WASHINGTON -- Bankruptcy reform legislation cleared an important hurdle Wednesday, and bankers are optimistic that they will finally get some help from Congress in dealing with debtors.

The House Judiciary subcommittee on economic and commercial law held a long-awaited hearing on legislation that would make it more difficult for individuals and businesses to use bankruptcy proceedings to avoid repaying debts.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.