This is the bill that stripped away many of the protections individuals had when falling into bankruptcy. Amendments to protect victims of identity theft, and those who fell into debt due to medical or natural catastrophes, and to provide homestead exemptions were all rejected.
Attempts to place restrictions and regulations on creditors, such as disclosure obligations, restrictions on predatory lending practices and limits on the amount of interest that could be charged were also rejected.
Despite the fact that this bill was written explicitly to the desires of the credit card industry, Joe Biden stood on the Senate floor and declared that this was a bill designed to protect women and their dependent children from deadbeat dads:
When a deadbeat dad files for bankruptcy under the current system, what happens to mom and the kids?Vote for the bill, or allow deadbeat dads to beat their ex-wives. The choice is yours.
[A]fter she fights it out with the bill collectors? Well, under the current system, she might be lucky and get every dollar due. But, she may only get a portion of what is due or she may not get one red cent.
If a bankrupt household is a sinking ship, then women and children should be protected first. This is what the current law fails to do, but it is what this bill does: it puts women and children first.
This bill not only lifts the stay on support payments during bankruptcy, but it adds that, when a wife-beater files for bankruptcy, a domestic violence restraining order against him must remain in effect. It cannot be stayed. And the woman who needs a restraining order against him can still get one.
[Under current law] they send a woman in fear for her life off to a federal bankruptcy court to lift the Code's automatic stay by filing a special motion. Unbelievable.
If you think this is fair, if you prefer this state of affairs, then I guess you will vote against this bill. Personally, I am proud of this bill, and I wish that those who are fabricating wild claims about it would stop. If they have their way, the women and children in this country who depend on alimony and child support will be robbed of real protections.
And that is the reason Joe Biden will never be President.