Finish Line Appears For MarathonBankruptcy Lobby
WASHINGTON - (04/20/05) -- Top credit union lobbyists will beat hand Thursday afternoon when President Bush is expected to signthe bankruptcy reform bill into law. "I think over the long termthis bill is going to be recognized by consumers as a good thingfor them as it helps ensure that everybody pays their debts,"CUNA's chief lobbyist John McKechnie, who has worked for the bill'spassage for almost a decade, told The Credit Union Journal.McKechnie and CUNA President Dan Mica, as well as NAFCU PresidentFred Becker, are expected to be nearby at the Old Executive Officebuilding, adjacent to the White House, when President Bush signsthe bill into law. The bill will become law six months after thePresident signs it. It will create a means-based bankruptcy system,preventing those debtors with some financial means from filing aChapter 7 to erase all debts, relegating them instead to a Chapter13 financial reorganization. It will also require all bankruptcyfilers to undergo financial counseling and retain credit union'sability to enter into reaffirmation, or voluntary repayment,agreements with bankruptcy filers.