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Presidential Candidates and Bankruptcy

Bankruptcy is a threat that many of us face these days. You might know someone who is facing it right now. That is why this is an important topic in the 2008 United States Presidential Election. Have you wondered how your favorite candidate thinks when it comes to the issue of bankruptcy? Well, the following is a little bit of information that can help make you a smarter voting when you go to the polls in November. Take your time and really get to know what each candidate believes, because that is how you become a smart and informed voter. You might be surprised at what you have found. Either way, this is a challenge to make sure you are well informed about both sides of the aisle.

John McCain on Bankruptcy

Senator McCain believes that America’s bankruptcy laws should not cut out all need for personal responsibility when borrowing money. He believes that a lack of personal responsibility will hurt our economy and our lending process in general. He has voted “YES” on reforming bankruptcy to include means testing and restrictions. He also voted “YES” on restricting rules for personal bankruptcy. Senator McCain’s campaign would tell you that they are for growth and opportunity, but do not believe people will lack a certain responsibility in maintain that growth. You must know what you are getting into before you borrow money. In 2005, McCain was “AGAINST” a majority of amendments put before Congress on the issue of bankruptcy, and felt that the overall bill was alright how it was. For more information on Senator McCain’s viewpoints visit On the Issues: Senator McCain.

Barack Obama on Bankruptcy

Senator Obama believes that by doing all we can to help prevent bankruptcy and foreclosure that we are helping out our economy. His campaign wants to reform mortgage rules to do just that. He voted “NO” on reforming bankruptcy rules to include means testing and restrictions. Obama also believes that people suffering from bankruptcy because of health related problems should be released. Obama has opposed the bankruptcy bills put forth in 2001 and 2005. In 2005 Senator Obama voted for “FOR” a majority of amendments in the bill. Senator Obama believes that interest rates in payday loans should be capped and that more disclosure is necessary in the lending arena. This will help against predatory lending practices. For more information on Senator Obama’s viewpoints visit On the Issues: Senator Obama.

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