News

January 30, 2001
Senator Grassley introduced a bill labeled the Bankruptcy Reform Act of 2001. The bill has three major provisions:

1. Amends Federal bankruptcy law governing: (1) conversion of bankruptcy petitions; (2) abusive creditor practices; (3) debt reaffirmation and credit counseling; (4) domestic support obligations; (5) personal injury claims resulting from drug or alcohol-impaired operation of a motor vehicle or vessel; (6) Federal criminal law enforcement with regard to abusive reaffirmations of debt; (7) fraudulent bankruptcy schedules; (8) education and retirement benefits; and (9) nondischarge from a debt for restitution or damages awarded in a civil action against the debtor for willful or malicious injury that caused personal injury or death of an individual
2. Prescribes guidelines regarding: (1) discouragement of bankruptcy abuse; (2) general and small business bankruptcy; (3) bankruptcy data dissemination and bankruptcy tax provisions; (4) ancillary and other cross-border cases to incorporate the Model Law on Cross-Border Insolvency; and (5) financial contracts and transfers entered into with an insolvent insured depository institution before its conservatorship or receivership.
3. Reenacts Chapter 12, Adjustment of Debts of a Family Farmer with Regular Annual Income. Prescribes guidelines for insolvent health care businesses and attendant patients' rights

Specifically, the bill requires a student of bankruptcy Impact of credit extended to dependent students.

Information concerning the bill can be found at Thomas