A Letter from the President
Bankruptcy Reform About to Happen
After many years of debate it appears a bankruptcy reform bill will finally be passed into law. As of this writing the House passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (S. 256) by an overwhelming margin. This comes after the Senate approved the measure in March and now only needs approval by President Bush to become law. It is
anticipated that he will sign the bill marking the end of nine years of lobbying by ACA and the business community in general.
This bill will require that "needs-based testing" be taken by debtors with those who are able to being required to work out repayment plans under Chapter 13 of the Bankruptcy Code. Abuse of the current bankruptcy system has been harmful to consumers and businesses alike.
A filer with income below the median level of their state would be allowed to file for bankruptcy under Chapter 7, which allows the discharge of debts after the forfeiture of some assets. A filer with income above the median could be required by a judge to file under Chapter 13, which requires the repayment of debts under a court-ordered plan. Credit industry analysts say the bill should boost
major credit card issuers, especially those that service the high end of the market. The bill also includes provisions sought by auto lenders, real estate firms and others.
For complete updates on bankruptcy reform click on www.bankruptcyfinder.com.
Mark Neeb, President/CEO
The Affiliated Group
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