Class Warfare Being Waged by the Wealthy
And that, most likely, doesn't mean you... Sorry.
Stop the Bankruptcy Bill
American Progress Action Fund (03.07)
A few talking points on the very UnAmerican Bankrupty Bill...
Why are senators allowing multi-millionaires to shield their assets but not average families? Under the bill, the very wealthy would be able to shield millions in assets after declaring bankruptcy by setting up "asset protection trusts." Sen. Chuck Schumer (D-NY) introduced an amendment that would have limited the use of these trusts. The amendment failed 39 to 56. Schumer lamented "now we have a bill that says a family won't be protected if it has $50,000, but it will if it has $5 million.Clearly the folks pushing this bill HATE America & hard working folks like us.
Why are senators going after seniors with huge medical bills? The bill will be especially hard on elderly Americans, who are bankrupted by medical bills with increasing frequency. Sen. Russ Feingold (D-WI) introduced an amendment that would have shielded their homes (up to a modest $75,000) from seizure after declaring bankruptcy. The amendment failed 40-59.