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United States: Senate Passes Bankruptcy Legislation
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30 March 2005
Article by Brent Cohen

Originally published Spring 2005

On March 10, 2005, the Senate passed a sweeping overhaul of consumer bankruptcy law. Congress has debated passage of amendments to the U.S. Bankruptcy Code, 11 U.S.C. § 101, et seq., for the past eight years. As a response to what the business community and financial industry viewed as a meteoric rise in bankruptcy filings during the last two decades, Congress undertook to produce a sweeping overhaul of the consumer bankruptcy laws. The legislation, first drafted in 1997 and proposed in 1998, appeared to have strong support. This was, in part, the result of a strong lobbying effort by the financial industry. In the meantime, total bankruptcy filings continued to set records across the United States. Filings in Colorado reached an all-time high in 2004.

Bankruptcy reform carried considerable momentum into 1999....
 
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