Thread: Bankruptcy reform bill

It looks like nothing will be done on the bankruptcy reform bill until after Memorial Day.

"May 22, 2002

CONFERENCE COMMITTEE MEETS: STALLS AGAIN

SOURCE: David Goch
Washington Legislative Counsel
Commercial Law League of America

The conference committee did meet this afternoon. Schumer and Hyde did not come to agreement on the abortion provision language. Sources indicate however that they will continue to meet to try to resolve differences.

Nevertheless, chances of final passage have diminished greatly as a result of this latest inaction.

NO AGREEMENT - MEETING ADJOURNS WITH THE TWO SIDES SAYING THEY WILL CONTINUE TO EXPLORE WHETHER COMPROMISE IS POSSIBLE

SOURCE: National Association of Consumer Bankruptcy Attorneys (NACBA)

MAY 22: NACBA sources reported today that the House-Senate Bankruptcy Conference Committee met today in an effort to see if they could resolve the remaining issue preventing passage of this bill. That is the abortion clinic violence amendment, which is the Senate bill but not in the House bill.

With Rep. Hyde and Sen. Schumar represented the respective sides on this issue, with Sen. Joe Biden trying to facilitate a compromise. However, there was no agreement and although both sides have said they are willing to compromise, they are far apart on specific language.

Says NACBA, "We will have to wait and see how this plays out."

Previously, Rep. Sensenbrenner (R, WI), who chairs the conference committee, and House Speaker Hastert had set Memorial Day as the timeframe for final action on the bill. Rep. Sensenbrenner has now backed away from the Memorial Day deadline and has said they will work right up to the final days and hours to pass this bill.

Congress will take a week off for the Memorial Day recess beginning on Friday.

They will return on June 4th."

http://www.bankruptcyfinder.com/bank...ml#Anchorflash

Dear Erik,

Any idea where I can get the proposal?

Thanx,

Butch,

Go to www.clla.org and scroll to the very bottom of the page. You'll see a link that will carry you to a comparative analysis of both the House and Senate versions of the bill.

Whew Thanx Keepmine,

I almost missed your reply.

Great resource.

:)

Bad new on the BK bill it looks like it will pass. But there is still hope.

MAY 24
"CONFERENCE AGREES ON ABORTION CLINIC PROVISION, BUT STILL STALLED ON EXACT LANGUAGE

Although yesterday's inaction by the conference committee is considered a serious blow to the potential of final passage of H.R. 333, the bankruptcy reform bill, contrary to some reports the bill is not yet "dead".

If any "break through" occurred, it is that Representative Hyde (R-IL) and Senator Schumer (D-NY) agreed to continue to meet in private as well as have their staffs meet in an attempt to find language that two can agree on.

Furthermore, the two apparently reached consensus about their intent of the law. Schumer and Hyde agreed on two basic principals: that abortion clinic protesters who unintentionally interfere with services should not be subject to nondischargeability of their debts, and, second, that protesters who intentionally block or interfere with services should be subject to it. The difficult part is expressing these principles in law; in other words, defining "blockade".

Possibly as incentive to come to agreement, Senator Leahy (D-VT) indicated that as chair of the Senate Judiciary Committee, regardless of the outcome, he would not take up bankruptcy next year.

In other news, yesterday, House Majority Leader Armey (R-TX) issued a letter to Senate Majority Leader Daschle (D-SD) urging action on the bankruptcy bill."

http://www.bankruptcyfinder.com/bank...ml#Anchorflash

". . . not be subject to nondischargeability"
I guess two negatives do equal a positive.

Still no action on the bankrupsy reform bill. Gee, do you thing that perhaps these politicians have other more pressing things to wory about?

"June 10, 2002
Congress Daily reports:
Bankruptcy Conferees Won't Meet This Week
The conference committee is not meeting this week, according to Congress Daily. Last week, Sen. Charles Schumer (D-N.Y.) told CongressDaily, "Staff are talking… but there's nothing to write home about, yet.""

http://www.bankruptcyfinder.com/bank...ml#Anchorflash

No news is good news!

"June 17, 2002

SOURCE: 411bankruptcy.com

Bankruptcy Conferees Not Scheduled to Meet This Week

Bankruptcy conferees working to settle the remaining areas of dispute between the House and Senate bankruptcy reform bills are not scheduled to meet formally this week, according to CongressDaily. While staff negotiations were ongoing last week, sources noted that those negotiations probably have run their course, making the issue a "member-level" matter, reported the newsletter. Sen. Charles Schumer (D-N.Y.) last week said he intended to meet privately this week with Rep. Henry Hyde (R-Ill.) to see if they can forge an agreement.

For more go to 411bankruptcy.com"

I heard the committees are not meeting until after July 4 holiday officially. It's my impression that this will be a done deal, though.

The bankruptcy reform bill is basically dead with this congress. It definitely will rear its ugly head again next year as the banking and credit card lobbyists are pushing hard. Right now the house and senate bill differ and until they agree the bill can't go to the prez. the question here is "will the president sign the bill"? My opinion is if the economy is in better shape when the bill gets to his desk...he will...

so if you're contemplating bankruptcy you have maybe another 18 months or so b4 reform is a reality.

clc

June 27

The bankruptcy reform bill is still stuck in committee.

"According to sources, it is unlikely that the conference report on HR 333, the bankruptcy reform bill, will be completed before the 4th of July recess, but the prospects of the bill coming out of conference and going back for final votes in the House and Senate appear to be increasing.

The recent break through by Sen. Schumer (D-NY) and Rep. Hyde (R-IL), over the "intent" of the abortion clinic violence debt nondischargability, as well as the optimism by staff that common language can now be drafted, have fueled the continued interest in bankruptcy.

Add to this statements by Senate Majority Leader Daschle (D-SD) that bankruptcy is one of the items he wants to move this summer.

Finally, it is worth consideration whether recent high profile financial failures (ENRON, WorldCom) could help push the bill with the perception that increases in bankruptcy filings will call for more judges, some feeling a shortage already exists (the bill has the appointment of additional temporary judgeships in 16 states and extends those already in existence in 4 others)."

http://www.bankruptcyfinder.com/bank...ml#Anchorflash