LTTE: Among the meanest re: Rick Santorum
Here's a letter to the editor from the Pittsburgh Post-Gazette from someone who really understands what Santorum's really like, despite Tricky Ricky's pious hypocrisy.
Among the meanestNot only is Sen. Rick Santorum "a mean-spirited, hard-right country club Republican," which he denies being ("The Politics of Reaction," May 5 column by E.J. Dionne), he is among the most fanatical mean-spirited, hard-right country club Republicans in politics.
Right-wing organizations that have attacked Sen. Arlen Specter for being too moderate positively revere Sen. Santorum. He is a protege of Newt Gingrich, an ally of Tom DeLay and a mentor to Melissa Hart.
He is a lackey for George W. Bush, backing the Iraq quagmire that is weakening America. He approves of spying on Americans and has stated that he does not believe that the Constitution guarantees Americans the right to privacy.
His hostility to wage earners is unparalleled. He has voted against effective enforcement of laws protecting workplace safety and workers' rights to collective bargaining. He has helped send American jobs overseas. He even blamed US Airways' employees for the company's bankruptcy.
He attacks Social Security and has undermined the ability of seniors needing long-term care to get help from Medicaid without losing their homes. His solution to the health-care crisis is another tax break for the privileged.
While living in Virginia he stuck the taxpayers of Penn Hills with the bill for his kids' schooling but opposes asking the mega-rich to pay estate tax when they inherit enormous fortunes or to ask corporations to pay the corporate alternative minimum tax.
This is who Rick Santorum is. It's no wonder every election he pretends to be someone else.
DANIEL A. BOSH, Baden PA
See, even out-of-staters don't want Tricky Ricky as Senator anymore. So, let's all work to send him home to Virginia!HARRISBURG, Pa. - The number of Pennsylvania voters who think U.S. Sen. Rick Santorum deserves re-election dropped to 37 percent in a statewide poll released Thursday.
Santorum's numbers also fell in job performance and favorability, and he slipped slightly farther behind in a head-to-head matchup against the leading Democratic candidate, Bob Casey.
Respondents in the Quinnipiac University Poll favored Casey over Republican Santorum by 49 percent to 36 percent. A Quinnipiac survey released early last month had Casey ahead, 48-37.
Casey led among men, women, Democrats, independent voters and in six of seven geographic regions. Republicans overwhelmingly favored Santorum, and he led by one percentage point overall in the state's central region.
Santorum spokeswoman Virginia Davis said it is too early for meaningful polling. Television advertising and debates may change the dynamic, she said.
"It's still six months out until the election, and the climate has been unfavorable to Republicans across the board," she said.
Casey's campaign said the poll reflects a sentiment among voters for change.
"They're not happy with the direction that Sen. Santorum has been leading Pennsylvania and the country, and they're looking for fresh leadership," said Casey spokesman Larry Smar.
Since the April 6 Quinnipiac poll, Santorum's job approval fell 3 percentage points to 41 percent, his favorability rating dropped five points to 27 percent and the percentage who felt he deserved re-election was down 6 points.
Casey's favorability rating also declined, from 33 percent in April to 25 percent in the latest survey.
Casey, the Pennsylvania state treasurer, continued to hold a wide lead over the other two Democrats seeking the party's nomination in Tuesday's primary. Sixty-two percent of registered Democrats said they would vote for Casey, versus 4 percent for professor Chuck Pennacchio and 2 percent for attorney Alan Sandals.
Santorum, the Senate's third-ranking Republican, is unopposed for his party's nomination as he seeks a third term.
Santorum is not getting any help from President George Bush, with whose policies he has been closely aligned. The poll indicated Pennsylvania voters disapprove of Bush's job performance by a 36-point margin, 66-30, and only 29 percent approved of Bush's handling of the Iraq war.
"I think that there's a Republican problem that is sweeping the country," said Clay Richards, assistant director of the Quinnipiac University Polling Institute. "People are just generally unhappy with the Republicans in Congress, the president, the war, gas prices and every issue that they can blame on the Republicans."
The telephone poll surveyed 1,487 voters, including 669 Democrats, from May 2-8. The poll's sampling margin of error was plus or minus 2.5 percentage points; among Democrats, the margin was plus or minus four percentage points.
ON THE NET
Quinnipiac polls in Pennsylvania: http://www.quinnipiac.edu/x11378.xml
Resuming posting: open forum
I'm back after a season-long hiatus, just in time to see our next Senator from Pennsylvania be elected this fall: Bob Casey Jr.
First open thread for 2006
Feel free to comment about any topic, provided it's in good taste.
Happy New Year
Stop the Pendulum wishes you and all your loved ones a very happy, healthy, and prosperous New Year, 2006.
Casey vs. Santorum: a picture speaks volumes.
E-mail me if you want this pic in 11"x8.5" poster size.
506 registered voters were polled: If the election for Pennsylvania Senate were held today, who would you vote for? In early polling, State Treasurer Robert Casey, Jr (D-PA) holds a lead over Sen. Rick Santorum (R-PA) of 49-42%, with8% undecided, according to a Survey USA poll released March 10, 2005. If former State Treasurer Barbara Hafer ran against Santorum, Santorum would lead her by a count of 52-38, with 10% undecided.
Casey appears to have the advantage in this Senate race because he takes one issue off the table: abortion, since Pennsylvania has a very significant Catholic population, most who declare themselves pro-life. Right-wing anti-abortion groups won't have the field day they'd have against the likes of Hafer, a former Republican, or relative unknown Chuck Penacchio (Republicans would probably tar him as "Pinnochio if he were the nominee), both who favor abortion rights. Casey neuters the Religious Right on that issue.
Which leads to the fact that Casey can focus on his strengths: economic populism. He has the power to hammer Santorum on the substantial issues such as fair trade, protection of workers' rights, and preventing the privatization--or more accurately called piratization--of Social Security, conveniently rephrased as "personal accounts" solely because privatization is unpopular and the Republican leadership seems stubbornly desperate to get their way at the expense of the American people.
