New Senate Bill Seeks to Makeover Chapter 13
February 19, 2008 by Todd Wilkinson
A legislative proposal named the "The Helping Families Save Their Homes Act" is scheduled to be debated next week and is backed by House and Senate by Democrats. The "Act" purportedly allows families file for Chapter 13 bankruptcy to save their homes, and gives judges the ability to modify mortgages to keep homeowners in their properties. Critics believe such a bill will make mortgages more difficult to obtain and send interest rates higher.