Bankruptcy: Last Week Tonight with John Oliver – Transcript

John Oliver details why people file for bankruptcy, how needlessly difficult the process can be, and the ways we can better serve people struggling with debt.
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Bankruptcy: Last Week Tonight with John Oliver

Last Week Tonight with John Oliver
Season 8 Episode 9
Aired on April 18, 2021

John Oliver details why people file for bankruptcy, how needlessly difficult the process can be, and the ways we can better serve people struggling with debt.

Main segment: Bankruptcy in the United States
Other segments: Killing of Daunte Wright

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John: Hi there! Welcome to the show. Still taking place in this blank void. I’ve nicknamed it “Prince Phillip’s coffin” because it’s a sad little box containing a rapidly decomposing British man. And look, in the wake of the shooting of Daunte Wright last Sunday, I can safely say: this week has been a fucking nightmare. From the news he was pulled over for minor traffic violations, including having an air freshener hanging on his rear view mirror, to the 26-year-veteran of the police force who killed him claiming it was somehow an accident, to the local police department flying a thin blue line flag after the shooting. Which is just corn-fed, deep fried bullshit. This week sank into a depressingly familiar cycle, with the president insisting on “peaceful protest” — which is so often just another way to prioritize compliance over righteous dissent, and to protect property over human lives. And those kind of calls were especially galling, given law enforcement’s anything-but-peaceful response, as police fired tear gas, rubber bullets, and flash bang grenades at protestors, creating more tension and anxiety in an already emotionally exhausted city. And look, we could keep up our part in that cycle. Right now, I could cite statistics about police using excessive force. I could dunk on all the appalling responses from conservative media figures. I could reiterate, yet again, that what happened is completely wrong, but the fact is, we couldn’t even finish writing about what happened to Daunte Wright before the city of Chicago released video of one of their officers killing a 13-year-old unarmed child, Adam Toledo — footage which clearly contradicted the picture of an “armed confrontation” painted by the police and the mayor, as well as a prosecutor who’d said Toledo had a gun in his hand when he was shot. Which he did not. And that revelation began the cycle of protests, calls for peace, and police overreaction all over again. And here is the thing. This show has been on the air for seven years now. Which, I know, some might argue is eight years too many. And in that time, we have repeatedly covered the multiple ways police terrorize communities of color in this country. We’ve done stories on police militarization, on their overuse of municipal violations and raids, on their lack of accountability, and on how the history of policing in America is inextricably linked with white supremacy. And I could make the same arguments to you again now. I could describe the problem to you, but I think you know what — and who — it is. I can offer solutions, but I think you know what they are. I can offer anger, but if you’re a sentient human being alive right now and you’re not already full of that, I honestly don’t know what to say to you. Because the fact is, black people continue to be mowed down by the police that they pay for. And if you’ve watched the news at all this week, you’re probably exhausted. Black people in America definitely are. Not just from this week, but also from the, y’know, everything. The black writers on this staff set up an out of office reply that just says, “nah.” And honestly, I kind of get it. So given all that, we thought tonight we’d try and break our part in this cycle and instead attempt to do something a little bit different. Because we’ve decided to give anyone who needs it a chance to regroup. And the next seven minutes are for anyone who’s felt crushed by this week. If you can’t watch those clips again, we’re not going to show them to you. Instead, we’re going to hopefully provide some tiny pieces of stupid, silly joy before we all plunge back into the fight. And so that is why our first story tonight concerns a giant bunny. Specifically, one that’s gone missing. And if you’re thinking, “you’re not seriously going to talk about a giant bunny right now,” — well, you haven’t seen the bunny yet.

Police are searching for a Guinness world record holding rabbit.

Darius, the rabbit record breaker, last seen in his hutch-cum-shed, last Saturday. As the world’s longest bunny his owner is desperate to find him. Annette Edwards tweeted, “a very sad day. There is a reward of 1,000 pounds. Darius is too old to breed now. So please bring him back.”

John: Yeah, that’s right, America: big rabbit got taken like in “taken.” Look at that long lad! And by the way, an appeal to the rabbit snatchers with “bring him back, he’s old, he’s shooting blanks. He’s useless”? Quit putting Darius’ business out there in the streets. Even in middle age, Darius is a hotrod whose got years of burrowing and banging left. Give him the respect he deserves. And the fact this bunny behemoth is missing really sours this clip of Darius and his owner from happier times.

He’s now bringing out children’s books, he’s doing a calendar, he’s doing a world tour. There’s no stopping Darius!

