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COPYRIGHT 2001 The Miami Herald
Byline: Harriet Johnson Brackey
Mar. 15--A bill making it harder for consumers to wipe out their debts in bankruptcy court is on the verge of becoming law.
Senators voted 80-19 Wednesday to wind up debate on the legislation, the most sweeping overhaul of bankruptcy laws in 20 years. A vote on passage could come today or Friday.
Florida is a debtor-friendly state. In federal bankruptcy cases filed here, debtors use state-sanctioned exemptions to protect such assets as their annuities, homes of any value, and 160-acre parcels of rural real estate.
Even so, the new bill, which President Bush has promised to sign, will have significant impact on those in Florida and elsewhere who have considered using bankruptcy protection. The number of individual bankruptcy filings nationally soared from 298,000 in 1985 to more than 1.2 million last year. Credit card companies, propelled by major political contributions, have...
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