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House pushes sweeping bankruptcy overhaul in Congress
House approves major bankruptcy bill amid GOP support and Democratic splits. It introduces a needs test, requiring higher earners to file under Chapter 13 with a five year plan and 20 percent debt repayment, aiming to curb abuse of Chapter 7. Administration position mixed. Senate prospects uncertain.
MENTIONED IN THIS ARTICLE
Ashington
House
Senate
Senate Judiciary Committee
Clinton
Jerrold Nadler
D-N.y
Nadler
U.S
Bill McCollum
R-Fla