For a man who calls himself a devout Catholic, Santorum seems unconcerned about the hardships the poor, working class, and middle class have been forced to endure at his hands. His stand on every substantial issue (not the symbolic cultural issues)--taking American jobs and giving them to slaves in China and India; the loan shark enabling bankruptcy bill, Social Security privatization, which effectively takes half your benefits and gives it to rich men who won't share; and an endless onslaught of Sheriff of Nottingham schemes (robbing the poor to give to the rich)--is not only wrongheaded, but downright un-Christian, and even anti-Christian. You can't call yourself a good Catholic without also supporting government policies to relieve--not aggravate--the suffering of the poorest, weakest, and most helpless among us, the least of our brethren! Obviously, this lesson of Scripture is lost on Sen. Santorum. As a matter of fact,
Santorum doesn't even live in Pennsylvania! His primary residence is in Virginia!!! What does he do to circumvent the law? Declare himself a Pennsylvania resident a month before the primaries, only to move back to Virginia the following January?
The Senate passed a bankruptcy bill whose title is patently Orwellian: S. 256: the so-called Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. It effectively lumps victims of identity theft, families of seriously ill people who were forced to run up medical bills too high for them to afford, victims of predatory lenders and credit-card loan sharking scammers, and other people who rack up astronomical debts through no fault of their own. with con artists who max out credit cards with no intention of ever paying one dime.
The Senate's summary of the bill is as follows, and if you read it carefully--including what the Senate deliberately omitted, you'll see that this bad bill ought to be called the Loan Shark Protection and Consumer Despair Act of 2005:
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 - Title I:
Needs-Based Bankruptcy - (Sec. 101) Amends Federal bankruptcy law to revamp
guidelines governing dismissal or conversion of a Chapter 7 liquidation
(complete relief in bankruptcy), to one under either Chapter 11
(Reorganization), or Chapter 13 (Adjustment of Debts of an Individual with
Regular Income).
Permits the bankruptcy court to convert a Chapter 7 case to
either Chapter 11 or 13 with a debtor's consent. (Current law requires the
debtor's request for such a conversion.)
(Sec. 102) Permits the court upon
its own motion, or upon the motion of the bankruptcy trustee, bankruptcy
administrator, or any party in interest, to move for a dismissal. (Current law
prohibits a party in interest from entering such motions.)
Lowers the
"substantial abuse" standard for dismissal or conversion to one of simple abuse.
Replaces the presumption in favor of granting the relief sought by the
debtor with a presumption that abuse exists if the debtor's current monthly
income exceeds an amount determined according to specified formulae.
Includes within the calculation of debtor's monthly expenses: (1) reasonably
necessary expenses incurred to maintain the safety of the debtor and the
debtor's family from family violence as identified under the Family Violence
Prevention and Services Act; (2) continuation of actual expenses paid by the
debtor for the care and support of an elderly, chronically ill, or disabled
household or non-dependent immediate family member; and (3) an additional
allowance for housing and utilities based upon documented home energy expenses.
Provides that the presumption of abuse may only be rebutted with detailed
documentation of special circumstances requiring additional expenses or
adjustment of current monthly total income for which there is no reasonable
alternative.
Requires the debtor's counsel to reimburse the bankruptcy
trustee for legal fees in prosecuting a dismissal or conversion motion if the
court finds that counsel's filing under Chapter 7 was in violation of certain
bankruptcy rules.
Requires the court, upon motion by the victim of a crime
of violence or a drug trafficking crime (or at the request of a party in
interest), to dismiss a voluntary case filed by an individual debtor convicted
of that crime (unless the debtor establishes that filing of the case is
necessary to satisfy a claim for a domestic support obligation).
Redefines
"disposable income" of a chapter 13 debtor to exclude a domestic support
obligation that first becomes payable after the date the petition is filed.
Cites circumstances under which a chapter 13 wage earner's plan may be
modified after confirmation to include a special allowance for health insurance
coverage.
(Sec. 103) Expresses the sense of Congress that the Secretary of
the Treasury has the authority to alter Internal Revenue Service (IRS) standards
established to set guidelines for repayment plans as needed to accommodate their
use under the Bankruptcy Code.
Instructs the Director of the Executive
Office for U.S. Trustees to report to certain congressional committees regarding
the use of IRS standards for determining specified monthly debtor expenses and
the impact of such standards upon debtors and the bankruptcy courts.
(Sec.
104) Revises procedural guidelines to mandate a written notice to the individual
consumer debtor before commencement of a case stating: (1) the types of services
available from credit counseling agencies; (2) the criminal penalties for
fraudulent concealment of assets; and (3) that all creditor-supplied information
is subject to examination by the Attorney General.
(Sec. 105) Instructs the
Director of the Executive Office for U.S. Trustees to: (1) develop a financial
management training curriculum and materials to educate individual debtors on
how to better manage their finances; and (2) test, evaluate, and report to
Congress on the curriculum's efficacy.
(Sec. 106) Precludes an individual
debtor from filing under Federal bankruptcy law unless the individual has
received a briefing from an approved nonprofit budget and credit counseling
service prior to filing a bankruptcy petition, unless the U.S. trustee or
bankruptcy administrator determines that the service for the district in which
the debtor lives is not reasonably able to provide adequate services to the
additional individuals who would otherwise seek credit counseling because of
such requirement.
Conditions a Chapter 7 or Chapter 13 discharge in
bankruptcy upon the debtor's completion of an approved instructional course
concerning personal financial management.
Requires the clerk of each
district to maintain a public list of credit counseling agencies and
instructional courses concerning personal financial management. Prescribes
criteria for approval of such agencies and courses.
Prohibits such a
counseling service from informing a credit reporting agency whether an
individual debtor has received or sought personal financial management
instruction. Establishes civil penalties for noncompliance.
(Sec. 107)
Requires the Director of the Executive Office for United States Trustees to
issue schedules of reasonable and necessary administrative expenses of
administering a chapter 13 plan for each judicial district of the United States.
Title II: Enhanced Consumer Protection - Subtitle A: Penalties for Abusive
Creditor Practices - (Sec. 201) Cites circumstances under which the court may
reduce a claim based upon unsecured consumer debts by up to 20 percent if the
debtor can show by clear and convincing evidence that the claim was filed by a
creditor who unreasonably refused to negotiate a reasonable alternative
repayment schedule proposed by an approved credit counseling agency acting on
the debtor's behalf.
