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THE CONSUMER BANKRUPTCY LETTER
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In This Issue:
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June 16, 2003
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BANKRUPTCY THIS WEEK . . .
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THE BANKRUPTCY BOOKSTORE
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BANKRUPTCY SOFTWARE . . .
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LEGISLATION & REFORM NEWS . . .
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JOIN OUR SURVEY OF CONSUMER BANKRUPTCY FEES
This week we are conducting a confidential survey of average fees charged for typical consumer bankruptcy cases, by lawyers across the country. For this purpose we are polling the readers of The Consumer Bankruptcy Letter.
We are asking for your estimated average fees for Chapter 7 and Chapter 13 cases, and also your average hourly fee for such work. Your identity will not be disclosed.
We will publish the results in a future issue of The Consumer Bankruptcy Letter.
To participate simply click on SURVEY image at right, or link, below . . .
CONSUMER DEBT STILL RISING, BUT NOT AS FAST
Consumer borrowing rose 3.3 percent last year, according to the Federal Reserve -- a marked slowdown from the 6.9 percent increase, to $8.9 billion, posted in 2001. The rise in credit-card and other revolving debt was the lowest since the Fed began keeping records in 1968.
Still, plummeting interest rates -- at their lowest level in more than four decades -- continue to spur unprecedented number of home refinancings and other heavy borrowing. Just last week, automobile makers introduced another round of financial incentives to spur lagging sales.
IF YOU RECEIVED THIS E-LETTER DIRECTLY FROM BANKRUPTCYMEDIA.COM, YOU NEED NOT SUBSCRIBE - YOU'RE ALREADY IN OUR DATABASE.
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U.S. TRUSTEE CITES OBSTACLES TO REFORM ACT ENACTMENT
Lawrence Friedman, Executive Director of the Office of U.S. Trustee, was asked at a Wichita bankruptcy conference June 9 about the status of the legislation in Congress. Although he said he had no idea what, if anything, would happen (what else could he say – it was obviously true), he said three or four times “don’t get excited”. He went through all the obstacles facing the bill, including limited time in the senate, upcoming budget issues, potential amendments on the floor, August recess and upcoming election mode when they return from the August recess, etc. He pointed out that it has been said that the senate takes a month to make a pot of instant coffee.
SOURCE: Doug Depew, Neodesha, KS (via NACBA ListServe)
HOUSE VOTES TO EASE DAMAGE OF INVOLUNTARY BANKRUPTCY
By Siobhan Hughes, CQ Staff
The House passed legislation Tuesday, June 10, that would help clear the credit records of people who have been unknowingly subjected to a bankruptcy filing ostensibly on their behalf.
The bill (HR 1529) was passed by voice vote. The next stop is the Senate, where separate legislation (S 1128) has been introduced to give the courts new powers in dealing with abuses related to involuntary bankruptcy filings.
"This bill offers straightforward but very much needed relief," House Judiciary Chairman F. James Sensenbrenner Jr., R-Wis., said in urging support for the bill that he drafted. "Innocent individuals continue to experience credit problems."
HOUSE TO VOTE ON MEASURE TO FIX QUIRK
The House is scheduled to vote on a measure today that would require credit-reporting agencies to change the way involuntary bankruptcy petitions -- which allow a creditor, rather than a debtor, to file for bankruptcy -- are reported and require the agencies to expunge information related to false or fraudulent cases, the Wall Street Journal reported. It also would bar them from circulating details of the dismissed cases. House Judiciary Chairman F. James Sensenbrenner Jr. (R.-Wis.) introduced the legislation earlier this year after hearing the plight of 36 officials from his home state.
SOURCE: ABI Legislative News
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