What: All Issues : Housing : Preventing Bank Foreclosures on Homes : HR 975. Bankruptcy Reform/Passage of a Bill to Change Bankruptcy Laws to Reduce Protections for Individual in Debt.
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HR 975. Bankruptcy Reform/Passage of a Bill to Change Bankruptcy Laws to Reduce Protections for Individual in Debt.
house Roll Call 74     Mar 19, 2003
Y = Conservative
N = Progressive
Winning Side:
Conservative

Republicans had long claimed that the nation's bankruptcy laws made it too easy hide assets from creditors. They wanted more bankruptcy filers to use Chapter 13, which opened these assets to confiscation by creditors, instead of Chapter 7, which provided more protection. The bill proposed by Republicans would require debtors to file under Chapter 13 if they were able to pay either $10,000 or 25 percent of their debts. The bill would also limit the home equity exemption to $125,000 for any home purchased within three years and four months of the filing. Progressives opposed these changes as too hard on those already struggling to make ends meet, and they viewed the whole bill as a bonanza to banks and credit card companies. They voted "no," but the bill passed by a large margin 315-113.

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