If You Were Planning on Declaring Bankruptcy, Do So Now

I'm not an economist, but I would go as far as to say that the bankruptcy bill that just passed the House, has already passed the Senate, and will almost certainly be signed into law by the President, is immoral. Not surprisingly, the Republicans have written and pushed through a bill that blatantly favors credit card companies and the extremely wealthy at the expense of the ordinary American. (The ordinary American tends to have money problems from time to time, for various reasons.) And, not surprisingly, the Democrats failed to put up a fight. (73 Democrats voted for the bill.) This study, shows that about half of all bankruptcy filers file because of medical expenses.

Additional resources:

A column by conservative columnist Debra Saunders opposing the legislation

A blog post on the subject by former North Carolina senator John Edwards

A blog post from Professor Elizabeth Warren of Harvard Law School