Voted YES on reforming bankruptcy to include means-testing & restrictions.
Amends Federal bankruptcy law to revamp guidelines governing dismissal or conversion of a Chapter 7 liquidation (complete relief in bankruptcy) to one under either Chapter 11 (Reorganization) or Chapter 13 (Adjustment of Debts of an Individual with Regular Income). Voting YES would:
Declare a debtor eligible only for Chapter 13, as anyone financially capable of paying back their creditors at a rate that still allows them to earn above their state's median income
Place domestic support obligations such as child support and alimony amongst the first priority claim category of non-dischargeable debts on a debtor filing for bankruptcy
Require debtors to pay for and attend credit counseling prior to filing for bankruptcy
Cap home equity protection at $125,000 if the debtor purchased a house within 40 months of filing for bankruptcy.
Reference: Bankruptcy Abuse Prevention and Consumer Protection Act of 2005;
Bill S 256
; vote number 2005-44
on Mar 10, 2005
Click here for definitions & background information on Corporations.
