Bankruptcies cost American consumers billions of dollars each year.
When a few reckless spenders choose to leave their debt unpaid, it falls on the shoulders of honest, responsible consumers. Under this bipartisan effort, we ll ensure that people with real need will get a fresh start. Under current law, there is no statutory mandate requiring a debtor to repay debts even if one has the financial means for payment. This reform protects the rights of those who truly deserve a fresh start as determined by legal standard. A primary objective of the bill is to make it more difficult for debtors to use the bankruptcy system to avoid paying their creditors.