John: Well, it turns out there was one way to stop Darius! And that’s straight snatching up all 51 extremely weird inches of him. I guess pride goeth before the fall, and aggressive commodification goeth before the jumbo jackrabbit jacking. And the disappearance of this absolute monstrosity was not the only blissfully stupid story this week. For a few days, the internet lit up with the claim that Usher tipped Vegas strippers in usher bucks with his face on them. Which, on the one hand, is iconic, but, on the other hand, is fucking iconic. And I wouldn’t blame the dancers for being mad about ending their night with a thong full of Usher selfies. Although, I do have to tell you, the strip club insists usher didn’t use fake money to tip the dancers, adding, “he converted thousands of real dollars to tip them” and “Usher was a true gentleman.” But to me, that actually makes this story even better, because “usher was a true gentleman” is now my favorite thing I’ve ever been legally required to clarify. And then there was this.

We’re getting a look at what some athletes will wear at the summer Olympics in Tokyo. Ralph Lauren unveiled these uniforms for team USA. This ensemble will be worn during the closing ceremony.

John: Okay, I’m just going to say it: that is a terrible outfit. They look like the cast of a CBS sci-fi drama that no one’s ever heard of despite being on the air for 16 seasons. Also, why is the U.S. Olympic team always outfitted by Ralph Lauren, which has been handling it since 2008, and has consistently produced shit like this, this, and this — an outfit that doesn’t scream, “I’m going to the Olympics!” So much as it screams, “you think I’m rich now? Wait till my dad dies!” I’m just saying, it is a choice to take a diverse country of 300-plus million people and go with the aesthetic of the bad guy in every ’80s frat comedy. Although to be fair, our Olympic outfits weren’t the only ones grabbing attention this week.

Here’s the team Canada uniform.

Okay. I love it.

You love it?

I do love it.

It’s billed as a twist on the iconic Canadian tuxedo.

John: Okay, that jacket is straight garbage. It looks like Jay Leno got tagged by a street gang of eight-year-old girls. And that jacket might look good on one person. The problem is, on a group of hundreds, they’re all going to look like a high school production of Canadian “Grease.” Although I will say, I’ve always felt it’s wrong that “Canadian tuxedo” refers to head-to-toe denim, and not formalwear specifically designed for a fancy moose. This big boy knows what’s up. Blast me, king. And if that wasn’t already fun enough news from Canada this week, there was also this:

This is a member of the Canadian parliament who was caught naked — [laughs] naked on a virtual house of commons meeting. He has since apologized in an saying he had been changing into his work clothes after going for a jog. Quite why he did that in front of a camera, I mean, who knows. [Laughs]

John: Now, obviously, I feel terrible for that man. It was clearly a complete accident. Although I will say, he’s got absolutely nothing to be ashamed of there. He’s keepin’ tight and he’s keepin’ it right. He’s maintaining while the rest of us are gaining. A jog? In the middle of the work day? That is hot male behavior. I haven’t taken a jog in the middle of a work day since September 11th. And by the way, if you think he looks good with his clothes off, wait til you see him with clothes on. Hey, Canada! Check your carbon emissions, because there’s a massive smoke stack in your parliament. And I have to say, it’s truly delightful watching a news package that’s just “timid man politely giggles over photo of naked pale guy,” or as it’s more commonly known: “hard core Canadian porn.” And as if this story couldn’t get any better, just watch his fellow M.P. address the incident in the most exceedingly tactful way.

We’ve seen a member during question period improperly dressed — that is, unclothed. We have seen that the member was in very good shape, but I think that this member should be reminded of what is appropriate and to control his camera. Thank you.

John: That is an aggressively Canadian response. Say what you will about Canadians — and these outfits say more than anyone ever could — but one thing you can’t accuse them of is being impolite, even in the face of unrequested nudity. And while I am really sorry that happened to this guy, who seems to have weathered the incident with good grace, I honestly needed this story this week. And I apologize for the fact that despite this being entirely complimentary, “The Daily Beast” will undeniably write it up tomorrow with the headline, “John Oliver eviscerates this Canadian’s hog.” The point is, a bunch of fun, weird shit happened this week! And we wanted to give you a chance to laugh at it, to give you just a breath at the end of a truly demoralizing week. So if you needed a break, I really hope that gave you one. And if you didn’t need a break, maybe ask yourself why the fuck not, and think about that for a while. Because the fact is, it’s once again made painfully clear that we — and when I say “we,” I mean white America — have to stop talking about fundamental change in policing and actually make it happen. Because this cycle of state violence against black lives has to be stopped. So put on your shoes, leave the house, march in the streets, and demand a better country, one in which black people are treated with fundamental respect, and one in which the big news of the week genuinely could be “impractically large rabbit goes missing.” And now, this.


