Amy Goodman (Democracy Now!): Congress Approves Bush's Bankruptcy Bill

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From Democracy Now!
Broadcast Friday April 15

Debt Slavery? Congress Approves Bush's Bankruptcy Bill
A major overhaul of the nation's bankruptcy laws won final congressional approval Thursday, in a move that will make it harder for Americans to rid themselves of debt by filing for bankruptcy. We speak with Rep. Jim McDermott (D-WA) and David Swanson of DebtSlavery.org.
By Amy Goodman

The House overwhelmingly approved a major overhaul of the nation's bankruptcy laws Thursday, in a move that will make it harder for Americans to rid themselves of debt by filing for bankruptcy . . . .

The bankruptcy legislation has been a priority of the credit card and banking industries for a decade, and it is the first rewrite of the bankruptcy code in a quarter of a century.

A central feature of the bill imposes a new means test on Americans who file for bankruptcy protection to determine if people should enter compulsory repayment plans, rather than have their assets liquidated to repay creditors.

The bill would also impose significant new costs on those seeking bankruptcy protection and give lenders and businesses new legal tools for recovering debts.

Read more.