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/bankruptcyreformnews.html#Anchorflash
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.
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/bankruptcyreformnews.html#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 talkingâ?¦ but there's nothing to write home about, yet."" http://www.bankruptcyfinder.com/bankruptcyreformnews.html#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/bankruptcyreformnews.html#Anchorflash
This is great information. My father is looking at filing a Chapter 7. He owes 280,000 and BK seems to be the only way to resolve his financial issues. So 6-18 if i am reading all of the information correctly,months is the window to file before all of the changes go into effect?
If the bill gets out of committee, it goes to the President. He will probably sign it immediately and then the law will go into effect in 180 days. Se we have until some time in January 2003, or later, before the new law goes into effect.
Thanks, I will tell him he needs to get all of his information together soon and do it if he is going to do it.
July 7 2002 Can you say "hypocrisy" ="a feigning to be what one is not or to believe what one does not; especially : the false assumption of an appearance of virtue or religion". "This report from the Washington Post Courtesy of David Goch Washington Legislative Counsel Commercial Law League of America HOW ONE SUPPORTER OF BK REFORM WAS BAILED OUT OF DEBT BY A MAJOR BANK Apparently, in 1997 Rep. Moran (D-VA), with nearly $700,000 in debt and 2 dozen credit cards, began to slip on paying the minimums on his debts. To his rescue came MBNA. In January 1998, MBNA gave Moran, an already delinquent borrower, a $447,500 home refinancing package, based on a "generous" appraisal of his house; consolidating most of his debt at a much lower rate. In fact, it was the largest mortgage package MBNA reported giving to a single borrower that year. According to the Post, Moran's loan had several favorable aspects to it including allowing him to borrow more money at a cost lower than industry standard. Moran, a co-sponsor of the bankruptcy reform bill, heavily supported by MBNA, said the loan had absolutely nothing to do with the bill. (Coincidentally, Moran also borrowed money from a drug company lobbyist in 1999 and money from one of the co-founders of America Online, another politically active entity)." http://www.bankruptcyfinder.com/bankruptcyreformnews.html#Anchorflash
As someone who has watched the reform over the last two or three years, bear in mind that the 180 days before the law could go into effect COULD be written out of the bill in committee. If you are going to file, do it sooner rather than later.
They still can't agree on the wording. No bill yet. http://www.bankruptcyfinder.com/bankruptcyreformnews.html#Anchorflash
July 17 2002, Wed. No consensus yet. Chances of the bill passing in this session look slim. At least this is one piece of good economic news. "Representative Hyde (R-Ill.) rejected the latest offer from Schumer (D-N.Y.), on July 16th, regarding language aimed at resolving a longstanding stalemate in the bankruptcy overhaul conference (H.R. 333). Hyde stated that Schumer´s latest proposal was a "very slight change" from an offer previously made addressing restrictions on bankruptcy filings by protesters who could encounter civil penalties for blocking entrances to abortion clinics. Hyde and Schumer agree that anti-abortion protesters should not be able to file for bankruptcy to escape fines and civil penalties for acts or threats of violence. But they disagree on the extent to which anti-abortion protesters that file for bankruptcy should be compelled to pay fines for non-violent acts of protest. House Judiciary Committee Chairman Sensenbrenner (R-Wis.) plans to continue negotiations for the remainder of the session. But Senate Judiciary Committee Chairman Leahy (D-Vt.) stated that he believes there is little sign of an end to the current stalemate." http://www.bankruptcyfinder.com/bankruptcyreformnews.html#Anchorflash
July 27, 2002 A last minute delay, But there is little time left. "HOUSE FAILS TO APPROVE FINAL VERSION! It appears that the bankruptcy legislation stalled in the House on Friday when pro-life members of Congress failed to support the compromise conference report. The House adjourned for its August recess without taking action. Rep. Christoper Smith of New Jersey and a small group of his colleagues led managers of the bill to have concern about keeping Democratic support in line. As a result the sponsors pulled the report from consideration by the full House. It cannot be considered until the lawmakers return in September." http://www.bankruptcyfinder.com/bankruptcyreformnews.html
Sept. 9, 2002 "HOUSE MAY TAKE UP REFORM BILL BY END OF NEXT WEEK David Goch Washington Legislative Counsel Commercial Law League of America There have been numerous e-mails about the bankruptcy reform bill, HR 333, being considered by the House this week. Although, as of 5 pm September 9th, the House clerk has not scheduled any action on the bill, the important point is that efforts continue to move this bill and, as suggested in an earlier update, they have recently been boosted by a letter* to the Speaker signed by 30 House Democrats. Although there has not been any date certain set, it is likely that the bill will come to the House floor before the end of next week."
