House and Senate panels are expected today to pass bankruptcy reform bills, though a veto threat issued by the White House Wednesday makes enactment uncertain.

Debate began Wednesday in House Judiciary's administrative law subcommittee on a bill that would use a formula to determine whether consumers could eliminate unsecured debts in Chapter 7 or repay them in Chapter 13. Consumers generally would be barred from Chapter 7 if, after accounting for certain expenses, they could repay over five years at least 25% of unsecured credit, or $5,000.

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