(Sec. 202) States that a creditor's willful failure to
credit payments received from a debtor is a violation of a discharge operating
as an injunction against a collection action if such failure caused material
injury to the debtor (with certain exceptions).
(Sec. 203) Modifies debt
reaffirmation guidelines governing wholly unsecured consumer debts to mandate
specified detailed disclosures and explanations to the debtor for dischargeable
debt agreements. Exempts a Credit Union creditor from such detailed disclosures
and explanations.
Amends Federal criminal law to instruct the Attorney
General to designate U.S. attorneys and agents of the Federal Bureau of
Investigation (FBI) to implement enforcement activities relating to: (1) abusive
reaffirmations of debt; and (2) materially fraudulent statements in bankruptcy
schedules that are intentionally false or misleading. Directs the bankruptcy
court to establish procedures referring those cases to the U.S. attorneys and
FBI agents.
(Sec. 204) Preserves consumer claims and defenses against
predatory loans that have been sold by the bankruptcy trustee and that are
subject to either the Truth in Lending Act or any consumer credit contract.
(Sec. 205) Instructs the General Accounting Office to study and report to
Congress on the overall treatment of consumers within the context of the debt
reaffirmation process, including recommendations for legislation to address
abusive or coercive tactics.
Subtitle B: Priority Child Support - (Sec. 212)
Revises priority payment guidelines to place within the first priority claim
category certain unsecured claims for domestic support obligations, if the funds
received by a governmental unit are applied in a prescribed order. Grants
priority over such claims, however, to specified administrative expenses of
certain trustees.
(Sec. 213) Conditions court confirmation of a debt
repayment plan under Chapters 11, 12 (Debts of a Family Farmer), and 13 upon
certification that the debtor has payed in full all adjudicated domestic support
obligations that become due after the petition filing date.
(Sec. 214)
Excepts from an automatic stay specified choses-in-action pertaining to domestic
support obligations proceedings including: (1) child custody or visitation; (2)
dissolution of marriage; (3) domestic violence; (4) withholding of income that
is property of the bankrupt estate for payment of domestic support obligations;
(5) suspension of drivers' licenses and professional licenses; (6) reporting of
overdue support owed by a parent to certain consumer reporting agencies; (7)
interception of specified tax refunds; and (8) enforcement of medical
obligations under title IV, part D (Child Support and Establishment of
Paternity) of the Social Security Act.
(Sec. 215) Revamps guidelines
governing the nondischargeability of certain debts for alimony, maintenance, and
support to repeal the exceptions granted the debtor under specified conditions.
(Sec. 216) Modifies guidelines governing property exempt from the bankruptcy
estate to declare such property liable for a debt arising from domestic support
obligations.
(Sec. 217) Prohibits the bankruptcy trustee from avoiding a
transfer that is a bona fide payment of a debt for a domestic support
obligation.
(Sec. 218) Excludes income payments for postpetition domestic
support obligations from "disposable income" for purposes of a Chapter 12
confirmation plan.
(Sec. 219) Sets forth the duties of the bankruptcy
trustee to notify the claim holder and the appropriate State child support
agency of the debtor's last known address.
(Sec. 220) Declares dischargeable
debts for certain qualified educational loans which, if not discharged, would
impose an undue hardship upon either the debtor or the debtor's dependent.
Subtitle C: Other Consumer Protections - (Sec. 221) Modifies guidelines
governing nonattorney bankruptcy petition preparers to mandate that as a
prerequisite to any collection of fees for services: (1) such preparers
officially disclose to debtors that they cannot practice law or give legal
advice; and (2) such disclosure be signed by the debtor and filed with the
requisite court documents. Prescribes enforcement and penalty guidelines for
preparer noncompliance.
(Sec. 222) Expresses the sense of Congress that
States should develop curricula relating to personal finance designed for use in
elementary and secondary schools.
(Sec. 223) Places in tenth order of
priority death or personal injury claims against the bankrupt estate that arise
from debtor's unlawful operation of a motor vehicle or vessel while under the
influence of drugs or alcohol.
(Sec. 224) Permits an individual debtor to
exempt from the property of the bankrupt estate certain tax-exempt retirement
funds that have not been obligated in connection with any extension of credit.
Excepts from an automatic stay certain income withheld from debtor's wages.
Excepts from a discharge in bankruptcy amounts owed by the debtor to certain
plans established under the Internal Revenue Code.
Sets a cap on debtor's
retirement funds that debtor may exempt from the estate in bankruptcy.
(Sec.
225) Sets forth criteria for excluding certain education individual retirement
accounts from the property of the bankruptcy estate if the designated
beneficiary is the debtor's child or grandchild.
(Sec. 227) Sets forth
restrictions on debt relief agency practices. Establishes civil penalties for
intentional violations. Requires a debt relief agency providing bankruptcy
assistance to provide prescribed disclosures to the assisted person.
(Sec.
230) Instructs the Comptroller General to study and report to Congress on the
feasibility, effectiveness, and cost of requiring bankruptcy trustees to
promptly provide the Office of Child Support Enforcement with debtor's name,
social security account, and address upon commencement of the case.
(Sec.
231) Prohibits a bankruptcy trustee from selling or leasing to unaffiliated
third parties, personally identifiable information possessed by the debtor
concerning an individual if that is contrary to the debtor's privacy policy,
unless specified conditions have been met, or the court approves such sale or
lease after a consumer privacy ombudsman has been appointed.
(Sec. 232)
Prescribes procedural guidelines for appointment of a consumer privacy
ombudsman.
(Sec. 233) States that a debtor may be required to provide
information regarding a minor child in a bankruptcy case, but may not be
required to disclose the child's name in the public records of the case.
Prohibits bankruptcy officials from disclosing the name maintained in a
nonpublic record.
Title III: Discouraging Bankruptcy Abuse - (Sec. 301)
Modifies exceptions to a discharge in bankruptcy to prohibit discharge of a
filing fee imposed by any court upon a prisoner.
