On Friday I created a petition entitled Student Loans Should be Dischargeable in Chapter 13 Bankruptcy, because I care deeply about this important issue based on my personal efforts on behalf of thousands of low-income vocational school students. (These particular students were sold training by a for profit vocational school where---in my opinion---both the school and the banks knew the training wouldn’t pay for itself even in meaningful part. Why would they do that? The school got cash, including our tax dollars in the form of federal grant money. Some of the student loans were federally guaranteed. And the banks securitized the rest--- locking in a nice profit.)
It is a great irony that under current law a U.S. resident can consume luxury goods on credit, file for bankruptcy and pay only what he or she is capable of paying toward the charges (for good social policy reasons), but if in seeking a better life you consume educational services on credit and cannot pay the tab, or if you co co-sign for someone else’s educational loans and neither of you can pay---a situation many well intentioned parents now find themselves in---you are insolvent for life. This rule makes no sense.
I'm trying to collect 10,000,000 signatures to restart legislation that’s been pending in Congress but is languishing. I could really use your help. A little effort in a good cause can go a long way these days. Please read, consider, and sign my petition, and please ask a few friends to take one minute to sign it and promote it as well.
To read just a little more about what I'm trying to do and to sign my petition, click here:
http://www.change.org/petitions/view/student_loans_should_be_dischargeable_in_chapter_13_bankruptcy_4?share_id=ROBXmCNHiw&pe=d2e
It'll just take a minute!
Once you're done, again, please ask your friends to sign the petition link and the word as well. Grassroots movements succeed because people like you and I are willing to spread the word.
Ray
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Ray E. Gallo
Gallo+Associates
1101 5th Avenue, Suite 205
San Rafael, CA 94901
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