Bankruptcy as we know it could soon become a thing of the past - Part 2

Senate close to passing tougher bankruptcy bill

I wrote about this earlier.

WASHINGTON (AP) -- The Senate marched Wednesday toward passage of landmark legislation that would make it harder to erase medical bills, credit card charges and other debts by declaring bankruptcy.

Democratic opponents made last-ditch attempts to soften the bill's impact and restrict practices of the credit industry that they said were especially hurting the poor.

Not a dent was made in the legislation, which was armor-plated by the Senate's Republican majority against amendments and enjoyed bipartisan support.

With Senate passage expected Thursday and House approval likely next month, the bill would deliver to President Bush the second of his pro-business legislative priorities since the GOP augmented its majorities in both chambers in November's elections.