Bankruptcy In The U.S.A.

— NPR's Madeleine Brand reports that Congress is considering a stricter bankruptcy law, after a record one-point-three million households filed for bankruptcy last year. Most of the code is federal, but states are allowed to offer homestead exemptions, meant to give debtors a second chance. But some states, like Texas and Florida, are far more liberal than others when it comes to applying the exemptions. New Jersey forces debtors to sell off everything.

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