One Senator whose state allows asset protection trusts voted against S.256

[flpoljunkie]

And that Senator was Jack Reed of Rhode Island. All the other Senators, both Republican and Democratic alike, voted for S.256, the mis-named "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005."

The five states are Alaska, Delaware, Missouri, Nevada and Rhode Island.

These trusts, of course, are used by the wealthy to shield their assets from bankruptcy, and I believe, you don't even have to live in the states.

Yet people who owe credit card debt often end up paying more than twice the principle they owe and more because of the exorbitant interest rates and fees that credit card companies are allowed by law to charge.

[flpoljunkie]

1. Senator Reed of Rhode Island deserves our thanks.