Assignment: Google one of these 3 bills and write one to two paragraphs about how they served the interests of the industry that supported it. Facts come from CNN.com.
what they are:
Bankruptcy chapter 7: most popular type of bankruptcy, straight bankruptcy or liquidation
Bankruptcy chapter 13: bankruptcy involving the reorganization of funds
The Bankruptcy Reform Bill of 2005 made it harder for people to file under bankruptcy. This benefited the credit card companies, because sometimes with chapter 7 bankruptcy, the debts owed to the companies would be forgiven and the companies would be left with nothing. The bill keeps people from cheating the system and not paying back their debts. Creditors can now contest both chapter 7 and 13 bankruptcy cases. The creditors can inquirer more profit and be more successful due to this bill.
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