ABA Applauds Bankruptcy Reform

Yes, supporters of the bill at the American Bankers' Association or ABA say the plan's tougher regulations would apply only to people who make more than the median income in their State, allowing low-income earners free to declare themselves broke."The bill keeps the courthouse door open, but also holds people accountable for their debts," said Laura Fisher, spokeswoman. But critics point out that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is not intended to protect lower-end economic groups either."Consumers are not out there lobbying Congress to obtain more favorable treatment for consumers," said Paul Sweeney, partner at Linowes and Blocher in Bethesda,Md. "You have very well-financed credit card companies pushing to have this legislation passed."