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Bankruptcy Reform Bill (HR 975)Bankruptcy reform legislation has still not been passed. Credit card issuers, automobile lenders and mortgage lenders have aggressively and unsuccessfully lobbied to have this bill passed for years. If and when passed, it would make it tougher for individuals to walk away from their debt (chapter 7 bankruptcy). Instead, an individual would be required to repay a portion of what is owed through a court appointed debt repayment plan (chapter 13 bankruptcy). Some additional aspects of the Bankruptcy Reform Bill are: In addition, the Bankruptcy Reform Bill requires the Federal Reserve to investigate whether people are filing for bankruptcy due to credit card debt that accumulated from their college years. It also requires that all credit card issuers disclose exactly how long it would take to pay off a credit card balance when paying only the minimum monthly payment. A credit card issuer would also be prohibited from closing an account due to the balance being paid in full every month with little or no interest being paid.
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