Search Results: keywords:"consumer bankruptcy reform act"

  • H. R. 10500 — To amend title 11, United States Code, to add a bankruptcy chapter relating to the debt of individuals, and for other purposes.
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    Status:Introduced in House
    Words:45,372

    H. R. 10500 proposes significant changes to the U.S. bankruptcy system by creating a new chapter specifically for individual bankruptcies, simplifying the process for individuals dealing with debt. It aims to eliminate the current Chapter 13, streamline the filing process,...

    Simple Explanation

    H.R. 10500 is a new plan to change how people can ask for help when they have too much money trouble, making it easier and fairer for them to keep their homes and cars while stopping bad guys from tricking them with loans.

  • S. 5577 — To amend title 11, United States Code, to add a bankruptcy chapter relating to the debt of individuals, and for other purposes.
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    Status:Introduced in Senate
    Words:45,337

    The Consumer Bankruptcy Reform Act of 2024 (S. 5577) proposes significant changes to U.S. bankruptcy law to better help individuals facing personal financial distress. It introduces a new single-chapter consumer bankruptcy system that streamlines the filing process, reduces...

    Simple Explanation

    The Consumer Bankruptcy Reform Act of 2024 is a new plan to help people who owe money by making it easier and fairer for them to deal with their debt, like student loans or houses, while also trying to keep them safe from unfair lending. It introduces new rules, like changing fees and making sure everyone has a fair chance, but some parts might be a bit tricky or confusing, like figuring out new costs or understanding the rules.