bankruptcy law signed today

president bush signed into law a bankruptcy bill today. according to http://www.cbsnews.com/stories/2005/04/20/politics/main689741.shtml, it is the "biggest rewrite of U.S. bankruptcy law in a quarter century".

i am a bit uneasy with this for two reasons. one, i have heard little to no debate on this bill. of course, i've heard opponents lambaste the bill, but i've heard little from the members of congress that have supported it. secondly, i dont understand why this is a pressing issue. what problem is this solving? i am by no means an expert on bankruptcy laws, but since the beginning of the united states, they have existed. in fact, chapter 25 verse 10 of leviticus is transcribed in the liberty bell in philadelphia. this chapter from the old testament describes the law of jubilee. quoting a more knowledgable person than myself, seth grossman informed me -
"an idea that every 50 years there is a Jubilee, where the deck is reshuffled, and everyone gets a new chance"

this is exactly what the bankruptcy laws are about. bankruptcy laws exist for those of us that come onto hard times. those of us that are struggling to get by, and then BOOM, disaster hits. from http://www.bankruptcyinformation.com/personal-bankruptcy.htm :
"The primary reasons for filing personal bankruptcy are unforeseen medical expenses, excessive credit card debt, loss of employment, and divorce".

bankruptcy is not an easy out. the average joe does not want to declare bankruptcy. when you declare bankruptcy, your credit is ruined, and you are broke!

but what gets me is this: why was the law rewritten? credit card companies charge interest rates because of the fact that some people will default, or claim bankruptcy. they charge high interest rates on people that have bad credit. are credit card companies not making money?

i emailed rep mike doyle of the 14th district of pa. maybe he can explain it to me.