WASHINGTON The House and Senate plan to consider legislation next week to overhaul the nations bankruptcy laws, a priority of the financial services industry.
Senate leaders plan to begin a floor debate on the measure as early as Wednesday. The controversial bill first must clear the Senate Judiciary Committee, which is scheduled to vote on it Tuesday.
The House is scheduled to vote on the bill Thursday. The legislation cleared the House Judiciary Committee last week. It is substantively identical to legislation Congress passed by veto-proof majorities last year but which was pocket vetoed by then-President Clinton.
The bills are intended to relieve creditors from having to shoulder most of bankruptcy filers debt; they would create a means test requiring those with higher incomes to repay more.