The House Judiciary Committee took testimony today on the pending Chapter 13 bankruptcy reform proposal.
National Association of Consumer Bankruptcy Attorney Board Member Mathew Mason was among those appearing.
The support of the BLN bloggers for this Chapter 13 bankruptcy reform has been longstanding and ongoing, witness these posts by Jacksonville Florida Bankruptcy Attorney Chip Parker and Detroit, Michigan bankruptcy attorney Kurt OKeefe.
The American Bankruptcy Institute reports the Speaker of the House stated passage is a high priority.
Their report on the Dow Jones story follows:
House Speaker Nancy Pelosi (D-Calif.) said that Congressional Democrats could move quickly to alter the Bankruptcy Code to allow judges to modify mortgages on primary residences of chapter 13 debtors, Dow Jones Newswires reported today. Pelosi, describing the Bankruptcy Code change as a top priority, said that the legislation could move as part of the economic stimulus package despite opposition from banking groups. However, House Majority Leader Steny Hoyer (D-Md.) cautioned about adding the measure to the stimulus package, warning that it could hold up passage in the Senate. Hoyer, who said that he supports the changes to bankruptcy law, said that he believes there is now sufficient support in both chambers to pass the bill as a stand-alone measure. Sen. Dick Durbin (D-Ill.) and House Judiciary Committee Chairman John Conyers (D-Mich.) introduced companion legislation earlier this month that would alter bankruptcy laws to allow for mortgage cramdown on a primary residence of a chapter 13 debtor. The House Judiciary Committee today considered H.R. 200, the “Helping Families Save Their Homes in Bankruptcy Act of 2009,” introduced by Conyers, as well as H.R. 225, the “Emergency Homeownership and Equity Protection Act,” introduced by Rep. Brad Miller (D-N.C.).
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