New Laws Could Affect Those In Debt
A new measure passed through congress could make it far more difficult for those considering bankruptcy to wipe their debts by going taking this route. The move has left many debt-laden Americans feeling anxious, and it is thought that the measures could be in place in as little as six months. This is the most radical move on bankruptcy actions in over a quarter of a century.A bill was sent to President Bush earlier this week, and it is reported that he was enthusiastic about signing it and getting things moving with these new bankruptcy laws and regulations. Credit card companies and banks have been pushing for such measures for some time, as they have lost millions of dollars through the wiping of such debts in bankruptcy actions.
Under the new laws, those above a certain and specified income level will have to pay credit card charges and various other bills. This will be done through a plan formulated by the courts. The majority vote passed the bill through earlier this week, enabling businesses to look forward to a brighter and more profitable future, and leaving those with piling debts in a state of anxiety.
Many of those that backed the bill stated that their reasons for doing so was because bankruptcy was taken too lightly, and was often abused. Many stated that bankruptcy was abused by people such as compulsive shoppers, gamblers, and even those trying to avoid paying their child support in a bid to wipe out their debts.
Topic Added May 12th, 2005
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Topic Added May 12th, 2005
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