Credit card companies seem to have won to some extent as the US bankruptcy law will see some very fruitful changes.
On Tuesday, the chamber voted to limit debate and rejected an abortion-related amendment in the bankruptcy law. "It is the (Senate Republican) leadership’s intention to complete action on this bill during Wednesday’s session," said Sen. Charles Grassley who promoted the bill.
Credit card companies are among those that have been seeking for changes in the law for a long time. Retailers and auto lenders will also advance from the changes.
"The bill is meant to deal with abuses of bankruptcy. If there was ever an abuse of bankruptcy, what these violent extremists did was an abuse of bankruptcy," said New York Democrat Sen. Charles Schumer.