I got this from The Center for American Progress.
Here is a link to send a letter to your representatives on the bankruptcy bill that is going to be voted on tomorrow.
DAILY TALKING POINTS: Stop the bankruptcy bill.
http://www.americanprogressaction.org/site/pp.asp?c=klLWJcP7H&b=408787
Stop the Bankruptcy Bill
March 7, 2005
A bi-partisan coalition of senators is on the verge of passing sweeping bankruptcy legislation that will hurt regular Americans. Last week senators blocked amendments that would have closed loopholes for the wealthy, cracked down on predatory lending practices and protected the homes of those who were facing bankruptcy from medical bills. A final vote on this bill is scheduled for tomorrow. Write your senators now and demand they oppose the bankruptcy 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.
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.
Democratic and Republican senators should put the interests of Americans above those of the credit card industry. The credit card industry raked in $30 billion in profits last year, some of which is clearly being spent to grease the palms of Washington politicians. Bankruptcy hasn't hurt the credit card companies one iota. The LA Times reports, "by charging customers different interest rates depending on how likely they are to repay their debts and by adding substantial fees for an array of items such as late payments...the major card companies have managed to keep their profits rising steadily even as personal bankruptcies have soared." In other words, "companies have found ways to make money even on cardholders who eventually go broke."