Bankruptcy Reform: How Going Bust Got Meaner

When credit-card companies want something really badly, what do they do? They pay cash, of course. And that's just what they did, along with a lot of banks, retailers and auto lenders who contributed millions of dollars to key members of Congress as well as to President George W. Bush's campaign and Inaugural festivities. Last week that generosity paid off, with interest, when the Senate passed a new bankruptcy law. The bill could generate billions of dollars in extra revenue for creditors by making it more difficult for Americans to walk away from debts and regain their financial footing.

Credit-card issuers...

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