Congress approved legislation Thursday that would force tens of thousands of people who want to wipe out their debts in bankruptcy court to make repayment plans instead. The measure would require people with incomes above a certain level to pay credit card charges, medical bills and other obligations under a court-ordered bankruptcy plan. President Bush is eager to sign the legislation, which is the biggest rewrite of the bankruptcy code in a quarter-century.
April 15, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Tens of thousands of people who want to wipe out their debts in bankruptcy court would have to work out repayment plans instead under legislation Congress approved Thursday.
A 302-126 vote by the House sent the legislation to President Bush, who is eager to sign it, the biggest rewrite of the bankruptcy code in a quarter-century. It marks the second major change in law to benefit business since Republicans increased their House and Senate majorities in last fall’s elections.
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