Re: recent changes in federal bankruptcy law

The law has not passed. it may or may not in the future.

Re: recent changes in federal bankruptcy law

Thank you for your posting, and my apologies for the length of time you had to wait for an answer.

The House-Senate conference committee on bankruptcy convened its first meeting on Wednesday, November 14, 2001. The group was originally scheduled to meet on September 12, but that meeting was postponed due to the September 11 attacks. Observers said not much of a substantive nature came out of the initial meeting, rather the lawmakers agreed to direct their staffs to work over the winter recess to help set the stage for member-level negotiations early next year.

Although some of the differences between the Senate and House versions of the bankruptcy reform bill may be resolved relatively easily, others may be more difficult, such as a provision in the Senate bill that would cap at $125,000 the home equity that can be shielded from creditors during bankruptcy. The White House opposes the provision; President Bush’s home state of Texas is one of five states with an unlimited homestead exemption. Another dispute is expected over language sponsored by Senator Charles Schumer (D-N.Y.) that would prevent abortion protestors from escaping fines and civil judgments.

Thanks again, and if you have any other questions or need more information - or if you feel you need legal representation, please feel free to call me (toll free) at 1-877-568-2977, or via email.