For many ordinary people, declaring bankruptcy is a way to escape from crushing debt often caused by circumstances beyond their control, like health care bills, and start a new life, though it is never an easy out. In addition, they are made to feel ashamed for doing so. In 2005, the credit card companies lobbied for a new law that made made it much harder for individuals to declare bankruptcy. As a then senator, Joe Biden fought in favor of the new law, no doubt because his home state of Delaware is home to many credit card companies.
In yesterday’s episode of Last Week Tonight, John Oliver describes how the current bankruptcy laws are confusing and hard to maneuver and of a new proposal to simplify it. Of course Republicans will filibuster it.