4/14/2005

Bankruptcy bill on its way to president

In an article titled "Tough bankruptcy law passes congress" it says that a law with tougher restrictions on those who file bankruptcy passed the house today by a vote of 302-126. This same bill passed the senate 74-25 early this year. The president says that he is earger to sign this bill into law. The bill will force those with income high enough to file Chapter 13 instead of chapter 7 . Chapter 13 makes those that file bankruptcy repay their debts where Chapter 7 allows complete debt releif.

3 comments:

trudy said...

This sounds like a great idea to me. People should be responsible for their actions, and not allowed to rely on the government for debt relief. I have heard several people say "well if this doesn't work I'll just file bankrupcy". This has become to easy and to viable an option

Ralph said...

I have been waiting for this to pass for some time. This will produce a more financially responsible America. People won’t be so sensationalistic and impulsive. The bill will also create more of a market in the financial world. People will have to go through some type of credit counseling before they declare bankruptcy. People will need to learn more about money and I will benefit by teaching them.

Dr. Tufte said...

-1 on Bart's post and Trudy's comment for spelling errors.

I commented on this bill in a post earlier this month.