(Sec. 302) Terminates the
automatic stay 30 days after filing of a petition if a chapter 7, 11, or 13
petition was pending and dismissed within the preceding year, unless the
subsequent filing is in good faith. Delineates conditions under which a history
of previous petitions in bankruptcy gives rise to a rebuttable presumption that
the case is not filed in good faith.
(Sec. 303) Directs the court to grant
two-year relief from the automatic stay upon request of a party in interest in
connection with certain real property actions if the court finds that filing the
bankruptcy petition was part of a scheme to delay, hinder, and defraud
creditors.
(Sec. 304) Modifies debtor's duties to mandate specified
affirmative actions incumbent upon a chapter 7 debtor, including reaffirmation
of the debt, or redemption of the property within 45 days, in order to retain
possession of personal property. Allows a creditor to take action with respect
to such property under nonbankruptcy law if the debtor fails to act within 45
days, unless the court determines upon trustee motion that such property is of
consequential value or benefit to the estate.
(Sec. 305) Terminates the
automatic stay governing property of the debtor's estate that secures a claim,
or is subject to an unexpired lease, if the debtor fails to complete within a
revised, accelerated time frame an intended surrender of consumer debt
collateral, or an intended property redemption, or debt reaffirmation to retain
such collateral (unless the court determines upon trustee motion that such
property is of consequential value or benefit to the estate).
(Sec. 306)
Requires the bankruptcy court to confirm a Chapter 13 plan if it provides that
the holder of a secured allowed claim shall retain the attendant lien until
payment or discharge of all debts.
Provides that if a Chapter 13 proceeding
is dismissed or converted without completion of the plan, the holder shall
retain such lien to the extent recognized by applicable nonbankruptcy law.
States that statutory guidelines to determine the secured status of a
creditor's claim do not apply if: (1) the creditor has a purchase money security
interest securing the debt; (2) the underlying debt was incurred within the 910
day period preceding the filing of the petition; and (3) the collateral for that
debt consists of a motor vehicle acquired for the debtor's personal use (or if
the collateral consists of any other thing of value if the debt was incurred
during the one-year period preceding such filing).
(Sec. 307) Increases from
180 days to 730 days the duration of debtor's domicile for purposes of
determining which State law governs the debtor's selection of property exempt
from the bankrupt estate. Provides for determination of an immediately earlier
domicile if the debtor's domicile has not been located in a single State for the
730-day period. Allows a debtor to exempt certain property if the effect of the
domiciliary requirement is to render the debtor otherwise ineligible for any
exemption.
(Sec. 308) Requires reduction of the value of the homestead
exemption to the extent that it is attributable to any portion of property
disposed of in the ten-year period before the petition filing date with the
intent to hinder, delay, or defraud a creditor.
(Sec. 309) Revises
requirements governing the effects of conversion from chapter 13 to another
chapter. Declares that: (1) valuations of property and of allowed secured claims
in a chapter 13 case shall not apply in a case converted to chapter 7; and (2)
with respect to cases converted from Chapter 13, the claim of any creditor
holding security as of the date of the petition shall continue to be secured by
that security unless the full claim amount, as determined under applicable
nonbankruptcy law, has been paid in full as of the conversion date. States that
a prebankruptcy default shall have the effect given under applicable
nonbankruptcy law unless it has been fully cured pursuant to the plan at the
time of conversion.
Provides for a Chapter 7 debtor's assumption of
unexpired leases of personal property. Declares that in a Chapter 11 case in
which the debtor is an individual, and in a Chapter 13 case, if the lease is not
assumed in the plan, it is rejected (thus no longer subject to an automatic
stay).
Delineates a cash payment plan for chapter 13 debtors for payments to
any lessor of personal property and to any creditor holding a claim secured by
personal property in order to ensure adequate protection to the claim holder
during the payment period. Requires a debtor-in-possession to provide reasonable
evidence of any requisite insurance coverage with respect to the use or
ownership of such property.
(Sec. 310) Revamps nondischargeability
guidelines to narrow the window of dischargeability from $1,075 to $500, for
aggregate consumer debts owed to a single creditor on luxury goods incurred
within 90 days (currently 60 days) prior to the order for bankruptcy relief.
Reduces, likewise, from $1,075 to $750, nondischargeable cash advances that are
extensions of consumer credit under an open end credit plan if acquired within
70 days (currently 60 days).
(Sec. 311) Denies an automatic stay of
specified residential real property eviction proceedings by a lessor against a
debtor if: (1) the lessor obtained judgment for possession prior to the
bankruptcy filing date; or (2) lessor furnishes certification of specified
debtor offenses.
(Sec. 312) Extends the time between Chapter 7 discharges
from six to eight years. Denies a chapter 13 discharge to any debtor who has
received a discharge: (1) in a chapter 7, 11, or 12 case within the preceding
four years; or (2) in another chapter 13 case within the preceding two years.
(Sec. 313) Defines a debtor's household goods to include specified items.
Excludes from such goods: (1) electronic entertainment equipment, antiques or
jewelry with more than $500 in aggregate fair market value; (2) works of art;
(3) more than one personal computer and related equipment; and (4) motor
vehicles, boats, motorized recreational devices, conveyances, vehicles,
watercraft, or aircraft. Requires the Director of the Executive Office for U.S.
Trustees to report to specified congressional committees about use of this
definition of household goods with respect to: (1) the avoidance of
nonpossessory, nonpurchase money security interests in household goods; and (2)
the impact that such definition has had on debtors and on the bankruptcy courts.
(Sec. 314) Includes as nondischargeable chapter 13 debts those incurred: (1)
to pay a tax to a non-Federal governmental unit; (2) for restitution or a
criminal fine included in a sentence on the debtor's conviction of a crime; (3)
for fraud or defalcation while acting in a fiduciary capacity; or (4) for
restitution, or damages, awarded in a civil action against the debtor as a
result of willful or malicious injury by the debtor that caused personal injury
or death to an individual.
(Sec. 315) Prescribes notice procedures for
Chapter 7 and Chapter 13 creditors.
Expands debtor's duties to require
filing with the bankruptcy court of: (1) Federal tax returns; (2) evidence of
employer payments received; (3) monthly net income projections; and (4)
anticipated income or expenditure increases. Permits a Chapter 7 or chapter 13
creditor to request the debtor's petition, tax schedules, and statement of
affairs, including the debt adjustment plan filed by the debtor.
