Sen. Chuck Grassley Introduces Bankruptcy Reform Bill
|February 3, 2005|
Sen. Grasseley Press Release|
"Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" (S.256)
Sen. Chuck Grassley (R-Iowa) introduced legislation to overhaul the nation’s bankruptcy code on Tuesday to end abusive and frivolous bankruptcy filings.
Grassley said his bill would require people who can repay their debts to do so through a repayment plan under Chapter 13 of the bankruptcy code. The legislation has a safe harbor for the poor, and would allow people who earn less than the median income in their state to file under Chapter 7 where debts are cancelled.
Other provisions of the bill include: