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Bar News - February 23, 2001 Bankruptcy Reform Ahead? PRO-CREDITOR BANKRUPTCY reform bills are getting "front burner treatment" in Congress, according to the American Bankruptcy Institute's Web site, www.abiworld.com. Recent efforts to change the bankruptcy code were thwarted by pocket vetoes by President Bill Clinton, but a new occupant in the White House brightens prospects for change, bankruptcy attorneys said. "There is certainly a totally different mix of people looking at a reform bill now," said Pamela Phelan of Orr & Reno. Among other things, Senate Bill 220-nearly identical to last year's bill- would force many debtors into Chapter 13 instead of Chapter 7, make more debts nondischargeable and require debtors to undergo counseling before filing for bankruptcy. Phelan cautions that it is too early to predict how a stricter code would affect filings. As of the end of 2000, bankruptcy filings nationally and in New Hampshire were down significantly. In New Hampshire, the level of filings for 2000 hit a five-year low (3,250 filings). |
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