♪ ♪

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John: Moving on. Our main story tonight concerns bankruptcy. You probably know it from being the worst possible outcome on “Wheel of Fortune,” aside from hugging Pat Sajak or winning a Mitsubishi mirage. Or maybe you’re familiar with it through ads for bankruptcy lawyers like this:

Once upon a time there was a fair maiden named Mary. Mary lived a storybook life until her prince charming was smashed from his steed, then her castle came under siege and the cries of assault were vexing. Her champion had been gravely injured and a pox had fallen upon her house.

I’ve helped thousands of clients like Mary and I could probably help you get a fresh start.

John: Wow, there is a lot there, from an unmarked van fully “mean girls”-ing Mary’s husband, to him surviving with what appear to be surprisingly minor injuries, to that lawyer claiming he’s helped thousands of clients like Mary. Meaning that in the Chattanooga area, there are thousands of women who’ve watched their husband get shit stomped by a cargo van, and take what can only be described as a gatling gun of mail to the face. If that is true, they’ve got a way more lucrative lawsuit than a bankruptcy case. What that ad is promising is attractive, though: a fresh start from your debts. And it’s something a lot of people have turned to. Over the past decade, the number of personal bankruptcies filed each year has ranged from about 800,000 to 1.5 million. And many worry that once the current pandemic assistance stops, more and more people will need the type of help that bankruptcy offers. Because very basically, bankruptcy is a legal procedure by which those who are deeply weighted down by debts can get out from underneath them and then start anew. Which is good! Although it comes with some consequences — it’ll be on your credit report, and there tends to be some social stigma attached, as exemplified in this clip from “Shark Tank.”

Jeff, I understand your decision to go bankrupt, cleans the slate, but it carries a weight. You’ll never have a bank, Jeff. Ever. To me, you’re radioactive.

There are a million people out there who are going to get the wrong message from what you’re saying.

No, they’re getting the right message. They should not go bankrupt.

John: Well, hold on. Because that is a terrible lesson. And you, Kevin O’Leary, are hardly one to be calling someone’s decisions “radioactive,” given you invested in companies with business models like: put your face on a potato, look like an idiot on a unicycle, and Toygaroo, the Netflix for toys, whose mascot always looked like it was searching for a place to take a shit. And which, interestingly, filed for fucking bankruptcy. So I’m sorry, Kevin, but to me, that makes you radioactive. I’m out! But that broad-brush stigmatization is common and completely misguided. Because bankruptcy is not solely caused by bad decisions, it’s often caused by bad luck: unavoidable challenges like job loss, divorce, surprise medical bills, or perhaps even — y’know — a once in a century global pandemic. And despite bankruptcy often being characterized as an “easy out,” the way it’s currently set up, it’s sometimes not an “out” at all, as this couple learned.

Before you’re done and over with, you’re definitely looking to spend at least $1,000 to file — to claim bankruptcy. We don’t have $1,000.

Are you telling me you can’t afford —

We can’t afford to go bankrupt.

We can’t, correct.

Yet, we’re $50,000 in debt. So, what do we do?

John: Yeah, a lot of people can’t afford to go bankrupt. A true sentence that fundamentally doesn’t make sense, like “Sonic drive-ins advertise in cities where there are no sonic locations” or the sequel to “Now You See Me” wasn’t called “now you don’t,” or Elon Musk doesn’t fuck his cars. I mean, come on, that’s the face of a man who’s at the very least measured the circumference of the charging point. So given all that, tonight, let’s take a look at personal bankruptcy. Our modern bankruptcy code was enacted in 1978 — interestingly, around the same time that the credit card industry began to enjoy a period of steady deregulation. Which worked out very well for them, because they marketed themselves aggressively, and during this time, consumer debt began to sharply rise. And what the industry clearly wanted was people stuck in a lucrative cycle of minimum payments, late fees, and interest hikes. What they didn’t want spoiling that was people cutting that cycle short through bankruptcy. So by the late ’90s, they were lobbying senators like Chuck Grassley hard to curb what they framed as “bankruptcy abuse.” Basically arguing that people who can “afford” to pay were using bankruptcy as an easy way to not pay bills and pass the costs on to the rest of us. And Grassley seemed more than happy to repeat some of their talking points.

