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Obama Looks to Make Bankruptcy Laws More Lenient
8-Jul-2008
Written by: Steve Ruback
Democratic candidate delivers proposal during speech earlier today.
Democratic presidential nominee Barack Obama announced a proposal that would overhaul the current bankruptcy laws that exist in this country during a town hall event held earlier today in Georgia. His proposal would make it less challenging for individuals to discharge debt once they face bankruptcy.
According to Reuters, the Democratic candidate hopes to make impending bankruptcy less crippling to those with problems paying their bills due to military service and medical expenses.
Obama’s proposal comes in response to the bankruptcy laws that were passed in 2005 that overhauled the previous system much to the delight of consumer lenders such as credit card companies. The 2005 law was signed by current President George W. Bush and passed by Congress, according to Reuters.
The presidential hopeful spoke about his proposal at the town hall event, specifically providing insight about those who would be granted some leniency.
Obama said in his speech, “While Americans should pay what they owe and we should be fair to those creditors who were fair to their borrowers, we also have to do more for the struggling families who need help the most.”
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