Bankruptcy reform close to OK in Congress
The bankruptcy law is that for thousands of people to repay their debts far, just before the Congress.
After eight years of failed efforts by banks and credit card companies, the biggest revision of bankruptcy law a quarter century, was catapulted into the meaning of adoption by a Republican majority buttressed by the fall of options. The legislation cut several Democratic votes, to remove the Senate last month 74-25.
The house was a vote Thursday on the bill, which requires that people with incomes above a certain amount payable by credit card charges, medical bills and other obligations under a liquidation plan judicial.
President Bush said he signed the bill to be identified. It marks the beginning of a second victory for Bush in this year’s pro-business legislation.
Opponents say the change would fall especially hard on human low-income workers, single mothers, minorities and the elderly and would be a net of those who lost their jobs or face Brech doctor bills.
Between 30000 and 210000 people - 3.5 per cent to 20 per cent of those who resolve their debts in bankruptcy each year in exchange against the loss of some assets - would be disqualified from doing so under the legislation, after the Institute of American bankruptcy law.
Going six months after the adoption of the measure on a regime based on income test to measure the ability of a debtor to repay a debt. It also requires people in bankruptcy to pay for the credit consultancy.
Emphasizes the political sensitivity of the topic, the Liberal Group moveon said it was the beginning of a campaign radio advertisements this week against the house of legislators from both parties, care of bankruptcy law .
“With solid control of both houses of Congress and the White House, Republican leaders think they are free of their True Colors - taking the layer of funds and the rich and the multinationals,” said Tom Matzzie, Washington director of Moveon’s Political Action Committee.
“But we call the Republican agenda, which really is: a war of the middle class. … The American people deserve to know who their side and who try their prejudice in the interest of banks and. .. Number of credit card company, “said Matzzie.
In two weeks after the debate and a number of votes in the Senate floor and later the house Judiciary Committee, Republicans systematically rejected Democrats’ efforts for the bill with amendments.
Behind the men in Congress and the financial services sector have pressed the legislation for eight years, since the bankruptcy procedure is often the last refuge of players, impulsive buyers, divorced or separated fathers to avoid taking responsibility the child and multimillionaires - often celebrities - Villas buy, in countries with exceptions Liberal shelter assets from creditors.
New requests for personal bankruptcies rose from 1599986 to 1613097 in the year to June 30 this year, breaking an upward trend in recent years.
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