Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON-Nearly a dozen Senate Democrats signed an April 1 letter to Senate Majority Leader Bill Frist (R-TN) in support of bankruptcy reform as approved in the previous Congress’ conference committee on the bill. Spearheaded by Senator Tom Carper (D-Del.), the letter read, “Unfortunately current law allows wealthy filers to use the system to shield their assets, avoid paying critical obligations such as child support and pass their debts on to responsible consumers. “After years of negotiation and compromise, a balanced bill emerged out of conference last year that would have addressed the worst flaws in federal bankruptcy law. We strongly believe that that bill should be the foundation from which we work in the 108th Congress.” The letter points out that last year’s conference report imposed limits on shielding assets, reprioritized payments, provided for more judges and gave them the authority to structure repayment plans, and preserved the right to bankruptcy protection for unforeseen difficulties. Eleven Senate Democrats signed the letter, including Carper, Charles Schumer (N.Y.); John Breaux (La.); Byron Dorgan (N.D.); Ben Nelson (Neb.); Tim Johnson (S.D.); Zell Miller (Ga.); Fritz Hollings (S.C.); Joe Biden (Del.); Blanche Lincoln (Ark.); and Mary Landrieu (La.). Last Congress, the final sticking point on the legislation was the clinic violence amendment championed by Schumer. He is expected to resurrect the issue this Congress as well.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.