4/13/2005

Bankruptcy Law Nears Passage

The House will take a vote this week on the Bankruptcy Abuse Prevention and Consumer Protection Act. This act will make it harder for people to get rid of their debts by declaring bankruptcy. The bill has already passed in the Senate. This could be huge if it is passed. I wonder what will happen though; what will happen to people that die and have major debt? Will it pass on to the family? What should happen?
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1 comment:

Dr. Tufte said...

This has now (on April 26) been passed and signed into law.

I think this is a good thing. What they are really trying to prevent is people from claiming bankruptcy because they've moved from a liquid to a non-liquid position, usually through excessive shopping and buying.

Any thoughts on how this will effect Utah - the state with the highest bankruptcy rate in the nation?

11:32 PM

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