Bush Ready To Sign BankruptcyBill

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WASHINGTON - (04/18/05) -- The bankruptcy reform bill is headedto the President's desk for the second time in five years--but thistime the President has vowed to sign it. President Bush said lastweek he is eager to make the credit union-backed bill into law andplans to do so in the near future. "These commonsense reforms willmake the system stronger and better so that more Americans,especially lower-income Americans, have access to credit," thePresident said after the House passed the bill last Thursday. Anidentical version of the bill was also passed in 2000 butthen-President Clinton refused to sign it into law, letting thebill die by so-called pocket veto. The bill--more than 10 years inthe making--will enact a means-based system that prevents thosedebtors with some financial means from filing a Chapter 7 to eraseall of their debts, and relegate them instead to a Chapter 13financial reorganization. It will also require financial counselingfor all bankruptcy filers and retain credit unions ability to enterinto reaffirmations, or voluntary repayment, agreements withmembers.

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