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Bankruptcy
Obama wants to reform the bankruptcy process and has proposed changes to help those in financial distress. As a Senator, McCain voted in favor of legislation aimed at curbing the growing number of bankruptcy filings.
· Backed 2005 legislation that imposed new costs on those seeking bankruptcy protection. The law, which Obama opposed, passed the Senate with Democratic support in 2005.
· Fast-track bankruptcy process for military families.· Help seniors facing bankruptcy keep their home.
· Put pension promises higher on list of debts a bankrupt employer must pay.
· Amend bankruptcy laws to protect people trapped in predatory home loans.
"I fought against a bankruptcy reform bill in the Senate that did more to protect credit card companies and banks than to help working people. I'll continue the fight for good bankruptcy laws as President." -- Obama**
NEXT: Savings
Last updated October 29 2008: 12:15 PM ET
RSSSource: **Nov. 7, 2007, Speech, Bettendorf, Iowa
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