Senate Passes ‘The Best Bankruptcy Bill That Money Can Buy’
March 15, 2001
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The American Bankruptcy Institute reports that the Senate early this evening passed S. 420, the Bankruptcy Reform Act, by a bipartisan margin of 83 to 15, with 1 voting “present.” Because there are some differences with the House-passed bill (H.R. 333), a short conference committee will be necessary.
President Bush has signaled that he will sign the bill. He could receive it by early next month, as one of the first pieces of public law of the 107th Congress. The legislation would take full effect 180 days after his signature.
It’s been widely reported that credit card banks and other consumer lenders have spent in excess of $60 Million in lobbying and campaign contributions to have this legislation passed. It is expected to be much more difficult and expensive to seek bankruptcy relief once the new law takes effect.
