LEXIS-NEXIS® Congressional Universe-Document

LEXIS-NEXIS® Congressional

2000 CIS H 52138

TITLE: Bankruptcy Reform Act of 1999 (Part I)

CIS-NO: 2000-H521-38
SOURCE: Committee on the Judiciary. House
DOC-TYPE: Hearing Retrieve the full text of testimony
DATE: Mar. 16, 1999
LENGTH: iv+212 p. il.
CONG-SESS: 106-1
ITEM-NO: 1020-A; 1020-B
SUDOC: Y4.J89/1:106/10/PT.1
MC-ENTRY-NO: 2000-13229
CIS DOCUMENT ON DEMAND: 1-800-227-2477 (Full Text Reproductions)

SUMMARY:
Committee Serial No. 10. Hearing before the Subcom on Commercial and Administrative Law to consider H.R. 833, the Bankruptcy Reform Act of 1999, to revise bankruptcy laws, including a provision to allow means testing under Chapter 7 to determine consumer eligibility for discharging debt through personal bankruptcy.

Supplementary material (p. 17-27, 36-40) includes a report, submitted statements, and:
   -- Black, Sandra E.; and Morgan, Donald P., "Meet the New Borrowers" regarding credit card borrowing, Current Issues in Economics and Finance, Feb. 1999, with bibliography (p. 17-22).

CONTENT-NOTATION: Bankruptcy laws applicable to individual debtors, revision

BILLS: 106 H.R. 833

DESCRIPTORS:
    BANKRUPTCY; CONSUMERS; PERSONAL AND FAMILY INCOME; PERSONAL DEBT; BIBLIOGRAPHIES; CREDIT CARDS; BANKRUPTCY REFORM ACT

00-H521-38 TESTIMONY NO: 1     Congressional Testimony

WITNESSES (and witness notations):
   BOUCHER, RICK ((Rep, D-Va), p. 1-3)
   SMITH, NICK ((Rep, R-Mich), p. 3-7)
   JACKSON LEE, SHEILA ((Rep, D-Tex), p. 7-11)
   SLAUGHTER, LOUISE MCINTOSH ((Rep, D-NY), p. 11-14)
   LAFALCE, JOHN J. ((Rep, D-NY), p. 29-31)
   ROTHMAN, STEVEN R. ((Rep, D-NJ), p. 31-32)
   MORAN, JAMES P. ((Rep, D-Va), p. 32-33)

STATEMENTS AND DISCUSSION:
   Differing perspectives on H.R. 833.

CONTENT NOTATION:
   Bankruptcy laws applicable to individual debtors, revision

00-H521-38 TESTIMONY NO: 2     Mar. 16, 1999 p. 42-181

WITNESSES (and witness notations):
   SHEPARD, JAMES I. (former Member, National Bankruptcy Review Commission)
   POSNER, ERIC A. (Professor, Law, University of Chicago Law School)
   SKEEL, DAVID A., JR. (Professor, Law, University of Pennsylvania Law School)
   KING, LAWRENCE P. (Professor, Law, New York University School of Law)
   MABEY, RALPH R. (attorney)
   LEE, JOE (U.S. Bankruptcy Judge, Eastern District of Kentucky)
   FORMAN, LEON S. (attorney)

STATEMENTS AND DISCUSSION:
   Summary of National Bankruptcy Review Commission efforts to revise bankruptcy laws; historical overview of bankruptcy law, including origins of means-testing and measures providing debtors with unconditional discharge from their debts; concerns regarding increased level of consumer credit card debt, with recommendations for bankruptcy reform legislation.
   Views on bankruptcy law issues, including impact of Bankruptcy Reform Act of 1978 on rate of individual bankruptcy filings (related tables and graphs, p. 130-140); objections to H.R. 833, citing adverse impact on debtors (related correspondence, p. 165-169); elaboration on consumer bankruptcy reform issues.

INSERTIONS:
   a. Posner, E. A., "Political Economy of the Bankruptcy Reform Act of 1978" Michigan Law Review, 1997 (p. 51-94).
   b. Ellis, Diane (FDIC), "Effect of Consumer Interest Rate Deregulation on Credit Card Volumes, Charge-Offs, and the Personal Bankruptcy Rate" Bank Trends, Mar. 1998, with bibliography (p. 141-152).

CONTENT NOTATION:
   Bankruptcy laws applicable to individual debtors, revision

TESTIMONY DESCRIPTORS:
   FEDERAL ADVISORY BODIES; HISTORY; CREDIT CARDS; STATISTICAL DATA: BANKING, FINANCE, AND INSURANCE; INTEREST RATES; BIBLIOGRAPHIES; FEDERAL DEPOSIT INSURANCE CORP.; NATIONAL BANKRUPTCY REVIEW COMMISSION

00-H521-38 TESTIMONY NO: 3     Mar. 16, 1999 p. 182-212

WITNESSES (and witness notations):
   SMITH, JAMES E. (President and CEO, Union State Bank and Trust; representing American Bankers Association)
   KUBICA, JANET (President, POSTMARK Credit Union; representing Credit Union National Association)
   TORRES, FRANK (Legislative Counsel, Consumers Union)

STATEMENTS AND DISCUSSION:
   Overall support for H.R. 833; merits of H.R. 833, citing adverse impact of increase in number of bankruptcy filings on credit unions; perspectives of consumers on bankruptcy reform issues.

CONTENT NOTATION:
   Bankruptcy laws applicable to individual debtors, revision

TESTIMONY DESCRIPTORS:
   AMERICAN BANKERS ASSOCIATION; CREDIT UNIONS

LOAD-DATE: July 6, 2001