Obama Proposes Bankruptcy Law Changes

//Obama Proposes Bankruptcy Law Changes

Obama Proposes Bankruptcy Law Changes

By AARON GOULD SHEININAtlanta Journal-ConstitutionPublished on: 07/08/08 Barack Obama moved Tuesday to paint the 2008 presidential election in stark terms of rich vs. poor, and fat cats vs. struggling families. 

In a 15-minute speech before 2,700 screaming supporters at McEachern High School in Powder Springs, Obama unveiled a pair of new proposals aimed at easing bankruptcy laws for military families and for seniors.

The Democratic presidential nominee-in-waiting blasted his Republican opponent, U.S. Sen. John McCain, for putting the desires of banks and credit card companies ahead of the needs of working Americans.

“While John McCain is an honorable man, and I respect and admire his service to our country, John McCain has been part of the problem, not part of the solution,” Obama said. 

 Toward the end of his remarks, Obama vowed to protect military families “who are being stretched thin because of repeated moves and long deployments.”

 Families, he said, who “are being preyed upon by predatory lenders. If you’re protecting America, America should be protecting you from unfair bankruptcy laws.” 


He said he would create a “fast-track bankruptcy practice” for military families, which would ease restrictions against declaring bankruptcy, eliminate “unnecessary” paperwork and “let them keep a greater share of the value of their home.”

Obama said he would work to help seniors keep their homes when emerging from bankruptcy. Their homes, he said, “are the cornerstones of a secure retirement,” and also promised a larger homestead exemption for seniors.               


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