Requires
dismissal of a Chapter 7 or 13 case upon debtor's failure to provide to the
bankruptcy trustee within seven days before the initial date for the first
meeting of creditors a tax return for the latest taxable period prior to filing.
Mandates that, at the time of filing with the taxing authority, a Chapter 7
or 13 debtor file with the bankruptcy court specified tax documentation
pertaining to the period from case commencement until case termination.
Requires a Chapter 13 debtor to file with the court a statement of income
and expenditures in the preceding tax year, and monthly net income, showing how
calculated.
Makes debtor's mandatory documentation available for inspection
and copying to certain bankruptcy officers and any party in interest. Requires
debtors to furnish driver's license, passport, or other photograph-containing
documentation establishing debtor identification.
(Sec. 316) Mandates
automatic dismissal if a voluntary Chapter 7 or 13 debtor fails to furnish all
mandatory information, or fails to timely file the requisite schedules within 45
days of filing a petition. Requires the court to order dismissal within five
days of a request by a party in interest for debtor's failure to timely submit
requisite documentation. Permits the court, upon trustee motion, to decline to
dismiss a case if the debtor made a good faith effort to file all required
information and the best interests of creditors would be served by
administration of the case.
(Sec. 317) Requires a Chapter 13 confirmation
hearing to be held not later than 45 days after the first meeting of creditors.
(Sec. 318) Sets forth a statutory formula to determine whether a Chapter 13
debt readjustment payment plan shall be of either three-year or five-year
duration.
(Sec. 319) Expresses the sense of the Congress that rule 9011 of
the Federal Rules of Bankruptcy Procedure should include a requirement that all
debtors' documents be submitted to the court only after debtors have made
reasonable inquiry to verify that all information therein is well grounded in
fact, and warranted by existing law or a good faith argument for extension,
modification, or reversal of existing law.
(Sec. 320) Revises automatic stay
guidelines to provide that in the case of an individual filing under Chapters 7,
11, or 13, the automatic stay shall terminate 60 days after a request for its
release by a party in interest, unless the court orders, or the parties agree to
a longer time.
(Sec. 321) Revamps guidelines governing a Chapter 11 business
reorganization case filed by an individual to: (1) identify the property of the
estate in bankruptcy; and (2) revise the contents, confirmation, and
modification of a reorganization plan.
(Sec. 322) States that a debtor may
not exempt a homestead interest acquired during the 1215-day period preceding
petition filing which exceeds in the aggregate $125,000 in value in specified
real or personal property. Exempts from such limitation the principal residence
of a family farmer.
(Sec. 323) Excludes employee benefit plan participant
contributions from the property of the bankruptcy estate.
(Sec. 324) Amends
the Federal judicial code to grant the district court presiding over a title 11
case exclusive jurisdiction over: (1) property of the debtor and the estate in
bankruptcy; and (2) actions pertaining to employment of professionals by the
bankruptcy trustee, or related disclosure rules.
(Sec. 325) Revises U.S.
Trustee program filing fees (currently $155 for either chapter 7 or chapter 13)
to $160 for chapter 7 and $150 for chapter 13. Revises requirements for deposit
of portions of such fees as offsetting collections in the United States Trustee
System Fund by increasing the current 27.42 percent of such fees to 40.63
percent of the chapter 7 fee and 70 percent of the chapter 13 fee.
(Sec.
326) Exempts from the prohibition against sharing of compensation or
reimbursement with respect to administrative expenses of a debtor's estate any
sharing, or agreeing to share, compensation with a bona fide public service
attorney referral program that operates in accordance with non-Federal law
regulating attorney referral services, and with rules of professional
responsibility applicable to attorney acceptance of referrals.
(Sec. 327)
States that if the debtor is an individual chapter 7 or 13 debtor the value of
personal property securing an allowed claim shall be determined based on its
replacement value as of the date of petition filing without deduction for costs
of sale or marketing.
(Sec. 328) Revises requirements for the assumption by
a trustee of a defaulted executory contract or unexpired lease. Exempts from the
requirement that the trustee cure such a default any default that is a breach of
a provision relating to the satisfaction of any non-penalty provision relating
to a default arising from any failure to perform nonmonetary obligations under
an unexpired lease of real property, if it is impossible for the trustee to cure
such default by performing nonmonetary acts at and after the time of assumption.
Provides, however, that if such default arises from a failure to operate in
accordance with a nonresidential real property lease, then such default shall be
cured by performance at and after the time of assumption in accordance with such
lease, and pecuniary losses resulting from such default shall be compensated in
accordance with specified law.
Makes the same exception to requirements a
plan must meet to avoid impairing a class of claims or interests. Requires a
plan, to avoid impairment, to compensate a claim holder for any actual pecuniary
loss incurred by such holder resulting from a failure to perform a nonmonetary
obligation, other than a default arising from failure to operate a
non-residential real property lease subject to certain requirements.
(Sec.
329) Expands permissible administrative expenses to include certain wages and
benefits awarded as back pay (resulting from a debtor employer's violation of
law), if the court determines that the award will not substantially increase the
probability of layoff or termination of current employees or nonpayment of
domestic support obligations during the case.
(Sec. 330) Instructs the court
to withhold a debtor's discharge upon its reasonable belief that a proceeding is
pending in which debtor may be found guilty of a felony, or become liable for
specified debts.
(Sec. 331) Prescribes guidelines for the denial as an
allowance as an administrative expense certain retention bonuses, severance pay,
and transfers or obligations incurred for the benefit of officers, managers, or
consultants hired after the date of the filing of the bankruptcy petition.
Title IV: General and Small Business Bankruptcy Provisions - Subtitle A:
General Business Bankruptcy Provisions - (Sec. 401) Denies a debtor an automatic
stay of: (1) the commencement of an investigation or action by a securities
self-regulatory organization to enforce compliance with its regulations; (2) the
enforcement of any order or decision obtained by such an organization, other
than for monetary sanctions; or (3) any act taken by the securities
self-regulatory organization to delist, delete, or refuse to permit quotation of
any stock that does not meet applicable regulatory requirements.
