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Article:
Bankruptcy Bill by: Stuart Simpson The Senate is trying to overhaul the bankruptcy laws. Credit card companies and retailers have been pushing for reform since 1997. Hopefully, the new law will come into effect by mid-March. What have they been battling over? They rejected an amendment that would allow older people to get a special 'homestead exemption' that would allow them to keep their homes if they file bankruptcy. Currently, this is determined by each state. Six states currently have unlimited homestead exemptions. This means that rich people can file bankruptcy and keep their big houses. Doesn't sound fair. They also wanted to have credit card statements show how long it would take to pay off the debt by making only the minimum payment and what the interest charges would be. One proposal would allow people to keep at least $'150
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