Bankrupcy to be made tougher in the US
A law is about to be passed in the US to make bankrupcy tougher to achieve. Banks and credit card companies are saying that heavily-indebted people are abusing bankrupcy and using it as an excuse not to repay their debts, and taking the easy way out by having their assets liquidated.
The bill was presented to senate last month and won 74-25. The bill is aiming at stopping the abuse of bankrupcy but some say it is too harsh. Anyone filing for bankrupcy once the bill is passed will be subject to a means test to see if they can repay their debts by installment plans, and will also have to receive credit councelling, adding insult to injury.