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Dr. RightWinger is a 40 year old orthopedic surgeon and nets $800,000 per year before taxes. He owns a house worth $1,500,000 with a $700,000 mortgage. He lives in Florida. He pays $200,000 a year in income taxes and thus nets $600,000 per year.
The good doctor is convinced by his accountant to sign up for a bogus tax shelter which involves signing notes which he is told will never be called in some offshore tugboat depreciation scheme. Lo and behold the tax scam gets busted and the company is required to call the notes. He is sued for $500,000.
Dr. RightWinger goes to a bankruptcy lawyer AFTER the new bankruptcy 'reform' act is passed.
Guess what? The good doctor 'doesn't qualify' for Chapter 13 because his debts exceed the jurisdictional limits for a Chapte 13. His lawyer tells him he must file a Chapter 7. Which will wipe out the debts. Oh, what about my house? No problem says the lawyer. Totally exempt from seizure in Florida. Just keep paying your house note and keep it. What about my $1 million IRA? No problem. It's exempt. YOu get to keep it.
Now. Reduce all the above numbers by a factor of ten and Joe Blow, who has a boatload of uninsured medical bills or other calamity and he hsa to file a Chapter 13, live on CRUMBS and give the rest of his paycheck to a trustee for Five Years.
If there were ONE, just ONE semi-honest republican in the Senate, and I mean JUST ONE, this bill would have flushed him out. I hereby declare the absolute and total moral bankruptcy of Senate republicans. There is NOT A ONE left standing worth pissing on. None. Nada. Zip.
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