(Sec. 402)
Authorizes the bankruptcy court, upon request of a party in interest, to order
that the U.S. trustee not convene a meeting of creditors or equity security
holders if the debtor has filed a plan for which acceptances have been solicited
before commencement of the case.
(Sec. 403) Increases from ten days to 30
days the length of time for the perfection of a transfer of property with
respect to a trustee's authority to avoid such a transfer.
(Sec. 404) Amends
guidelines for rejection and surrender of executory contracts and unexpired
leases.
(Sec. 405) Authorizes a Chapter 11 trustee to increase the
membership of a committee of creditors and equity security holders to include a
creditor that is a small business concern following the court's determination
that such creditor holds claims of the kind represented by the committee, the
aggregate amount of which is disproportionately large in comparison to the
creditor's annual gross revenue. Requires such committee to provide access to
information to certain creditors who are not committee members.
(Sec. 406)
Prohibits the bankruptcy trustee from avoiding a warehouseman's lien for costs
incidental to the storage and handling of certain goods.
(Sec. 407) Directs
the bankruptcy court to treat the compensation awarded a trustee as a
commission.
(Sec. 408) States that acceptance or rejection of a chapter 11
plan may be solicited from a holder of a claim or interest if: (1) the
solicitation complies with applicable nonbankruptcy law; and (2) it was made
before commencement of the case in a manner complying with applicable
nonbankruptcy law.
(Sec. 409) Prohibits the bankruptcy trustee from avoiding
a transfer if, in a case filed by a debtor whose debts are not primarily
consumer debts, the aggregate value of all property that constitutes or is
affected by such transfer is less than $5,000.
(Sec. 411) Limits the
extensions of time permitted for filing a Chapter 11 reorganization plan.
(Sec. 412) Denies a discharge in bankruptcy for a debt for a fee or
assessment arising from a debtor's interest in a lot in a homeowners association
for as long as the debtor retains specified interests in such lot.
(Sec.
413) Authorizes a creditor holding a consumer debt to participate in a meeting
of creditors in a chapter 7 or 13 case, either alone or in conjunction with an
attorney.
(Sec. 414) Redefines "disinterested person" to repeal
conflict-of-interest proscriptions that disqualify the debtor's pre-bankruptcy
investment banker and attendant attorney adviser from continuing advisory
services as part of the debtor-in-bankruptcy proceedings.
(Sec. 418) Amends
the Federal judicial code to authorize the district court or bankruptcy court to
waive the Chapter 7 filing fee and other attendant fees for certain Chapter 7
debtors whom the court has determined to be unable to pay fees in installments.
(Sec. 419) Directs the Advisory Committee on Bankruptcy Rules of the
Judicial Conference of the United States (Advisory Committee) to propose amended
Federal Rules of Bankruptcy Procedure and Official Bankruptcy Forms directing
chapter 11 debtors to disclose information relating to the value, operations,
and profitability of any closely held corporation, partnership, or other entity
in which the debtor holds a substantial or controlling interest.
Subtitle B:
Small Business Bankruptcy Provisions - (Sec. 431) Sets forth mandatory factors
for court consideration in determining whether the disclosure statement
regarding a small business reorganization plan provides adequate information.
(Sec. 432) Defines a small business debtor, generally, as a person
(including a debtor affiliate) with not more than $2 million in aggregate
non-contingent, liquidated secured and unsecured debts as of the date of the
petition or the order for relief (excluding debts owed to affiliates or
insiders).
(Sec. 433) Directs the Advisory Committee to propose for adoption
standardized disclosure statements and plans of reorganization for small
business debtors.
(Sec. 434) Sets forth uniform national reporting
requirements for small business debtors.
(Sec. 435) Directs the Advisory
Committee to propose for adoption revisions to the Federal Rules of Bankruptcy
Procedure and Official Bankruptcy Forms enabling small business debtors to
comply with such uniform national reporting requirements.
(Sec. 436) Sets
forth duties and administrative procedures in small business reorganization
cases, including serial filer provisions and expanded grounds for dismissal or
conversion and appointment of a trustee.
(Sec. 443) Directs the Small
Business Administration to study and report to Congress on: (1) the factors that
cause small businesses to become debtors in bankruptcy; and (2) how Federal
bankruptcy laws can be made more efficient in assisting small businesses to
retain their viability.
(Sec. 444) Revises the circumstance precluding
relief from an automatic stay of an act against secured single asset real estate
by a creditor whose claim is secured by an interest in such real estate.
Precludes such relief where a debtor has commenced monthly payments to each such
creditor that may, in the debtor's sole discretion, be made from rents or other
income generated before or after the commencement of the case by or from the
property. Requires such payments to be in an amount equal to the interest at the
then-applicable nondefault contract interest rate (currently, at the fair market
rate) on the value of the creditor's interest in the real estate.
(Sec. 445)
Allows as an administrative expense, for the two-year period following either
the later of the rejection date or date of actual turnover of the premises, all
monetary obligations due from a nonresidential real property lease previously
assumed and subsequently rejected under the requirements governing executory
contracts and unexpired leases.
(Sec. 446) Requires a debtor who served as
administrator of an employee benefit plan to continue to perform the obligations
incumbent upon such service.
(Sec. 447) Confers responsibility upon the
bankruptcy trustee to appoint members to a committee of retired employees.
Title V: Municipal Bankruptcy Provisions - (Sec. 501) Makes technical
amendments to requirements for a municipal bankruptcy petition.
Title VI:
Bankruptcy Data - (Sec. 601) Amends the Federal judicial code to require the
clerk of each district, or a specially certified clerk of the bankruptcy court,
to compile bankruptcy statistics for individual debtors with primarily consumer
debts seeking relief under chapters 7, 11, and 13. Directs the Administrative
Office of the United States Courts (Administrative Office) to make such
statistics public and to report them annually to Congress.
(Sec. 602)
Instructs the Attorney General to issue rules requiring uniform forms for: (1)
final reports by trustees in cases under chapters 7, 12, and 13; and (2)
periodic reports by chapter 11 debtors or trustees in possession. Prescribes
report contents.
(Sec. 603) Prescribes guidelines for procedures to audit
debtors.
