So much for bankruptcy law change.

An email I received today from the National Association of Consumer Bankruptcy Lawyers (NACBA) says that Senate Bill S. 61 is stalled. It might never get to the floor for a vote. This is the bill that passed the House about a month ago, and which would have provided bankruptcy judges with authority to rewrite mortgages.

Bankruptcy judges were going to be allowed to reduce balances, lower interest rates and extend terms of mortgages. Only a very narrow group of people would have qualified for this benefit, but it still would have been – as we native Minnesotans say -a pretty big deal.

If it had passed it was my plan to attend a three day convention – basically three days of classes on bankruptcy law – which is scheduled by NACBA in Chicago for the end of May. I would have expected that there would have been plenty of classes and materials explaining the proposed changes, if they had passed. Now I think I’ll skip it for this year. I did go last year, and without those changes it would be a lot of the same material.

In a way it’s a relief. Learning a lot of new stuff would have been a bit of work. I must say, however, that I am disappointed to see all the hoopla and fanfare followed by nothing but a big thud.

Comments

  1. Anonymous says:

    THE MOMMENTUM IS BUILDING BACK IN FAVOR OD HR 1106, SENATE VERSION S.61…NOW IS THE TIME TO GET INVOLVED AND MAKE "YOUR VOICE HEARD"
    * THE SENATE IS IN RECESS FROM APRIL 6 – 20TH AND DURING THIS TIME NUMBEROUS PROACTIVE GROUPS ARE GETTING INVOLVED, PETITIONS,UPCOMING MASS MEDIA STORIES, PETITION'S (GOOGLE PETITION S.61), EMAIL,FAX,WRITE ALL. SENATORS. WE NEED THE 60 VOTES TO PASS… IT IS SIMPLE TO CONTACT GOOGLE MY SENATORS.. THE ENTIRE LIST OF SENATE AND CONTACT NUMBERS WILL BE LISTED…CONTACT AS MANY SENATORS AS YOU CAN TO LET THEM KNOW TO PASS "HELPING FAMILIES SAVE THEIR HOMES" HR 1106, SENATE VERSION S.61.
    **THE BANKING INDUSTRY IS LOBBYING HARD IN A ALL OUT EFFORT SPENDING "YOUR" BORROWED TAX DOLLARS TO ATTEMPT TO DEFEAT THIS BILL.// DON'T LET THEM DO IT !//

Speak Your Mind

*

close
Facebook IconYouTube IconTwitter Icon