House To Entertain BankruptcyReform

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WASHINGTON - (02/10/05) -- Lawmakers in the House introducedtheir own version of the bankruptcy reform bill Wednesday, joiningtheir counterparts in the Senate, signaling an acceleration of thelegislative process on the credit union-backed measure. The Houseversion is identical to the Senate's and includes all three creditunion priorities: a mean-test for chapter 7 filing to erase debts;mandatory financial education for bankruptcy filers; and thecontinued ability of debtors to enter into reaffirmation, orvoluntary repayment, agreements with creditors. The House versionfeatures 65 co-sponsors form both parties, signaling broad support.Meantime, the Senate Judiciary Committee is scheduled to hold itsfirst hearings on the bankruptcy bill Thursday morning, almost fouryears to the day of the last hearings, when Ken Beine, president ofShoreline CU, Two Rivers, Wis., who testified at that last hearing,will testify again.

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