I don’t think bankruptcy is a sexy political issue. Don’t get me wrong: I think bankruptcy policy is critically important to working families. In a world with inadequate health insurance, job insecurity, predatory lenders, family break ups and plain old financial mistakes, bankruptcy can be a family’s last chance to get back into the economic mainstream. But no one sees bankruptcy in their future, and those who have been through it want to forget, so there is no special interest group for the protection of bankruptcy laws.
Enter Chris Dodd. He released a major policy statement entirely about bankruptcy. He has good, strong suggestions that revolve around a single theme: Bankruptcy is a critical safety net for families that he promises to strengthen.
He’s not a Johnny-Come-Lately to this issue. Over the decade of The Bankruptcy Wars (1995-2005), Senator Dodd consistently sided with the families against the banks. I recall the many, many press conferences the senator held to highlight how families–particularly families headed by women–would be hurt by the new laws. Now he’s pushing the need for a safety net into the political conversation about the economic survival of the middle class.
Bankruptcy isn’t a sexy issue, but I’m sure glad Senator Dodd is willing to speak up.
