U.S. Senate Approves Overhaul of Bankruptcy Laws.
The Senate yesterday approved a far-reaching overhaul of federal bankruptcy laws that would make it much tougher for consumers to wipe out their debts and easier for credit card firms to push for overdue payments.
The Senate passed the bill 83-15 after days of heated debate. A top priority of the banking and credit card industries, the bill would restrict filings under Chapter 7 of the bankruptcy code, which lets individuals cancel a host of debts. Instead, many individuals would be shifted to Chapter 13, which generally requires a five-year repayment schedule.
Bankruptcy rules for businesses would also be revamped, giving companies less time in which to reorganize and get back on sound financial footing. Though the financial industry supported the overall bill, many businesses are unhappy with the changes.
The two Democratic senators from Massachusetts, John F. Kerry and Edward M. Kennedy, voted against the bill.
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