(Sec. 604) Expresses the sense of Congress that: (1) the national
policy should be that all public record data held in electronic form by
bankruptcy clerks should be released in electronic form in bulk to the public
subject to appropriate privacy concerns and safeguards as Congress and the
Judicial Conference of the United States may determine; and (2) a bankruptcy
data system should be established that employs a single set of data definitions
to collect data nationwide, and that aggregates in the same electronic record
all data for any particular bankruptcy case.
Title VII: Bankruptcy Tax
Provisions - (Sec. 701) Amends the bankruptcy code to modify the treatment of
certain tax liens.
(Sec. 702) Provides that a claim for debtor's liability
for fuel tax which is filed by the base jurisdiction designated under the
International Fuel Tax Agreement shall be allowed as a single claim.
(Sec.
703) Requires the clerk of each district to maintain a listing under which a
governmental entity responsible for the collection of taxes within such district
may designate an address for service of requests and describe where further
information for filing such requests may be found.
(Sec. 704) Prescribes the
rate of interest to be paid on mandatory interest payments on tax claims.
(Sec. 705) Revises the specifications for income tax claims receiving eighth
priority (allowed unsecured claims of governmental units). Provides for tolling
of the time periods covering such tax claims for stays of proceedings in a prior
bankruptcy case, and the pendency or effect of offers in compromise or
installment agreements.
(Sec. 707) Prohibits a Chapter 13 discharge of any
debt for fraudulent tax payments.
(Sec. 708) States that confirmation of a
bankruptcy plan does not discharge a corporate debtor from any debt for: (1)
money or credit obtained by false representation owed to a domestic governmental
unit or to a person as the result of an action filed with respect to certain
claims against the Federal or a State government; or (2) a tax or customs duty
with respect to which the debtor made a fraudulent return or willfully attempted
to evade or defeat such tax.
(Sec. 709) Limits the automatic stay of U.S.
Tax Court proceedings to prepetition taxes.
(Sec. 710) Sets as a
prerequisite for court confirmation of a Chapter 11 bankruptcy plan that
includes tax claims, that the debtor make regular cash installment payments over
a period ending not later than five years after the date of entry of the order
for relief, and in a manner not less favorable than the most favored nonpriority
unsecured claim provided for in the plan.
(Sec. 711) Prohibits the avoidance
of statutory tax liens by certain purchasers.
(Sec. 712) Amends the Federal
judicial code to require officers and agents conducting any business under court
authority to pay all Federal, State, and local taxes when due in the course of
the business, unless it is a property tax secured by a lien against estate
property which is abandoned by the bankruptcy trustee, or payment of the tax is
excused under a specific bankruptcy law. Cites circumstances in which payment of
such taxes may be deferred in a case pending under chapter 7 until final
distribution is made.
Entitles to administrative expense priority payment
certain secured and postpetition unsecured taxes incurred by the bankruptcy
estate, including ad valorem property taxes.
Declares that a governmental
unit shall not be required to file a request for the payment of administrative
expenses relating to a tax liability or tax penalty.
Allows a trustee to
recover from property securing a claim for the payment of all ad valorem
property taxes relating to such property.
(Sec. 713) Requires as a condition
for payment of tardily filed priority tax claims that they be filed either
before the trustee commences distribution, or ten days following the mailing to
creditors of the summary of the trustee's final report, whichever is earlier
(currently, before the trustee commences distribution of the estate).
(Sec.
716) Conditions court confirmation of a chapter 13 bankruptcy plan upon filing
by the debtor: (1) of all prepetition tax returns; and (2) before the day on
which the first meeting of the creditors is convened, of all tax returns for
taxable periods ending in the four-year period that ends on the date of the
filing of the petition. Directs the court to dismiss a plan or convert it to
chapter 7, whichever is in the best interests of the creditors and the estate,
if a chapter 13 debtor fails to comply with such time frame.
Expresses the
sense of Congress that the Judicial Conference of the United States should
propose for adoption amended Federal Rules of Bankruptcy Procedure pertaining to
objections to tax returns and to plan confirmation.
(Sec. 717) Redefines
"adequate disclosure," for Chapter 11 postpetition disclosure and solicitation
purposes, to include full discussion of the potential material Federal and State
tax consequences of the plan to the debtor and to a hypothetical investor that
is representative of the holders of claims or interests in the case.
(Sec.
718) Denies an automatic stay (unless specified conditions are met) to the
setoff of an income tax refund for a taxable period which ended before the order
for relief against an income tax liability for a taxable period which also ended
before the order for relief.
(Sec. 719) Revises special provisions related
to the treatment of State and local taxes, including the creation of a separate
taxable estate when such is done for Federal tax purposes.
(Sec. 720)
Permits a taxing authority to petition the court to convert or dismiss a case if
the debtor fails to timely file a tax return or obtain an extension, whichever
is in the best interests of creditors and the estate.
Title VIII: Ancillary
and Other Cross-Border Cases - (Sec. 801) Expands the scope of bankruptcy law to
incorporate the Model Law on Cross-Border Insolvency, and to establish a
statutory mechanism for: (1) dealing with cases of cross-border insolvency; and
(2) cooperation between U.S. courts, trustees, and debtors and their foreign
counterparts. Prescribes guidelines for: (1) access of foreign representatives
and creditors to Federal and State courts; (2) recognition of a foreign
proceeding and relief; (3) cooperation and direct communication with foreign
courts and representatives; and (4) concurrent proceedings and the coordination
of foreign and domestic proceedings.
Title IX: Financial Contract Provisions
- (Sec. 901) Amends the Federal Deposit Insurance Act (FDIA) to redefine
specified contracts, agreements, and transfers entered into with an insolvent
insured depository institution before a conservator or receiver was appointed.
States that no person shall be stayed or prohibited from exercising any
right to cause the acceleration of any qualified financial contract with an
insured depository institution which arises upon the appointment of the Federal
Deposit Insurance Corporation (FDIC) as receiver at any time after such
appointment.
(Sec. 902) Amends the FDIA and the Federal Credit Union Act to
prohibit construction of any provision of law as limiting the right or power of
the FDIC, or the National Credit Union Administration Board, respectively, to
transfer, disaffirm, or repudiate a qualified financial contract (QFC) of a
failed institution, or as authorizing any court or agency, to limit or delay
such FDIC action.
