The Bankruptcy Bill
Posted: Thu Mar 10, 2005 2:25 pm
Thanks. That's my second radio jaunt and I still say "umm" and "ya know"
too much. I also never feel like I'm saying what I'm thinking, but what the
heck.

To:
Sent: Thursday, March 10, 2005 2:03 PM
Subject: Re: [cdcbaa] The Bankruptcy Bill
>
>
> Mark: I think you did well on your appearance with Larry Mantle today.
> Good
> work. CF
>
> ----- Original Message -----
> To:
> Sent: Thursday, March 10, 2005 9:17 AM
> Subject: Re: [cdcbaa] The Bankruptcy Bill
>
>
>>
>>
>> Really nice letter David, but I think this sentence was a bit off:
>>
>> The present bill is opposed by everyone except the credit industry:
>> judges, attorneys, debtors and academics.
>>
>>
>> ***********************************************
>> Mark J. Markus
>> Law Office of Mark J. Markus
>> 11684 Ventura Blvd. PMB #403
>> Studio City, CA 91604-2652
>> (818)509-1173
>> (818)509-1460 (fax)
>> e-mail: bklawr@bklaw.com
>> web: http://www.bklaw.com/
>> ************************************************
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>>
>> ----- Original Message -----
>> To:
>> Sent: Thursday, March 10, 2005 9:14 AM
>> Subject: [cdcbaa] The Bankruptcy Bill
>>
>>
>>
>> March 10, 2005
>>
>> Dear Senator Feinstein:
>>
>> I am writing to you concerning the pending bankruptcy bill, not for my
>> own sake because I will have plenty of work, but for my clients who are
>> out of work for one reason or another.
>>
>> I am aware of the various amendments which have been proposed. I am
>> also aware that each of those amendments has been voted down. The bill
>> now appears to be on a steamroller. Supporting specific amendments is
>> not sufficient and not an excuse for supporting a bill which is bad
>> social policy and which is based on false assumptions.
>>
>> The assertion that bankruptcy is being misused by large numbers of
>> people, i.e. the premise for the bill, is factually incorrect and
>> unsupported by any evidence. Those studies which have been done, and I
>> am certain you have already been made aware of them, reflect that
>> bankruptcy is caused by unanticipated interruption in the family income.
>> This can be caused by illness, death, layoff, outsourcing of jobs,
>> divorce and other causes. These events are NOT the fault of the
>> destitute family, and credit counselling will NOT assist these people.
>> This bill does NOTHING to address these problems and simply makes it
>> more difficult for the truly needy to obtain bankruptcy relief.
>>
>> No one disagrees with the proposition that there are a few bad apples.
>> There are bad apples in every human endeavor. But the existing law
>> ALREADY HAS procedures for addressing these problem cases. The cases
>> are dismissed for bad faith, or shunted to repayment programs under
>> Chapter 13 where the debtor has some ability to repay the debt.
>> Creditors have ample opportunity to bring these problems to the
>> attention of the Court.
>>
>> There is also an existing consensus that homestead exemptions, which
>> vary so widely from State to State, should be reined in. The bankruptcy
>> laws, as written, mirror State laws which apply when creditors pursue
>> debtors in State Court. Why should creditors receive better treatment
>> in a federal bankruptcy court than they do under the applicable State
>> collection laws?
>>
>> The present bill is opposed by everyone except the credit industry:
>> judges, attorneys, debtors and academics. This bill is bought and paid
>> for by the credit card industry whose profits have soared, even as
>> bankruptcy numbers have increased. (One has to wonder why they care
>> about bankruptcy reform give these undisputable facts). Everyone
>> assumes that bankruptcy causes financial losses to the credit card
>> industry. Again, this is a false conclusion with no evidence whatsoever
>> to support it. Has no one considered the possibility that credit card
>> profits cause bankruptcy?
>>
>> The credit card industry has been allowed to remain unregulated as it
>> extends credit to those who are unworthy, and then blame the bankruptcy
>> system when those people fail. Why should my college age adult children
>> have credit cards of their own when they are not employed and have no
>> funds? Why should people who have just filed bankruptcy receive new
>> credit card solicitations?
>>
>> As destitute people are pressured by creditors without bankruptcy
>> relief, is it unreasonable to anticipate that we will see an increase in
>> alcoholism, suicide and property crime? I have personally observed the
>> stress of my clients. You can see it in their faces and measure it by
>> the tears shed in my office.
>>
>> Please consider these sad human truths as you vote on the bankruptcy
>> bill. Make an intelligent vote based on fact, not on campaign
>> contributions.
>>
>> David A. Tilem
>> Certified Bankruptcy Specialist*
>> Law Offices of David A. Tilem
>> 500 N. Brand Blvd., #460, Glendale, CA 91203
>> Tel: 818-507-6000 Fax: 818-507-6800
>>
>> * Bankruptcy specialist cert. by State Bar of CA Bd of Legal
>> Specialization.
>> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>>
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The post was migrated from Yahoo.