Is Fifth Time A Charm For BankruptcyBill?
WASHINGTON - (01/26/05) -- Signaling a new resolve in theSenate, Sen. Charles Grassley of Iowa was expected to introduce anew version of the credit union-backed bankruptcy reform bill thisweek that looks very much like the version that has failed to reachfinal passage in each of the past four congresses. "This is a veryencouraging sign that the Senate is getting out in front of thebill so soon in the 108th Congress" said CUNA lobbyist Gary Kohn,referring to the impediment thrown up in the Senate the last twocongresses by a provision barring abortion clinic protestors fromdischarging their assets under bankruptcy laws. That provisionattached, to the bill after it passed both the House and Senate ineach of the last two congresses, succeeded in preventing a finalvote on the bill because it raised the ire of the powerfulanti-abortion lobby. The new bill is almost identical to theprevious bills, except for the absence of the abortion amendment,and would require a means-test for chapter 7 filers, mandatoryfinancial education for bankruptcy filers, and retain creditunions' ability to enter into reaffirmation, or voluntaryrepayment, agreements with bankruptcy files--the three major creditunion priorities.