Today Senator Dodd released his full plan for bankruptcy reform. You can view the full Dodd plan for fair, practical bankruptcy reform at http://chrisdodd.com/issues/bankruptcy.
Here are the bullet points of what the Dodd plan will do:
- Modify the means test to ensure families have sufficient resources to live on
- Protect children, not creditors
- Ensure all medical debts are dischargeable
- Permit bankruptcy courts to restructure mortgages so families can stay in their homes
- Allow private student loans to be dischargeable
Harvard Professor Elizabeth Warren says, "These proposals show that Senator Dodd is squarely on the side of families. He knows that hard-working, play-by-the-rules people sometimes need a safety net."
Senator Dodd has the best record of Democratic candidates on bankruptcy reform - eRiposte of the Left Coaster writes, "He has been consistently and strongly progressive on the topic of Bankruptcy "reform" at least since 2000."
Last month Dodd announced that he will call for the reform of a part of the current bankruptcy law which prevents judges from aiding those in default of their loans by restructuring their payments.
Read the full Dodd plan http://chrisdodd.com/issues/bankruptcy and Tell a friend to do the same!
Update:
Here's Senator Dodd:
"I am proud to be the only candidate to have repeatedly voted against the so called bankruptcy 'reform' bills that were written by the special interests, for the protection of the special interests," said Dodd. "This was special interest legislation at its worst masquerading as reform at its most diluted. As President, I will work to make sure that our most vulnerable citizens are protected, but these five critical reforms can't wait until 2009, which is why I will introduce them as legislation in the Senate.
"I think my record on this issue speaks to caucus goers and voters who are looking for leaders that are genuine and that they can trust to do the right thing as President. You're not going to be able to repackage yourself as a fighter for the people when your record tells a very different story. Iowans are too discerning."
Comments
Can anyone explain what "private" student loans are?
Sure thing:
Unlike federal student loans, private loans are not guaranteed by the federal government, and while guaranteed student loans carry a rate of no more than 6.8%, there are no limits on the interest rates and fees private lenders can charge. Furthermore, because the underwriting for private education loans is similar to that used for other forms of consumer credit, student borrowers with little-to-no credit history typically pay higher rates. This model runs counter to the longstanding federal purpose of student aid – targeting low-cost financial assistance to students with need. Student advocates argue that private lenders seek to exploit the lack of financial sophistication of student borrowers through aggressive marketing that digs students deeper and deeper into debt. Part of ensuring that young borrowers and their families are not subjected to practices that deny them the ability to obtain credit on fair, transparent and reasonable terms is allowing private student loans to be dischargeable in bankruptcy – creating a powerful disincentive for private lenders to exploit students and their families. In a Dodd Administration private student loans will be dischargeable.
Great explanation. Thanks.
It would also help if President Dodd would assure that organized criminal enterprises by "officers of the Court" and willfully blind US Trustee's; comes to a screaming halt!
We have 3 related cases that involves over $300 million in fraud, with perjury issues already being confessed, yet no prosecutions are occurring because it was the Court approved lawyers who are doing the perjury.
http://fraud-corruption-mnat.townhall.com/Default.aspx
Everywhere we look, we find malfeasance.
Do the right thing for America, President Dodd.
My friend just called me to encourage me to email a question into the coming NPR debate for Barack Obama. I told her that I have no interest in drawing more attention to him but that I would send one in about Dodd's new bankruptcy plan that seeks to reform the Barriers to Bankruptcy bill passed recently. Have you considered asking your supporters to email their own questions into the debate for Sen. Dodd?
Duh - I meant to include the link to submit questions and I forgot. This is it.