Senate-approved bankruptcy bill moves to House

[JURIST] The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 [THOMAS bill summary and text] is expected to move to the House next week after winning Senate approval [JURIST report] Thursday. The bill, long lobbied for by credit card companies, makes it harder for those in debt to file for Chapter 7 [text] bankruptcy, which eliminates almost all debts. Instead, under the legislation, more people will be forced to file under Chapter 13 [text], which requires repayment of some debt under a structured plan. Numerous attempts by Senate Democrats to insert amendments that would have loosened restrictions in certain cases, such as medical emergencies, were blocked by Republicans. House Republicans have said they hope to pass the bill in the coming weeks for President Bush to sign by next month. AP has more.

 

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