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Bk reform bill on the move


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This guy Grassley is a real jackazz !!

Feb. 1 2005


As anticipated, Sen. Grassley (R-Iowa) introduced comprehensive bankruptcy reform legislation on February 1. The cosponsors of this bill, S. 256, are Senators' Hatch (R-UT), Sessions (R-AL), Thune (R-SD), Carper (D-DE), Nelson (D-FL), Shelby (R-AL) and Enzi (R-WY).

The language is substantially similiar to last year's H.R. 975 but does not include Sen. Schumer's (D-NY) "abortion language".

Update Feb. 2 2005


The bankruptcy reform legislation, S. 256, has been twice read before the Senate Judiciary Committee and is awaiting further action.

Update Feb. 4 2005


The Senate Judiciary Committee will be conducting a hearing on S. 256 next Thursday, February 10th. The hearing is currently scheduled for 2 p.m. The witness list has not yet been finalized.

Obviously Republicans are attempting to expedite this bill.

However, Senate Judiciary Chair Specter (R-PA) is negotiating with the ranking minority member, Sen. Leahy (D-VT) on the number of hearings to hold.

Further, Leahy has stated that a recent Harvard University study showed half of all bankruptcy filings in 2001 were triggered by a medical emergency, which called into question the traditionally understood premise for the bill, that debtors are abusing the system.

Despite this negotiation, Specter has still indicated he'd like the Judiciary Committee to vote on the bill by February 21st.



David P. Goch

Washington Legislative Counsel

Commercial Law League of America

That press release where Grassly has the typical attitude that eveyone filing for BK is a DEADBEAT .. grrrrrrr :thefinger:

I hope they pay a LOT of attention to that Harvard study on medical expenses being 50% of the BK problem !!

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Wonder who's putting money in Grassly's pocket?

Isn't this the same legislation they tried to pass before? The same veiled revamp to the BK statutes to "protect businesses"?

Companies BK all the time. That's o.k. It's NOT O.K. for Joe Lunchbox. Go screw yourself Grassly. You and your free medical and your lifetime pension. :thefinger:

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All us 'deadbeats' need to flood GrASSley's office with letters !

No kidding. What a piece of crap. It only stands to reason - the "little people" put him in office, big business keeps him there. More irresponsible rhetoric from our legislators that haven't been "in touch" with the American public since the late 50's.

I could have sworn I read another attempt at this from a few years ago. Seems they've been trying to push this "urgently necessary" BK legislation through many times before..... but never became law. :?

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Grassley's been trying to work this since the early 90's and others have tried before that. I think the last real law change was in 1997 and it only changed a few things.. like the non-dischargability of student loans.

I need to find that Harvard Study on bankruptcy.. the only link to the actual study I have is a dead link :(

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Gee whiz. I found this article about "Large companies that decide to file for bankruptcy shop for judges the way most persons shop for groceries: they look for the best deal."


Shame on us for looking for protection when we encounter fiscal hardships.

I went to www.harvard.edu and did a site search on "bankruptcy". A lot of interesting articles popped up....

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Thanks Bingo !!

Doc, I guess I tried the wrong search at the Harvard site, didn't really get any hits.. oh well.

JMiller -- realistically.. even if he gets his votes in the Senate, its not likely to be over. Schumer is still there with his amendment and there are likely to be more than one round of hearings in committee. Then it has to go to the House and go thru that process. IF it gets through, and gets passed and to the Prez, it'll be 6 months after Bushy-boy signs it before it becomes law.

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