Bill Nelson: “Indeed, the Senator has put his finger on the problem and the attempted solution to the problem, recognizing that we…”

“Indeed, the Senator has put his finger on the problem and the attempted solution to the problem, recognizing that we want to work with the banking industry and the credit card industry so this does not become a loophole that somebody can get out of following the law and be irresponsible about filing bankruptcy. We have even put it in the amendment that there has to be a threshold for the person who would have this exemption because of identity theft. For example, it would have to be a claim against the debtor in excess of $20,000, or 50 percent of all the claims asserted against the debtor, or 25 percent of the debtor's gross income for a 12-month period. With that reasonable protection, so that somebody is not abusing the law, we come back to the basic issue of fairness.”