House Bill passports bankruptcy; revision is now awaiting President Signature
The Parliament approved by an overwhelming majority a fundamental overhaul of the nation, bankruptcy law Thursday the conclusion of congressional action on the action, and their transmission to President Bush.
The 302 - 126 votes, the first major revision of bankruptcy law in 27 years and is the culmination of years of intense lobbying by the nation’s largest banks, credit card companies and retailers have had complained about what they say is an increase in floods declarations of bankruptcy fraud. Advertisement
This is a victory for Mr. Bush, supports the action, and a setback for the political rights of citizens, labor and consumer organizations. It is said that the new law is a huge Give Away interests at the expense of middle and lower income families.
These groups say that abuse of the bankruptcy system episodic, not systemic and that the increase in applications over the past 30 years, is a symptom of other social problems such as increasing the number of families is not insured with senior doctor bills. In addition, link the increase to strong growth for the Advancement of your credit card, banks and retailers often accompanied Easy credit and hidden fees.
Supporters of the legislation offers a multitude of attempts to force lenders to reduce taxes, to supplement and reduce the disclosure of what the critics are unfair marketing tactics of banks and credit card companies. Proponents also high for a number of amendments, would have limited what has been said of the criticism of abuses of the bankruptcy of companies like Enron and WorldCom.
In a statement, President Bush hailed the vote. “These common sense reforms, the system is more and better, so that more Americans - especially low-wage Americans - have greater access to credit,” he said.
The Senate passed the same bill last month by a vote of 74 to 25
If it takes effect six months after its signing by the President of the new law will lead to the exclusion of many families use the generous provisions of the Bankruptcy Code, which since 1898 has approved the bankruptcy of files to delete their debts for a “new departure “.
In their place, the bill would be a condition of resources, many people the protection force from Chapter 13 bankruptcy, which is recoverable. The means test would not be applied, that the debtor, earn less than the median income of their state. Those who earn more than that and can pay at least $ 6000 for a period of five years, would have to seek the protection of Chapter 13, rather than generous provisions of Chapter 7
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