Date: April 14, 2005
Subject: Bankruptcy Abuse Prevention and Consumer Protection Act
Description: A bill requiring debtors who have the ability to pay, to pay back at least a portion of their debts. The bill also requires credit card companies to let card holders know up front what they are expected to pay and the penalties for late payment. The bill makes it more difficult for serial bankruptcy filers to abuse the system by imposing an eight year waiting period between bankruptcy declarations. The bill also allows the federal government to clamp down on bankruptcy mills that make money advising bankruptcy abusers on how to game the system.
Result: Bill Passed, 302-126
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