Washington Watch
What’s at stake: The law tries to cut down on bankruptcies by making the whole process more complicated. It increases paperwork and requires consumers to get credit counseling. Debtors who can repay at least 25 percent of their debts over five years or who earn more than their state’s median family income–usually about $50,000–will be forced to file Chapter 13, which requires some debt repayment, rather than Chapter 7, which pretty much wipes the slate clean....