She was a boricua from the Bronx, a diabetic, a divorcée, a dental-bill debtor, a person who, the night before her investiture ceremony, belted out "We Are Family" in a karaoke bar at a Red Roof Inn.
That means to pay off outstanding credit card bills, debtors would have to forgo 22.61% of their incomes.
He also took steps to affirm that the bill exempted debtors who have serious medical problems, are veterans or are in the armed service, the aide said.
Lenders who prey on families like mine – barely able to keep up with anything like $90,000 in student debt – believe our morals will pay their bills; and debtors believe it's their moral obligation to pay what they borrowed, plus unregulated interest and fees until the end of time.
This bill states that debtors can only have their wages garnished if they are earning more than the local minimum wage, which is set to rise $5 over the next six years.
Indeed, the problem has become so widespread in Lindsay's state of Illinois that a bill to prevent debtors from going to jail will be heard this Tuesday in the Illinois state Senate after passing the House of Representatives.
It's like a debtor's bill of rights, although it applies only to third-party debt collectors, not original creditors.
We need, as Ellen Hodgson Brown suggests, a new debtor's bill of rights; otherwise we face the continuing choice between periodic economic collapse or rising inequalities and social chaos.
The bill would disqualify many debtors from filing for what is known as a Chapter 7 bankruptcy, which allows them to wipe out credit card debts and other unsecured loans, and force them into Chapter 13, which requires some repayment.
The hospital also announced today that it would support a proposal by Martin M. Looney, the majority leader of the State Senate, to set interest rates lower than 10percentt for repayment of debtors' bills that end up in court.
At the request of lobbyists for the automobile industry, the bill eliminates rules that allow debtors entering bankruptcy to repay only an automobile's market value, not the full loan amount.
