Congress planned to adopt tougher laws soon bankruptcy provisions.
Washington - Thousands of consumers buried under bills credit card could soon be the repayment of its commitments over time, instead of power, wipe them into bankruptcy courts.
Inspired by an increase in declarations of bankruptcy in the late 1990, the Senate - following the lead house - is a sign of approval of the law, this week, it is difficult for consumers to file for creditor protection under Chapter 7 of the U.S. Bankruptcy Code.
Gerangel legislators were set for the year on amendments to the Bankruptcy Code. Former President Clinton rejected such a measure late last year, but President Bush has stated its willingness to sign a bill.
“It is like a pig grease. It is once again,” said John E. Smith, a bankruptcy lawyer in Houston.
At the compatibility of bankruptcy under Chapter 7, a debtor may, in theory, that its sale of assets and pursue a Scarlet Letter in its report for appropriations to a decade.
In general, however, in Chapter 7 debtor can not sell their personal property, bankruptcy experts say. And they can also racked fate of the payment of debt on credit cards and other loans not.
The draft law on bankruptcy, a means test to determine whether a debtor would qualify to explain Chapter 7 bankruptcy or are forced to open a file Chapter 13 bankruptcy.
From the viewpoint of the debtor, Chapter 13 is often a less attractive option. The debtor is a payment plan …
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