We back consumer bankruptcy reform

We’re backing the re-introduction of the Consumer Bankruptcy Reform Act by Senator Elizabeth Warren (MA) and House Judiciary Committee Chairman Jerrold Nadler (NY). As my statement (excerpt from above link) indicated:

“U.S. PIRG supports the Consumer Bankruptcy Reform Act, which will re-balance consumer rights to a fairer bankruptcy process and will give them a better chance to reorganize their finances, especially during a pandemic.  Importantly, the proposal includes protections for both homeowners and renters, [and …] eliminates loopholes exploited by the wealthy.”

Of course, when corporations or the wealthy abuse the bankruptcy laws, we also support changes, as we did when we opposed the Sackler family’s plan to hide most of the family’s billions as part of the corporate bankruptcy of opioid manufacturer Purdue Pharma.