Democratic Sen. Elizabeth Warren and Rep. Jerry Nadler today reintroduced a bill that would radically rework the US Bankruptcy Code for individual debtors.
The bill would eliminate Chapters 7 and 13, which are typically the sections of bankruptcy law used by individuals, and create a new Chapter 10. The new chapter would give debtors two paths to follow: one for a straight discharge of debts and another for debtors wishing to make payments in order to preserve assets, such as their homes or cars.
The bill is designed to address racial and gender disparities inherent in the current system and ...
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