The U.S. General Accounting Office has cast doubt on the validity of the data that lenders are using to support their position on the need for bankruptcy reform.

The GAO scrutinized a study-funded largely by Visa U.S.A. and MasterCard International, and conducted by Georgetown University's Credit Research Center-which asserted that many people who file for bankruptcy are able to pay back some or all of the debts they owe.

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