This diary is only intended to prompt some honest debate, so don't flame me just for presenting an opposing view to this bill.
I have been very pissed off about the bankruptcy bill for a few days now, but today started thinking about it a little more realistically. In my lifetime I have known probably six or seven people who have declared bankruptcy. In every single case, they were merely trying to escape debt that they had accrued by being irresponsible, racking up HUGE credit card debts and were looking for a way out of a situation that was self-inflicted. It wasn't need, they weren't starving, they just wanted a clean slate. Don't we all? More below the fold >>
These spend-and-run consumers include my own mother, so I'm not just being cold. None of these individuals were facing medical bills from an unforeseen accident, returning from the military or any of the other examples given for how bankruptcy "helps" those in need. Of course I realize these situations do exist, and this bill will affect some people negatively. But what about those millions of people out there who pile debt up to their eyeballs without any foresight or care? They make up the majority of bankruptcy claims. Should these companies (yes I hate credit card companies too) have to just eat the billions of dollars these careless consumers bail out on, or more importantly should WE have to eat those costs that are certainly getting passed on to us? It's like the rising costs of health care. If overweight people and smokers account for the majority of medical problems in this country, should those who eat healthy and get excersize have to pay an extra share because of someone else's lifestyle?
One other point - I have noticed lately that out-of-control consumerism is swallowing our economy. People are racking up debt they can't afford, buying houses with interest-only loans, buying $100k Hummers they can't afford, and personal savings are at an all-time low. The bubble is gonna pop soon. Maybe, just maybe this bill will stem the tide a little and force people to reconsider before they engage in such foolhardy, rampant stupidity. Their recklessness is pushing the housing market closer and closer to a bust, and could be responsible for many other economic problems we face. We need a solution, and since these people won't wake up, maybe the bankruptcy bill will force some of them excersize some maturity. I personally have about $50k in student loan debt, and I have no intention of dishonoring my agreement to pay. Even when I lost my job and was unemployed for a long period of time (thanks, Bush) I simply worked with my creditors to keep things stable. My credit was shit, but at least I am living up to my promises. People in this country need to start acting with some integrity and personal responsibility, because our economy relies on it, and our kids are learning terrible life skills.
Aside from some of the very negative aspects of this bill, such as the language that provides no relief even for victims of identity theft, should we really be so strongly opposed to this bill?
Thoughts? Comments?