WASHINGTON — People weighed down by high medical expenses, the elderly, and those serving in the military could have a better chance of not losing their homes under changes to the bankruptcy laws unveiled today by probable Democratic presidential nominee Sen. Barack Obama.
He also proposed a 120-day moratorium on bad-credit reporting and eliminating credit counseling requirements for those who filed for bankruptcy because of medical expenses, which he said account for half of all bankruptcies filed last year.
Obama (D-Ill.), wants to speed up the bankruptcy process for those in the military by reducing paperwork and setting up a minimum homestead exemption.
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He announced his plan in a speech outside Atlanta and during his remarks also criticized Sen. likely GOP nominee Sen. John McCain (R-Ariz.) for having supported the 2005 bankruptcy bill, which was strongly supported by credit unions and other financial institutions. McCain's campaign noted that the measure enjoyed bipartisan support when it was passed.
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