Reply #41: There are already plenty of checks and balances in the bankruptcy laws [View All]

[BlueInRed]

and the main loopholes for wealthy people to shield assets remain untouched.

This is NOT a bill about bankruptcy reform except to eliminate it as a possibility for many middle income Americans, while leaving it wide open to abuse by wealthy people who can hire lawyers to use the code to keep luxurious assets and corporations who can avoid large judgments against them.

This kind of post perpetuates the myth this bill was about curbing abuses because that is NOT what this bill was aimed at. It is aimed at preventing millions of Americans who got in a bind through no fault of their own (ie, job loss, medical emergency, etc) from getting a truly clean start by forcing them into an expensive court supervised Chapter 13 repayment plan.

Most bankruptcy judges oppose this bill. And bankruptcy judges already have discretion to refuse to grant relief to people who abuse the system. No changes were needed except to make the credit card companies happy.