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For Immediate Release
September 21,
1999
#99-101
| Editors, Reporters:
America's Community Bankers has urged all senators to vote
for cloture and final passage of S. 625, the Bankruptcy Reform
Act of 1999.
ACB cited the record high 1.42 million personal bankruptcy
filings in 1998. "Without corrective action this dangerous
trend shows no sign of slowing down, largely because
bankruptcy has become a first stop rather than a last resort
for too many people," ACB said.
"S. 625 will reverse this trend by reforming the
bankruptcy system in a fair, common sense manner," ACB said.
ACB said the bill would establish a needs-based bankruptcy
system, eliminate the "cramming down" of the value of secured
home loans and protect women and children by giving child
support and alimony payments priority over all other debts in
bankruptcy proceedings.
"S. 625 provides critical reform for our broken-down
bankruptcy system," ACB said.
A copy of the letter is linked.
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