STRICT ANTI-CONSUMER BANKRUPTCY BILL HEADED FOR FULL HOUSE VOTE
March 13, 2003
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The House Judiciary Committee approved legislation Wednesday to make it tougher for people to dissolve their debts in bankruptcy court, a victory for the Republican majority.
The committee approval, voted along strict party lines, sent the legislation to the full House.
Banks, credit card companies and retailers have pushed for the legislation since 1997. The record pace of new personal bankruptcies in 2002 is expected to continue this year in a weak economy.
Most Republicans and many Democrats – and President Bush – support an overhaul of the federal bankruptcy laws. Consumer and civil rights groups and unions oppose it, contending it is unfair to low-income working people and would remove a financial safety net for those who have lost their jobs or piled up onerous medical bills.
