Creditor Rights and Asset Protection Laws
- Develop uniform standards for asset protection and creditor collection laws
- Review bankruptcy laws
- Review financing laws and residential foreclosure laws to protect housing markets. We must balance the interest of the financing institutions with the borrowers. Both consumers and financial institutions have acted irresponsibly. We cannot punish those who have borrowed/lent in a responsible fashion. Develop a refinance program which offers to refinance principal at 90% of current balance at current rates and the bank receives a lien for the other 10% payable on the sale or transfer of the property.
Goal: Uniformity
Reasons: There is no logical reason why a home or retirement account in one state should be subject to claims of creditors while the same assets held in another state are not subject to similar claims.
"Equal and exact justice to all men of whatever state or persuasion, religious or political."
-Thomas Jefferson
"Laws are like cobwebs which may catch small flies, but let wasps and hornets break through."
-Jonathan Swift