New Bankruptcy Law

A detailed Summary of New Bankruptcy Law

When the next credit card representative comes to campus, trying to market the newest MasterCard or Visa-run away! Congress has made it more difficult for individuals to declare and extricate themselves from bankruptcy. Although the idea the new bankruptcy legislation is supposed to support, namely that consumers must become more fiscally responsible, may seem neutral on its surface and merely designed to reign in an overspent America where "the average credit card balance is $12,000. And 10 to 15 percent of households with credit card debt are barely able to pay it off," in fact this new piece of legislation advances a number of factional interests in Congress at the expense of other interests. (Willis, 2005) While the financial industry and credit card companies may be pleased by the 2005 legislation, consumer groups and legal action groups are not.

The image of creating a more responsible and thrifty consumer may have been the 'selling point' of the new legislation to the vast majority of the American public. Don't be seduced by credit card companies, touted the bill's advocates in Congress. However, these politicians might have been also just as apt to add-oh yes, never get sick and require costly medical procedures, never l

Thus, James Madison's hope that the checks and balances in the Constitution and the existence of opposing factions working sufficiently so the general good is not being sacrificed for the good of powerful elite and special interests is far from being realized in today's America, where the financial pressures of big business can sway congressional votes and legislation, as campaigns are more expensive. The consumer facing financial difficulties is silent, while the voice of the faceless credit card company and the financial services industry is all-powerful.

ose your job, and for heaven's sake never care for a child with a chronic ailment. These are the main reasons that individuals fall into heavy debt and require bankruptcy, far from the image of the Gucci-touting college student. In fact, the legislation was deemed so anti-consumer friendly that CNN's personal financial advisor cautioned "if you've been considering filing for bankruptcy protection, but have delayed, you should go ahead and start the paperwork now. Once the many elements of the law take effect in 180 days (six months), bankruptcy as we know it will have changed to an unfriendly landscape," for the average, middle class American. The new law makes it more difficult for filers with a median income higher than what is deemed to be 'average' by Congress to file for bank

Some common words found in the essay are:
Visa-run Congress, Palm Beach, James Madison's, Budget Office, , credit card, credit card companies, card companies, financial services, sahadi 2005, repayment plans, law effect, willis 2005, financial services industry, clients sahadi, services industry, chapter 7,

Approximate Word count = 906
Approximate Pages = 4 (250 words per page double spaced)

Category: Politics