I'm bankrupt of ideas

The bankruptcy bill that everyone has been talking about just passed the house and is in the Senate waiting for debate. Incidently they are waiting to debate it because they are wrapped up in the steroid bruhaha. Nice use of their time for sure.
Anyway, I have been torn by this for a while. It seems, according to Instapundit and others, that conservatives as well as liberals are against this bill, and that Republicans in the Senate and House are just feeding off the greedy credit companies. That sounds like the usual whining about some issue you don't like, blame the special interest that's pushing for the bill. It might have some reason to do with it, but is that reason enought to say that this is bad.
I had a hard time trying to find an article that wasn't of the "bad bill coming through congress" or "bill a gift to rich people" or something like that. I did find one article that tried to explain what the changes are here.
Bankruptcy has existed for a large part of American history, I suppose to avoid some sort of system of indentured servitude, or preventing European debtor's prisons from happening in America. Traditional bankruptcy is filing for Chapter 11, which allows you to not have to make full payments on your bills, but only about 70% or whatever you can pay. There is also something called chapter 7, which forgives debts and gives people a fresh start. That is the area of bankruptcy the current bill is after.
I can understand the arguments of those who don't like the bill. Credit card companies are making it all too easy these days to get credit. You've all heard the commercials on the radio: "Oh, man, I'd really like to get a car, but my credit like sucks. What's that? Even I can get credit for a new car at Credit.com? Awesome!"
One wonders if the credit companies are knowingly taking too much risk by lowering their standards as to who can pay and who can't.
But, it's also true that there needs to be some sort of overhaul of bankruptcy as it stands now. There have been 3 or 4 times as many bankruptcies in the last several years than there used to be, just 10 years ago. Statistics are deceptive regarding this issue, as there are many people who file more than once. I believe it is this kind of person who this bill is really aimed at. In that case I kind of agree.
A friend of mine has a relative who has filed more than one, treats it like a get out of jail free card. No sooner has she come out of debt by this method than card companies are sending her stuff again. She hasn't learned to stay within her means, and looks at bankruptcy as a way out.
More later.