:: 2.14.2005 ::
Republicans working to make it harder to declare bankruptcy
Sounds like a good idea: reform the system to make it harder for debtors to wipe out unsecured debt, by eliminating Chapter 7. On the other hand,
Half of all U.S. bankruptcies are caused by soaring medical bills and most people sent into debt by illness are middle-class workers with health insurance.That's according to a recent study published in Health Affairs.
Under the new plan, debtors would have to file under Chapter 13; a bankruptcy court would then "apply a means test — taking into account medical expenses, elderly parent support or care of grandparents and disabled children — to determine whether the debtor has enough money to repay." So maybe it will work... we're about to find out, since the Republicans have a majority.
:: Deb 7:47 PM :: permalink ::
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