Bankruptcy “Reform” Still Stalled
June 8, 2000
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The U.S. Congress is still negotiating behind closed doors, to iron differences between the House and Senate bankruptcy bills, both of which were passed with overwhelming margins. Both of the bills contain many anti-consumer provisions, that will make filing bankruptcy much more difficult and expensive. The negotiations themselves are not being conducted in the light of day, as Congressional rules require, through a Conference Committee. Instead, there is a “shadow conference” that is apparently wheeling and dealing with your rights. If this new law passes, it will truly be the “best law that money can buy” after the consumer credit industry has spent an estimated $60 MILLION in lobbying efforts. There is currently a 6 month delay in the effective date of the bills, should they become law, but that could change.
