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Bill forces some Chapter 7 filers to head over to Chapter 13 and pay up a little.

This story appears in the May 2001 issue of Entrepreneur. Subscribe »

Arguing that small businesses cannot afford the astronomical losses associated with abuse of the bankruptcy system, Bruce Josten, executive vice president of the U.S. Chamber of Commerce, threw the weight of his organization behind a new bankruptcy reform bill that has been passed in the House and the Senate.

H.R. 333 is the reincarnation of H.R. 2415, the bankruptcy reform bill that easily cleared the House and Senate at the end of 2000 but was pocket-vetoed by President Clinton. While President Bush has not committed to supporting or opposing H.R. 333, White House Press Secretary Ari Fleischer says Lawrence Lindsey, Bush's economic advisor, "has spoken favorably" about passing bankruptcy legislation.

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