There’s not a single family in America — low income or high income — that is not paying part of the cost of bankruptcy. $40 billion cost to the economy every year. $400 for a family of four.

John: Wow. The average family pays $400 a year because deadbeats abuse the system. Grassley dropped that shocking “fact” with the confidence of a man who’d later tweet from his government account, “Windsor heights dairy queen is good place for u kno what.” The thing is, that $400 figure is total nonsense. No one knows for certain where it came from, and despite it turning out to be demonstrably false, the credit card industry pushed it hard, to create a narrative of widespread irresponsibility and abuse around bankruptcy. But it’s a little hard to take moral grandstanding from credit card companies, who were all too happy to help people get into significant debt, even if they had just declared bankruptcy.

Barely out of bankruptcy court, Joan Burnett opened her mailbox and there it was: the chance for a shiny new credit card, the first of many.

It looked like an easy $3,000 and I think I hung on to it for a day, and then I thought, “oh no. You’re not going to be that crazy.”

The banks are giving out credit with a reckless disregard for consumers’ ability to repay.

John: Yeah, that Max Weinberg impersonator is right. And so, by the way, was Joan, whose self-restraint I really admire. Imagine the expenditures I could have avoided by simply saying, “no, John, you’re not going to be that crazy, ask yourself, do you really need this item?” But years of lobbying by the credit card and banking industry ultimately resulted in a hugely significant 2005 “bankruptcy reform” bill, which made it far more complicated to file for bankruptcy than it previously had been — which in turn made it far more costly, which meant many people ended up in a situation where they couldn’t afford to go bankrupt. And to understand our current system, a key thing to know is there is not one main kind of personal bankruptcy, there are actually two: chapter 7 and chapter 13. Chapter 7 is what you commonly think of as bankruptcy. Your debts are mostly wiped out. And while you can hold onto a few essential assets below a certain threshold, the rest can then be sold to pay off your creditors. It takes a few months to complete, but then you get your chance at a “fresh start.” Chapter 13, however, is different. That is more of a reorganization of debt. Basically, your finances get examined to work out how much you can afford to pay into a repayment plan for three to five years. And if you make all the payments in that plan, at the end of it, your debts do get discharged. And this has its benefits — you don’t have to give up assets like a house or a car. But — and this is a huge “but” — if you miss even one payment, your case could be dismissed and the whole deal is off. You’re essentially back at square one. And the uncomfortable fact is, this happens in most chapter 13 cases, because only about a third actually make it all the way to discharge. And chapter 13 is actually much more expensive to file. Because while attorneys charge, on average, about $1300 to file chapter 7, for chapter 13, they generally charge about $3800. So you might be thinking, if chapter 13 is more costly, more difficult, and less likely to get you a genuinely fresh start, why would anyone choose it? Well, for some, it might be the right fit — remember, it gives you a chance to keep your house, which you might need to live in, and your car, which you might need to work. But for many, many more, chapter 13 — despite costing three times as much in the long term — can actually seem like the better financial option when you file. Because chapter 7 generally requires you to pay lawyers up front. Whereas chapter 13 can be different, as law firms can be eager to point out.

Is debt constantly on your mind? Are you looking to get a fresh start financially? Then call the bankruptcy attorneys at Wootton & Wootton. We even offer a no money down chapter 13 plan.

John: Okay, first, get the fuck out of my void, Wootton! I know I don’t technically own the concept of sad, white emptiness — Jared Leto’s got the market covered on that one. But I will be damned if I let this adult who looks like he just made a wish to be big steal my whole vibe. But the point is, if you’re already in a bad spot with your finances — which you probably are, if you’re considering bankruptcy — “no money up front” might not just sound good, it might be your only option. The worry is that some lawyers guide their clients to the more expensive chapter 13, when they’d actually be far better served with chapter 7. And if you know anything about America, it won’t surprise you that would researchers ran an academic experiment, they found that attorneys were more likely to recommend chapter 13 to an hypothetical black couple — called, by the way, Reggie & Latisha — than they were to a white couple called Todd & Allison. Putting aside the question of whether the researchers plucked Reggie and Latisha from The Big Book of Stereotypical, hopefully not offensively so black names, the findings explained that the odds of black debtors choosing chapter 13 instead of chapter 7 were more than twice as high as white debtors with a similar profile. So even bankruptcy discriminates against black people. Which is, coincidentally, the cover story on this month’s issue of “Yeah, No Shit” magazine. And the fact that people are often pushed into the form of bankruptcy with far less successful outcomes means that they can end up having to file bankruptcy again down the line. And knowing that makes it a little hard to see financial experts like Suze Orman broadly frame repeated filing as a moral failing.

