Rep. Todd Tiahrt Voted YES on the new restricting bankruptcy rules. The vote to pass the bill that would require debtors who are able to pay back $10,000 or 25 percent of their debts over five years to file under Chapter 13, rather then seeking to discharge their debts under Chapter 7. Chapter 13, calls for a reorganization of debts under a repayment plan. A Debtor would be restricted, in this bill, to a total exemption of $125,000 in home equity for residences bought within 40 months of a bankruptcy filing. The bill also would establish permanent and retroactive Chapter 12 bankruptcy relief for farmers.
The new bankruptcy law is an example of the pure corruption of our congress. After an eight-year multimillion dollar lobbying effort by financial-industry giants, the House of Representatives overwhelmingly passed their heinous "Debt Slavery" Bankruptcy Bill (S. 256/H.R. 685) by a lopsided 302-126 vote. Members of the House briefly debated this important matter before they voted. However, the speeches on both sides tended to be surprisingly simplistic.
It doesn’t take long to see what motivated Tiahrt’s vote. Just look at the banking PAC that bought his vote.
AMERICAN BANKERS ASSOCIATION PAC (BANKPAC)
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