NPR radio show in the BK reform bill, Feb 28: The U.S. Senate is wrangling over proposed changes to the bankruptcy system that could have a big impact on consumers and lenders. http://www.onpointradio.org/shows/2005/02/20050228_b_main.asp SENATE TO TAKE UP REFORM BILL TODAY, bankruptcyfinder.com, Feb. 28 "Majority Leader Bill Frist R-Tenn. said last week that the Senate will take up the bankruptcy measure on Feb. 28. Democrats are expected to offer a slew of amendments on the Senate floor to the legislation after holding back during the Feb. 17 markup before the Senate Judiciary Committee. Among these are measures to prevent venue shopping by corporations, and increase the home equity exemption for the elderly seeking protection." http://www.bankruptcyfinder.com/bankruptcyreformnews.html#Anchorflash PDF file analysis of the bill: http://www.bankruptcyfinder.com/article folder/table.pdf For those that have not been following the bankruptcy (BK) reform issue basically here is the skinny on it. If the bill finally goes through it will be harder and more expensive to file BK chapter (CH) 7. Some people may have to quit their jobs or be given only the option of CH 13. Counseling before filling will be mandatory. In my personal opinion I think that some overhaul of the BK law is needed but this bill goes way way to far. If this bill passes many people will simply drop out of the system rather than file BK. Other will file BK and then be so traumatized that they will never participate in the system again. What has held up this BK bill for years has been the abortion issue. You might ask what does abortion have to do with bankruptcy laws. Well, there is a basic principle in the law that says if I do something like speed in a car and kill your kid daughter who came out from between two parked cars while chasing a ball and you sue me and win for wrongful death then I can't extinguish that debt by filling BK CH 7. What the conservative are pushing for is to make an exception for those that chose to commit terrorist acts against abortion clinics. So if someone were to detonate a pipe bomb and kill abortion clinic workers they could get out of any wrongful death suits that they might lose by filing BK CH7.
