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Bankruptcy NewsFINAL AGREEMENT REACHED ON BANKRUPTCY BILL12/1/2004 Last night, conferees on the bankruptcy legislation night reached an agreement that should clear the way for House and Senate votes on a conference report before the August recess, congressional sources confirmed, reported Congress Daily. The conference report was circulated for signatures and signed Thursday night by a majority of conferees in the House and Senate. According to Congress Daily, House Majority Leader Dick Armey (R-Texas) said the bankruptcy legislation is likely to be on the floor and voted on today. Senate sources said that the Senate is not likely to vote on the measure before next week. President Bush is expected to sign any bankruptcy measure that clears both the House and Senate.
Bankruptcy conferees had been obstructed in their attempts to reconcile their final disagreement, namely whether debts arising from abortion protest-related charges could be discharged in bankruptcy. According to Congress Daily, Sen. Charles Schumer (D-N.Y.) and Rep. Henry Hyde (R-Ill.), the two lead negotiators on the issue, were able to reach a conceptual deal a month ago. Hyde had said he wanted to let debts be discharged unless a protestor resorted to "willful and malicious" actions, Congress Daily reported. Sources confirmed that Thursday's agreement said an individual who bars others from "lawful goods or services" through the use of intimidation or interference may not discharge debts arising from those actions—the standard Schumer had sought, Congress Daily reported.
Personal Bankruptcy Rate Expected to Rise During 6 Month Period Before New Legislation Becomes Effective12/5/2004 Filings of Chapter 7 Bankruptcies are expected to rise significantly for the six month period before the new legislation becomes effective.
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