U.S. Senate approves the revision of bankruptcy law.
The Senate yesterday approved a broad review of federal law, which are bankrupt, it would be much more difficult for consumers to easily beat their debts and credit card companies, delays.
The Senate passed the bill 83-15 after day after heated debate. A first priority of the bank and industries credit card, the bill would applications in Chapter 7 of the Bankruptcy Code, denouncing individuals, a large number of claims. Instead, many individuals are relocated in Chapter 13, which requires a general rule, a five-year plan to eradicate.
The bankruptcy rules for companies would also be transformed, so that enterprises in less time, and reorganize on a sound financial footing. Although the financial support of the industry all the bills are dissatisfied with many companies, with the changes.
The two senators from Massachusetts Democrat John F. Kerry and Edward M. Kennedy, voted against the bill. Kerry supported a similar bill during the last Congress, said the current level …
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