Most people who claim bankruptcy once claim it twice. So if you are claiming bankruptcy, you have got to learn. Because if you get yourself into that situation again, if you go out and you rack up all this credit card debt and all this stuff again, and you have to claim bankruptcy again, then I say, shame on you.

John: Wow. Suze is offering repeat bankruptcy filers the “shame on you” normally reserved for dogs who peed on the carpet and nosy pharmacists in “Magnolia” who’ve asked Julianne Moore one too many questions. “I have sickness all around me and you fucking ask me my life? Have you seen death in your bed? In your house? Where’s your fucking decency? And then I’m asked fucking questions. What’s wrong? You suck my dick. That’s what’s wrong. And you, you fucking call me “lady?” Shame on you. Shame on you!” But a few things. First, experts say Orman’s claim that most bankruptcy filers file twice is just wrong. But much more importantly, even those who do end up filing a second time, often do so due to factors that have nothing to do with recklessness — like, for instance, getting pushed to a chapter 13 bankruptcy that wasn’t right for them. And there’s something else that can significantly limit the help bankruptcy can provide — because there are whole categories of “non-dischargeable debts” — debts that even bankruptcy can’t get rid of. You typically can’t wipe out debt from criminal penalties, taxes, or child support through bankruptcy — and there’s another, massive category, as this woman learned.

31-Year-old Radmilla Suleymanova graduated with a masters from New York university in 2008 during the depths of the great recession. Jobless, she quickly defaulted on her $80,000 student loan bill.

Oh, well, I’ll just file for bankruptcy like everyone else is doing, ha-ha-ha. And then you realize… No. The only way to get away from your student loan debt is to die.

John: Yeah. And to communicate just how bad student loan debt is as a generational dead weight on millennials, I guarantee you anyone with student loans watching this heard “$80,000 and thought “oh, I dunno, I’ve heard worse.” Because, yeah, she could have bought this entire three bedroom, two bathroom house in Indianapolis, but who really needs a place to live when you have a framed 8.5 x 11 piece of paper with your name on it? That can, just like a house, keep you safe from the rain. And if all that weren’t bad enough, our current system adds insult to injury through mandatory credit counseling courses. Which can be exactly as patronizing as they sound. Even bankruptcy judges have called them “inane” and “a procedural hurdle without value or consequence.” With one even noting a course referred participants “to the local library for resources on bankruptcy.” And recommended they “seek a job making higher wages” and I’m sure they’d never thought of doing that before it was very cleverly pointed out to them. And if it seems these courses may have limited value, one we found online even seemed to reluctantly acknowledge that fact.

Your attorney may have gone over your particular situation with you in their office already. Perhaps they explained why credit counseling will not work for you. Many debtors therefore believe that this mandatory credit counseling exercise is pointless. We hope instead you take a more positive view of this mandatory course.

John: Oh, you hope so, do you? That’s basically an admission that it’s a waste of time. Although, quick question, why is the attorney there cartoon me? He’s wearing my glasses. He has my bangs. He’s negging an unwilling civilian while waving around a boring amount of paperwork. The guy is more me than I am. But while at best, an objectively hunky cartoon lecturing you on your finances is annoying — at worst, it can be actively insulting. Because the assumption in these courses is that you’re in this position due to reckless personal behavior. But imagine how that argument feels if you — like this woman — went bankrupt after having to leave your job to take care of your son, who died from cystic fibrosis.

In September, we sat down to take the credit counseling course and it was sort of a slap in the face, honestly. And we have not yet finished that course. We logged off and needed to walk away from it for a little while. And we’ll need to do it again after we actually go through the filing process and meet with the judge. It’s a requirement after you file, as well, so that you can, I guess, get an idea of how to not do the same thing again in the future. So. Which is an incredibly hurtful idea that I’m not looking forward to.

