The 80 to 19 vote this afternoon is a sign of growing bipartisan support for reforming the bankruptcy system and closing the loopholes used by some people to get out of debts they can afford to repay. There's plenty of blame to go around for the 100 percent increase in the number of bankruptcy filings in the last ten years. Part of the problem is bankruptcy laws that are too lax. This bill strikes the right balance between debtors and creditors. Fewer bankruptcies would be good for consumers and families.
Bankruptcies increase costs for consumers and put upward pressure on interest rates.