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Trump’s chief adviser to NSA, Michael Ellis, has resigned, never taking office

The week

John Oliver explains personal bankruptcy, how credit card lobbyists and lawyers make it much worse

Bankruptcy, especially as presented by insolvency attorneys, promises a “fresh start to your debts,” John Oliver said last Sunday. Between 800,000 and 1.5 million Americans file for bankruptcy each year, “and many worry that once current pandemic aid stops, more and more people will need the type of aid offered by bankruptcy.”

; The process gives people a chance to get out of the debt mountain, but it hits your credit rating and carries a “completely wrong” social stigma, he said. “Bankruptcy is not just about bad decisions, it’s often caused by bad luck – inevitable challenges like job losses, divorce, surprising medical bills, or even, you know, a global pandemic once a century,” Oliver said. But absurdly, “many people can’t afford to go bankrupt,” quite literally. “Our modern insolvency code was adopted in 1978 – interestingly, at the same time as the credit card industry began to enjoy a period of stable deregulation,” Oliver said. This “worked out very well for them because they were selling aggressively and during that time consumer debt began to rise sharply. And what the industry clearly wanted was people mired in a lucrative cycle of minimum payments, delayed fees and rising interest rates. What they didn’t want to spoil was the people who broke the cycle through bankruptcy. “The credit card industry is actively lobbying in Congress, and a 2005 law made it harder and more expensive to apply for personal bankruptcy,” Oliver said. He explained the two types of personal bankruptcy, Chapter 7 and Chapter 13, and noted that many lawyers refer clients to the more expensive option, Chapter 13 – especially if their clients are black. “Even bankruptcy discriminates against blacks,” Oliver sighed. He explained why people may have to file for bankruptcy twice – no, as Susse Orman suggests, “recklessness” or “moral failure” – and blamed “much of what is wrong with our current system of bankruptcy. bankruptcy ”for major repairs in 2005. If you paid attention to the democratic elections in 2020, you already know that President Biden has been a strong supporter of the law since 2005 and clashed with Senator Elizabeth Warren (D-Mass. ) Because of him – and if you did not pay attention. Oliver offered a summary. Warren now has a major overhaul bill that Biden broadly supports, but is unlikely to be passed if 10 Republicans have to join to thwart a filibuster, he said. Oliver ended with an animated summary of NSFW’s argument, which also mandatory credit advice. See below. More stories from theweek.com New HBO show you won’t be able to stop watching Trump’s NSA chief adviser Michael Ellis resigns, never took office7 cartoons about Biden’s retirement in Afghanistan

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