John: No, of course you’re not. Because having a course suggest there’s a way not to have your child die again in the future is a fucking insult. And it’s terrible that she not only had to go through that, but then had to rehash it in the senate in an attempt to get that requirement changed — which, by the way, it wasn’t. And the truth is, so much of what is wrong with our current bankruptcy system stems from that 2005 law that I mentioned earlier. Expanding the non-dischargeability of student loan debt? That was in there. The mandatory credit counseling classes? That was in there, too. The law also made bankruptcy harder to complete, adding over a dozen ways someone could make a technical error and be dismissed. It was a huge win for the credit card companies. And for all the assurances from Grassley and others that it would target high-income people abusing the system without hurting those of lesser means, after it passed, bankruptcy filings dropped disproportionately in poorer neighborhoods, with filings there decreasing 32% more than in rich ones. Showing that as always, when things are designed to become harder for everyone, for the rich, they just become a bit more expensive, and for the poor, they become basically impossible. So what can we do here? Well, ideally, the people responsible for that 2005 law would acknowledge that our system badly needs fixing. And coincidentally, one of the most prominent backers of that law is actually the fucking president now. Joe Biden is from Delaware, home to some of the biggest credit card companies. And his support was crucial in getting the 2005 law passed. And it’s not like he wasn’t warned it could lead to trouble — when it was being debated, Elizabeth Warren — then a Harvard law professor studying bankruptcy — testified about how medical debt ruins people’s lives, and this bill could significantly hinder their one remaining chance to get out from underneath it. And Joe Biden kept shifting focus back to the poor creditors who wouldn’t get their money.

Until we fix the broken health care finance system —

Right.

Those families have to turn somewhere and that means now they turn as a last-ditch effort to the bankruptcy courts.

Right. And that means they turn to asking the people that they borrowed money from to pay for their health care costs, right? We’re gonna ask the gas company, the drug store, the automobile dealer to pay for the broken system?

John: Okay, but that’s not really how this works. It’s not like we’re living in some small town in the 1920s, racking up debts to the corner store for groceries, the butcher shop for meat, and the local pharmacy for cough drops laced with weapons-grade cocaine. No. We’re living in a world where medical debt is out of control, and people have envelopes rammed through their door every day, screaming they’re pre-approved for a credit card. Oh, look! This one has snoopy on it! Now the good news is, Elizabeth Warren has proposed the “Consumer Bankruptcy Reform Act” which would completely overhaul our bankruptcy system, it would eliminate excessive paperwork needed for filing, thereby lowering attorney costs. It’d make student loan debt dischargeable, it’d get rid of the requirement for a credit counseling course, and it’d combine chapters 7 and 13 into a new, more flexible chapter 10. It’s a combination that would be an improvement — sort of like Burger King’s chicken fries, a little bit chicken, a little bit fries, all in a box that looks like I asked my kids to draw me from memory. And while Biden has broadly expressed support for warren’s reforms, the fact is, the bill is unlikely to pass in its entirety — it’d currently need ten republicans in the senate to get on board because democrats like Joe Manchin and Kyrsten Sinema are still in a death cult over the filibuster for some reason. But the fact is, something big needs to happen here. Because we badly need to get our broken bankruptcy system working again for people who desperately need a lifeline. And meanwhile, while we wait for congress to act, the very least we can do is offer an alternative credit counseling course that isn’t quite so insulting.

♪ ♪

Hello there. I’m the cartooniest steamiest wonk. If you are watching this video, chances are you have hit hard times. Maybe your husband was pancake by an unmarked cargo man or maybe you lost your job due to the coronavirus and that fateful day in 2019 when one bat fucked that other bat. Either way, you are saddled with debt right now and you’re looking for a fresh start. Thankfully, you have found bankruptcy. Less that is your debt’s student loans, in which case, you should think about faking your own death because odds are you are as fucked as this bat. Under current bankruptcy law, you are required to complete this credit counseling course. And the key thing I’m here to tell you is that there are two main kinds of personal bankruptcy, chapter 7, that’s the thing you think of bankruptcy were typically most of your debts can be discharged, and chapter 13, which you might assume works similarly, though anyone who has been through it knows that it doesn’t. And if all this seems needlessly confusing, it’s because it is. The whole system is currently designed to be so discouraging that eventually you say fuck it and give up. [Laughs] Are you okay? So instead of watching a condescending series of videos about how to make a budget, why don’t we both make better use of this time and enjoy this video of a man feeding a pack of raccoons individual hot dogs?

Yes! Yes! Yes!

Look, filing for bankruptcy will never be as enjoyable as a raccoon eating a hotdog. But at the very least, it should be that simple. Bye.

♪ ♪

John: That’s our show. Thanks so much for watching. We’re off next week, back May 2nd. Good nigh!

Yes! Yes! Yes!

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