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Nov. 23, 2009
JWisdom.com: Actually, it really is all about you with Rabbi Lawrence Hajioff
Nov. 20, 2009
Rabbi David Aaron: How to make every second of your life come first
Caroline B. Glick: Whither American Jewry
Nov. 19, 2009
Binyamin L. Jolkovsky: Please Listen to this Godcast (5 minutes)
Jonathan Tobin: ADL Crosses the Line with Report Bashing Obama Critics
Nov. 18, 2009
Rabbi Yonason Goldson: What Judaism has to say about the secret of the Mona Lisa's smile
JWisdom.com: The (Jewish) Dating Game with Rabbi Lawrence Hajioff (8 minutes)
Nov. 17, 2009
Steven Emerson: How Does the 4th Amendment Impact Terror Finance Investigations?
JWisdom.com: If Frank Sinatra married Edith Piaf with Rabbi Y.Y. Rubinstein (2 minutes) Life lessons from what would be regarded as the most inappropriate lyrics ever sung
Nov. 16, 2009
The Jewish Ethicist by Rabbi Dr. Asher Meir : When borrowing is stealing
JWisdom.com: Deconstructing faith with Rabbi Warren Goldstein (9 minutes)
Nov. 13, 2009
JWisdom.com Sarah's subjective reality with Rabbi Sroy Levitansky ( 6 minutes)
Caroline B. Glick: Obama's failure, Netanyahu's opportunity
Nov. 12, 2009
The Kosher Gourmet By Marialisa Calta : A sweet sweet potato treat
JWisdom.com Does God get tired? with Rabbi Harvey Belovski ( 5 minutes)
Nov. 11, 2009
Rabbi Avi Shafran: Jews and money: When anti-Semitism isn't
JWisdom.com Marriages are not made in Heaven with Rabbi Lawrence Hajioff (VERY fast 15 minutes)
Nov. 10, 2009
Michael Doyle: Author of book exposing CAIR ordered to remove supporting documents from Web
JWisdom.com If the creation so loudly shouts the existence of the Creator, why aren't more people believers? with Rabbi Naftali Brawer (9 minutes)
Nov. 9, 2009
Mark Steyn: Shooter exposes hole in U.S. terror strategy
JWisdom.com It's never too late to have a happy childhood with Sarah Chana Radcliffe (5 minutes)
Nov. 6, 2009
Rabbi Berel Wein: Choosing to hear
JWisdom.com Zero to 1/60th: How to Empower An Hour with Gavriel Aryeh Sande (7 minutes)
Caroline B. Glick The mullahs' big week
Suzanne Fields A Fallen Wall for Fallen Man
Nov. 5, 2009
The Kosher Gourmet: Three scrumptious -- but simple -- butternut squash dishes
JWisdom.com Hidden Hints: Unlocking Faith & Prayer with Rabbi Jay Yaacov Schwartz (10 minutes)
Nov. 4, 2009
Tom Hamburger and Kim Geiger: Should prayers be covered?
JWisdom.com When God played peacemaker With Rabbi Sroy Levitansky (5 minutes)
Nov. 3, 2009
Martin Peretz: Beware, Barack. Beware, Rahm. Beware, Axelrod
JWisdom.com Are you are closet idolater? With Sara Yoheved Rigler (10 minutes)
Nov. 2, 2009
Paul Greenberg: The Holocaust is now on Facebook
JWisdom.com Abraham's Strange Change With Rabbi Yitzchok Fingerer (5 minutes)
Oct. 29, 2003
Mortimer B. Zuckerman: Graffiti On History's Walls (MUST-READ!)

Jewish World Review April 21, 2005 / 12 Nisan, 5765

Bankruptcy law overhaul long overdue

By Dan Abrams

Abrams
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http://www.JewishWorldReview.com | Remember when it used to be shameful to declare bankruptcy? It was something only a compulsive gambler, or a father who didn't want to pay child support, would do. Having to admit that one couldn't pay any of his or her debts had a stigma attached to it.

Well, over the past two decades, "going bankrupt" has become just another business decision. Nearly 1.6 million Americans filed for bankruptcy in 2004, more than double the number who filed a decade ago. It just seemed all too easy to decide you can't pay anybody back and so you file for personal bankruptcy under Chapter seven, which means your debt is wiped clean. It's left those of us who pay our credit bills on time, or don't miss a car or mortgage payment, to foot the bill in the form of higher interest rates and excessive banking fees, as much as $400 each year. Change is long overdue.

Congress wisely voted to change that last week, passing the largest overhaul of U.S. bankruptcy laws in over 25 years. Under the new law, whether someone can wipe their debt clean depends on how much money he or she makes. If you make enough to afford at least $100 a month, you're on the hook for at least part of your debts.

The American Bankruptcy Institute says up to 20 percent of bankruptcy filers will be affected by the new law. Certain Democratic opponents argued the bill is going to hurt working class people who have suddenly lost their job, have gotten a divorce, or have unexpected medical bills. They claim the new law is just an effort to protect credit card companies and banks.

But regardless of the motivation, it's good policy. It is about personal responsibility: You buy the goods, you got to pay. The laws are being abused, making it too easy to declare bankruptcy and just wipe away debts. Someone has to pay for the money that was owed.

With any change, there will be some honest people who would have been better off under the old system. But remember, if you don't have enough money, the new law won't change the protections already afforded by bankruptcy.

I don't want to hear about any more people having their debts wiped away and still keeping the Lexus. This new legislation will help prevent that.

Every weekday JewishWorldReview.com publishes what many in in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

JWR contributor Dan Abrams anchors “The Abrams Report,” Monday through Friday from 6-7 p.m. ET on MSNBC TV. He also covers legal stories for “NBC Nightly News with Tom Brokaw,” “Today” and “Dateline NBC.” To visit his website, click here. Comment by clicking here.

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