Congress To Look At Major Overhaul Of Bankruptcy Laws
Posted March 10, 2005 6:12 a.m. EST
RALEIGH, N.C. — A controversial bankruptcy reform bill looks like it is on the way to passage on Capitol Hill.
The legislation would restrict the number of people who can just erase debt.
Supporters believe it will enforce more personal responsibililty and cut down on bankruptcy abuse.
Critics argue the bill rewards the industry that pushes credit on customers. They also believe it could hurt middle-income families who suffer unexpected illness or job loss.