Democratic Primaries
In reply to the discussion: Bernie will and should bring up Biden's Iraq War vote [View all]TexasTowelie
(127,269 posts)but if I'm reading section (p)(1) correctly, I believe it means that someone who filed bankruptcy cannot have that property exempted if it exceeded $125,000 and acquired within the past 3.5 years.
If that is correct, then I can see why creditors would stand up for those provisions in the new law. A $125,000 home was a median value home in most regions of the country back in 2005.
While I have sympathy for those who had an accident or a health issue, I also believe that there are people who manipulate the system who shouldn't be rewarded with a lifestyle that they couldn't afford in the first place.
I'm certain that some will say that I'm being cynical, but I've known many manipulators over the years. Probably the worst was a former supervisor that bought a $50K sports car who then let her $140K home go into foreclosure a few weeks later even though she was making about $120K in salary. She was already in her upper 50s and shacking up with her wealthy retiree boyfriend so her credit rating was irrelevant to her by that point in time.
Perhaps you can provide some more detail if I'm interpreting this incorrectly?
primary today, I would vote for: Joe Biden