Barack Obama Reveals New Proposals For Bankruptcy Changes
Barack Obama gave a 15 minute speech this week in front of 2,700 supporters at McEachern High School in Powder Springs. In his speech he revealed new proposals that he hoped would refine the bankruptcy laws set for seniors and military families.
He went on to speak against Sen. McCain for having the desire to put credit cars companies and banks ahead of the needs of the working American people. “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, adding that McCain “would continue the economic policies that would hobble families and our entire economy.” He went on to say that he would love to debate with McCain over the economy and taxes.
Toward the end of his remarks, Obama vowed to protect military families “who are being stretched thin because of repeated moves and long deployments.” Those families, he said, “are being preyed upon by predatory lenders. If you’re protecting America, America should be protecting you from unfair bankruptcy laws.”
He stated that he would set up a “fast-track bankruptcy practice” for military families. This new practice would help to ease off the restrictions that are set up against people who are declaring bankruptcy and to get rid of the unnecessary paperwork. It would “let them keep a greater share of the value of their home.”
For older Americans, Obama said he would work to help seniors keep their homes when emerging from bankruptcy. Their homes, Obama said, “are the cornerstones of a secure retirement,” and also promised a larger homestead exemption for seniors.