New Bid Seen On BankruptcyReform

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WASHINGTON - (01/06/05) -- Credit unions are hoping maybe afifth time's a charm, at least with the bankruptcy reform bill. Thebill, which has died in each of the last four congresses, isexpected to be reintroduced as early as next month. The measurewill look almost identical to the one that passed both the Houseand Senate in each of the last three congresses and will includethe three main credit union priorities, a means-based test forchapter 7; the ability to retain reaffirmation, or voluntaryrepayment, agreements, and mandatory financial education forbankruptcy filers, according to Murray Chanow, lobbyist for NAFCU."It will have an easy ride for part of the way, then it will getstuck again," said Chanow, referring to the provision barringabortion clinic protesters from shielding their assets underbankruptcy law that stopped the bill the last two congresses. CUNAlobbyist Gary Kohn said they are working with representatives inthe Senate, where the anti-abortion provision originated, to tryand resolve the impasse.

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