Liam- Thanks for popping in. I’ll be sure to check out your thoughts on this topic.

My own thoughts on the subject (not nearly as well thought out, but perhaps a slightly different angle) are on my blog at http://liam-and-janet.blogspot.com/2005/08/mass-debt.html (although you’ve probably seen them already).

I’m going to put a link to this post in the comments of mine.

Keep up the good work!

Liam.

Windspike- Obviously I can’t agree with all the new changes in the bankruptcy laws, since they aer designed not to help the individual down on their luck as muc as to recoup business losses at the expense of the consumer. And with few restrictions for business financial mishandling, it is just another plank in the wall between the average man and the government-business complex.
Glad to hear from you.

Rudicus- Thanks for leaving a thought here. I think adopting some of my healthcare reforms would end the problem of medical bills bankrupting individuals while improving care and coverage.

And yes, people do need to be more educated and responsible about finances.

Glad to here from you again.

Martian-It is always more peaceful to live debt free, but people need to get over their love of stuff over their love of life.

Thanks for the comments.

Bentley- Great point. The predatory credit companies look at newly bankrupt people as thier best customers because they know they’ve got them. Talk about being in shark infested waters. Thanks for dropping by.

John- I agree with you here. Businesses shouldn’t be able to so easily unload their debt, often on the taxpayer through gov’t bail outs while average people have to struggle to pony up everything in the face of financial disaster.
Thanks for leaving your thoughts.

John Bambenek

I agree. People have to realize that by not spending, they are not GIVING UP SOMETHING, they are GETTING SOMETHING.

What I mean by that is, if you have no debt, it really doesn’t cost that much to live. Then things like part time jobs or even no job at all can be possible.

In other words, what one gets is more free time.

That’s more valuable to me than almost anything.

While the new bankruptcy laws are definitely yet another wave to Bush’s corporate buddies, you are right that real personal financial reform must begin with education and personal responsibility and of course, Common Sense.

Just like Welfare, there are many people that abuse the system, but there are a great many people for whom bankruptcy is a real problem.

To me the idea that anyone has to file bankruptcy because they can’t pay for their helathcare is offensive. If we had socialized medicine in this country, that would be a thing of the past – hospitals and others could still charge rich people loads of money for premium services and special treatment, but for everyone else it would alter their lives completely AND would help businesses large and small by freeing up a huge financial burden.

With respect to divorce, I think women need to take responsibility for their finances and know what is ging on in their financial lives and as with downsized/laidoff/unemployed people – I think your idea of automatic debt restructuring and a grace period are a great idea. If you have a situation changing event – major illness, divorce, downsizing that disrupts your debt repayment – you should get a grace period where you accounts go into stasis while you sort yourself out for say six months and then you get a restructured program based on your new earnings – like student loans sort of.

But above all education and personal responsibility are the keys.

You could have stopped writing right there. The agregious nature of the W, Rove an Co’s mission to help big business over individual citizens – particularly those who make less than say 80K a year – is reprehensible.

The new bankruptcy changes are another feather in the caps and a big windfall for the lending industry.

Saddly, the whole development makes it indelliby more challenging to get out from under the clutches of an industry that pilfers the little guy’s pockets by turning him/her over and shaking out the pennies.