruptcy under Chapter 7, which pays off your debts by liquidating your assets, giving you a fresh start financially. Instead, it would force you into Chapter 13 with a rigid 5-year repayment plan. You would no longer be able to protect your car and home, and you would have to pay greater legal fees.

Simply put, you would become a debt slave to the credit card companies.

When the Senate passed this bill, it rejected a dozen crucial changes to make the bill humane - such as exemptions for serious medical problems, exemptions for those in the military, an interest rate limit of 30%, protecting the homes of the elderly, and comparably strict treatment of those who are rich.

Urge your Representative to vote NO on the Debt Slavery Bankruptcy Bill by clicking "Write Your Rep" on the left.

And help us create a grassroots firestorm to stop this outrageous bill by putting our Blogad (on the right) on your Web site with a link to http://debtslavery.org, and by making a contribution if you can.

[Stand and Fight]

1. Kicked and nominated. n/t

[NVMojo]

2. this is just one more chance to stop it or force them to change it!

[Stand and Fight]

3. I hope so...

However, I am not at all impressed with their lack of understanding or compassion.

[NAO]

4. This could be one of the WORST things to happen during the Bush Reign

In terms of the long term harm to working families.

Bankruptcy is a way to get people who are paralyzed by debt back into the economy and working and being productive again.

This bill is just a blatant favor to the credit card and financial companies at the expense of the debtors, their families, and the entire rest of the economy.

It is also an ideal litmus test to see if a particular Representative is beholden to the financial industry or is serving the People.

[merh]

5. I will write again!

Thanks for the thread!

nominated.

[DebJ]

6. Is this a DIFFERENT version of S-256, or is this S-256 being

introduced into the house as HR-685?

[mikelewis]

9. It's the same bill just in House Now - Link

See here
http://thomas.loc.gov/cgi-bin/bdquery/z?d109:s.00256:

S.256
Title: A bill to amend title 11 of the United States Code, and for other purposes.
Sponsor: Sen Grassley, Chuck (introduced 2/1/2005) Cosponsors (12)
Related Bills: H.R.685
Latest Major Action: 3/15/2005 Referred to House committee. Status: Referred to the Committee on the Judiciary, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

[DebJ]

15. thanks and kick!

[OneTwentyoNine]

7. The Senate rejected a interest limit cap of 30%?!?!? Jesus.....

Of course they'd tell you it wasn't just that cap it was the entire package of changes to the bill. Those CC fuckers shouldn't be getting anymore than about 4-5% over prime rate--Maximum. Thats a DAMN long way from even 20%.

[salin]

8. Their "line" was that they

wanted a "streamlined" version of the bill - and that they would stand firm to knock off ANY amendment. You know... get it through and we will correct it later was the line.

Not sure the advantage - b/c in pursuing this a lot of their members had to publically vote on amendments in ways that are very anti-constituent - given opponent candidates a great deal of fodder.

Against protections for families of reservists whose incomes were suddenly disrupted (esp when it is the repubie bushies that have greatly extended the use of the reservists - that is the keeping them at the lower income levels for longer periods of time)...

Against protections for families in bankruptcies due to serious medical costs...

Against realistic problems facing constituents...
Against any restraint on the practices of the CC industry.

[DemoTex]

10. Bad link. Try this one:

http://www.debtslavery.org

My comments to my reps:

Credit card companies are awash in windfall profits. So much so that Bank of America Corp on Monday said Chief Executive Kenneth Lewis' compensation rose 12 percent last year to $22.5 million, as profits hit a record.

The only thing any more obscene than Kenneth Lewis' 2004 pay, is the very fact that the US Congress is even considering this egregious, Draconian bankruptcy bill.

GOP moral bankruptcy Bill

[unhappycamper]

11. If truth in advertising was a law, we would call this "The MBNA Slavery

Act of 2005"

[NVMojo]

12. keep this kicked, we need more support!

Thanks! Afterall, we need to overrule our own Harry Reid on this one!



:banghead:

[AzDar]

13. KICK!!! n/t

[lasttrip]

14. just wrote my rep again.

maybe he will reply this time.

:kick:

[Digit]

16. kick again