Bankruptcy legislation condemned as too harsh

The U.S. House of Representatives is expected to vote this week whether to change the nation’s bankruptcy laws, a measure that could affect thousands of Minnesotans.

Supporters say it’s aimed at the wealthy who misuse the law. Opponents say it’s full of loopholes for the rich, and penalizes low-income workers and families who are hit with layoffs or medical bills.

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Minnesota Congresswoman Betty McCollum, D-4th Dist., said while changes are needed, the changes made in the legislation are misdirected.

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“I want to make it clear. People who intentionally go out and rack up debt, with no intention to pay for it, they should be held accountable and responsible,” McCollum said. “But, many people in Minnesota, through a severe disability or medical bills because they didn’t have insurance, find themselves filing for bankruptcy that is very harsh to them and their families.”

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The bill, which passed the Senate, is scheduled for debate in the House Thursday. President Bush has expressed support.

Minnesota Congressman James Oberstar, D-8th Dist., said he’ll oppose the legislation, because it’s harsh on those forced to file for bankruptcy because of unexpected life circumstances.

“Consumer debt now stands at well over $2 trillion,” Oberstar said. “And a large portion of that is credit card and banking debt. And, 90 percent of these personal bankruptcies are due to medical problems, divorce and job loss. And, half of that personal bankruptcy is medical.”

Consumer, legal and labor groups plan a news conference Wednesday morning in Washington to urge House members to reject the legislation. Groups taking part include the AFL-CIO, AFSCME, ACORN, The Consumers Union, National Consumer Law Center, National Organization for Women, United Auto Workers and the United States Public Interest Research Group.

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