by Christi Parsons
Barack Obama is proposing some tweaks to bankruptcy laws designed to help people who get behind on bills because of age, military service or events beyond their control.
Obama announced new plans to create a fast track and cut bankruptcy paperwork for military families and to help them keep a greater share of the value of their home after bankruptcy proceedings.
He proposed enlarging the homestead exemption for many homeowners over the age of 62, with an eye toward making it easier for them to keep their homes.
Families struck by natural disasters would benefit from a temporary moratorium, so that they don't have to worry about collectors while they're trying to recover.
Likewise, people who can show they went bankrupt because of medical expenses would get help relieving their debt, under another Obama proposal.
The Democratic candidate unveiled his plans at a town hall meeting this morning in Powder Springs, Ga., in a week in which he and Republican John McCain continue to spar over the economy.
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Comments
Obama-
All he know about BANKS is how to get an under the counter morage rate-
Posted by: George | July 8, 2008 12:09 PM
Obama's ideas to help people with their homes is a very brilliant one. More politicians should think about helping Americans, especially the sick and elderly. I take my hat off for him for having a heart full of compassion.
Posted by: valjean | July 8, 2008 1:55 PM
Oh George stifle already!
There was nothing unusual about his mortgage. Why not give him a great rate. Did he seem like a 'risky' applicant?
Posted by: Well, DUH! | July 8, 2008 1:59 PM