For at least a decade, the banking industry has been fighting to change the terms of personal bankruptcy, arguing that debts shouldn’t go away just because one can’t pay them, and that Americans have abused the system.

Now, the U.S. Senate is wrangling over proposed changes to the bankruptcy system that could keep people paying off old debt long after they’ve gone under.

Democrats oppose the proposed changes and want to instead protect employees of bankrupt companies and exempt military personnel from new restrictions on filing for bankruptcy.

Hear about the pros and cons of the proposed bankruptcy law changes and who is pushing for them.

Guests:

Maura Reynolds, Congressional reporter for The Los Angeles Times;

Ed Mierzwinski, consumer program director for U.S. PIRG, the national office of the Public Interest Research Group. He has authored numerous reports on consumer and financial issues, from credit bureau errors to skyrocketing ATM and bank fees.