My Bailout Plan:

My Bailout Plan:

The federal government takes the 800 billion dollar bailout fund and divides it evenly amongst the individuals who filed income tax returns for 2007.

Your individual debt repayment stimulus credit would be reserved in an account held by the US Treasury and come along with the following restrictions:

1) It must be used to repay a legal debt secured by a note and incurred prior to September 11, 2008.
2) The debt can be one you personally owe, or a debt owed by any other citizen or US corporation.
3) The full amount of the credit must be consumed by debt repayment.

There would also be brief listing of priority debts that should be repaid first including past due mortgage amounts, child support, and back taxes. Some kind of incentive would flow to you if you repay a “priority debt.”

The individual accounting for the plan would require a brief section of the 2008 federal income tax instruction booklet- hopefully with comprehensive forms included. Among other things the booklet would include forms for recording the amount of each payment or partial payment to be made from your individual account along with the name and address of the intended receiver, and a copy of the note memorializing the debt.

Individuals not owing any debts (or less debt than their allotted credit) can decide whose debts to repay and would also receive an incentive for repaying “priority debts.”

That is all.