It would still give credit card companies new rights to debtors' assets that are now reserved for children and families.
Bankruptcy is a zero-sum game.
If credit care companies are allowed to get more of the debtor's property in bankruptcy and after the case is over, then there will be less for other creditors, including children. It's simple arithmetic. Jerrold Nadler, Ranking Democratic Member, Subcommittee on Commercial and Administrative Law Click here for the text of the Administration's letter.