• Spells out what is a reasonable amount to pay for food, clothing, transportation and housing, and requires the debtor to live within those guidelines unless there is a good reason not to;
  Yeah right. The government puts limits on what you EAT?? How will this be enforced/determined?

• Makes it harder to shield assets by moving to Texas or Florida (or another state with a high homestead exemption) and buying an expensive house;

• Forces the debtor to pay the full cost of an auto loan or lose the vehicle to repossession, even if the vehicle isn't worth the outstanding balance on the loan;
  Bankruptcy deal killer - how will people get back on their feet if they don't have transportation to get to work. High interest rate loan sharks and shady car dealers must be smelling blood at this one.

• Requires debtors to complete courses in personal financial management before their debts are discharged in bankruptcy;
  Not a bad idea, but I doubt the lessons will really sink in. Here's Consumer Reports chart for the new path to bankruptcy.

• Raises the priority of child-support and alimony payments;

• Places a $1 million cap on the amount in Roth and regular Individual Retirement Accounts that can be shielded from creditors;

• Only wage earners whose household incomes are below their state's median (the U.S. median for a family of four was recently $59,981) will be permitted to file under Chapter 7. Everyone else will be required to file under what will be more stringent provisions of Chapter 13, which will force debtors to live on a government-prescribed allowance and repay lenders under a court-supervised plan.

• Requires debtors to pay all charges made to credit cards in the three months before filing for bankruptcy;
  I happen to agree with this one.

• Makes it easier for landlords to evict bankrupt tenants who are behind on their rent;

• Lets creditors ask the court to dissolve the bankruptcy plan if a debtor is late in filing paperwork, such as copies of paycheck stubs and tax returns; Please, let the courts do the work, keep the creditors out of this.

The good:

• Protects money that has been put in education IRAs

• Requires bank regulators to study whether credit card companies are offering credit indiscriminately, without regard to whether consumers can repay their debt, and whether the resulting debt is contributing to bankruptcies;
  Good idea, but what happens when/if they find out the obvious?

• Credit Counseling Agencies will have to meet certain regulations and criteria to operate.
  Hooray!!!
• Requires credit card issuers to disclose how long it will take to pay off a balance if you pay just the minimum every month, and prohibits the issuer from closing your account just because you pay off the balance every month and don't pay interest.
  Maybe people will wake up to the fact that they can't just pay the minimum payment.

• Instructs the Federal Reserve to find out whether people are going bankrupt because of credit card debt amassed in college. Again, good idea, but what happens when/if they find out the obvious?