Thread: New Bankruptcy law?

Does anyone know when the new bankrupcy law goes into effect that makes it harder to file a chap. 7?

There is no new law. It's still being held up by 40 Republican Congressmen who are conerned that abortion clinic protesters will be unable to discharge civil damages in bk. If it ever passes, it will not take affect until 180 days after President Bush signs the legislation. So, you got time. Check www.clla.org every few days for updates.

"Sept. 26, 2002

David Goch
Washington Legislative Counsel
Commercial Law League of America

SOME SENATORS TRY TO REVIVE REFORM ACT: ABORTION LANGUAGE CONTINUES TO BLOCK ACTION

At a press conference yesterday, a bipartisan group of senators, including Senate Majority Leader Daschle (D-SD), Senate Majority Whip Reid (D-Nev.), Senator Carper (D-DE), Senator Hatch (R-Utah), and Senator Grassley (R-Iowa), urged the House to take up the Bankruptcy Reform Bill conference report (H.R. 333).

Daschle stated the bill has broad support in the Senate and it would pass if brought to the floor. However, he reasserted that he would not take up the legislation until the House has considered it.

Despite this prompting, there appears to be no progress in breaking the impasse over the Schumer abortion language which has been opposed by a select group of House Republicans and some labor organizations traditionally with close ties to democrats.

In other news, on September 24th, Sen. Kohl (D-WI) introduced S. 2996, a bill to amend the bankruptcy code to limit the value of certain real and personal property that a debtor may elect to exempt under state or local law. (Text of the bill is not yet available.)

And this from BNA Highlights email letter -

Since July, House Republican leaders have been unable to guarantee the necessary number of votes to pass the bankruptcy reform bill, in part because they fear Democrats might join conservative Republicans to defeat a rule necessary to bring it to the floor. In addition, Republican leaders, who have yet to order an official whip count on the conference report, are unwilling to alienate their conservative base so near to the November elections, sources have told BNA."

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