Prohibits enforcement of a walkaway clause in the QFC of
an insured depository institution in default (a clause that either does not
create a payment obligation of a party, or extinguishes it solely because of
such party's status as a nondefaulting party).
(Sec. 903) Revises guidelines
governing transfers of qualified financial contracts of an insolvent institution
to include: (1) transfers to a foreign bank or foreign financial institution
(including its branch or agency); and (2) transfers of contracts subject to the
rules of a clearing organization. Defines financial institution to include a
broker or dealer, a depository institution, a futures commission merchant, or
any other institution as determined by FDIC regulation.
Suspends certain
termination rights of counterparties to a qualified financial contract with an
insolvent insured depository institution until after the receiver's appointment,
or after receipt of notice that the contract has been transferred.
Declares
that none of the following institutions shall be considered a financial
institution for which a conservator, receiver, trustee in bankruptcy, or other
legal custodian has been appointed or which is otherwise the subject of a
bankruptcy or insolvency proceeding: (1) a bridge bank; or (2) an FDIC-organized
depository institution for which a conservator is appointed either immediately
upon organization, or at the time of a purchase and assumption transaction
between such institution and the FDIC as receiver for a depository institution
in default (thereby permitting the FDIC to transfer QFCs to such entities).
(Sec. 904) Prescribes guidelines for: (1) the disaffirmance or repudiation
of qualified financial contracts by the conservator or receiver for a failed
depository institution; and (2) the treatment of a master agreement as a single
agreement and as a single qualified financial contract (declares such treatment
applicable to Federal insured credit unions ).
(Sec. 906) Amends the Federal
Deposit Insurance Corporation Improvement Act of 1991 to make conforming
amendments with respect to: (1) bilateral netting contracts; (2) security
agreements; (3) clearing organization netting contracts; (4) contracts with
uninsured national banks; and (5) contracts with uninsured Federal branches or
agencies.
(Sec. 907) Amends the Federal Bankruptcy Code to reflect the
changes made by this Act and to: (1) deny an automatic stay to set-offs under
certain swap agreements and netting agreements; and (2) restrict the avoidance
power of the bankruptcy trustee regarding certain master netting agreement
transfers to those transfers that are fraudulent in nature. Defines financial
participants.
Sets forth statutory guidelines for: (1) the termination or
acceleration of designated contracts and agreements; and (2) commodity broker
and stockbroker liquidation with respect to the priority of unsecured claims, or
customer property or distributions.
(Sec. 908) Amends the FDIA to authorize
the FDIC to prescribe more detailed recordkeeping requirements for QFCs
including market valuations, only if an insured depository institution in
troubled condition.
(Sec. 909) Exempts specified collateralization
agreements from the contemporaneous execution requirement that deems invalid
certain agreements against FDIC interests in certain asset acquisitions.
(Sec. 910) Amends Federal bankruptcy law to specify the timing for the
measure of damages in connection with: (1) rejection by the bankruptcy trustee
of designated contracts and agreements relating to executory contracts and
unexpired leases; or (2) the liquidation, acceleration, or termination of such
contracts and agreements.
(Sec. 911) Amends the Securities Investor
Protection Act of 1970 to provide that neither the filing of a protective decree
by the Securities Investor Protection Corporation, nor any court protective
order, shall operate as a stay of a creditor's contractual rights to liquidate,
terminate, or accelerate designated contracts and agreements. Allows such
application, order, or decree, however, to operate as a stay of foreclosure on
securities collateral pledged, sold, or lent by the debtor.
Title X:
Protection of Family Farmers and Family Fishermen - (Sec. 1001) Amends the
Federal bankruptcy code to reenact Chapter 12, Adjustment of Debts of a Family
Farmer with Regular Annual Income, as amended by this Act (thereby reinstating
permanently family farmer bankruptcy relief).
(Sec. 1002) Provides for
triennial adjustments of the debt limit for family farmers.
(Sec. 1003)
Cites circumstances under which the claim of a governmental unit that arises
from the disposition of a farm asset used in the debtor's farming operation
shall be treated as an unsecured claim not entitled to priority.
(Sec. 1004)
Increases from $1.5 million to $3.237 million the maximum aggregate debt that
qualifies an individual, or individual and spouse engaged in a farming operation
as family farmers for debt adjustment purposes. Reduces from 80 percent to 50
percent the minimum percentage of aggregate, noncontingent, liquidated debts
arising out of such a farming operation.
(Sec. 1005) Repeals the requirement
that the family farmer and spouse receive over 50 percent of income from farming
operations in the year before a bankruptcy petition is filed. Allows such income
requirement to be met during either the taxable year preceding the year in which
the bankruptcy petition is filed, or the taxable year in the second and third
taxable years preceding the bankruptcy petition.
(Sec. 1006) Allows the
court to confirm a family farmer bankruptcy plan, notwithstanding the objection
of the trustee or holder of an allowed unsecured claim, if the value of the
property to be distributed under the plan in a specified period is not less than
the debtor's projected disposable income for such period.
Prohibits any
post-confirmation modification of a bankruptcy plan that would increase the
amount of payments that were due before such modification. Provides that, unless
the debtor proposes the modification, a modified plan may not: (1) require
payments to unsecured creditors in any particular month greater than the
debtor's disposable income for that month based on an increase in the debtor's
disposable income; or (2) if the modification takes place in the plan's last
year, require any payments that would leave the debtor with insufficient funds
after plan completion to carry on the farming operation.
(Sec. 1007) Extends
Chapter 12 coverage to family fishermen.
Title XI: Health Care and Employee
Benefits - (Sec. 1102) Prescribes guidelines for disposal of the patient records
of a health care business (not including a health maintenance organization) that
commences a proceeding for debtor relief and the trustee does not have
sufficient funds to pay for the storage of patient records as required by law.
(Sec. 1103) Allows as an administrative expense claim the costs of closing a
health care business, including disposal of patient records and transfer of
patients.
(Sec. 1104) Requires the bankruptcy court to appoint an ombudsman
to represent the interests of the patients of a health care business within 30
days after commencement of a case under chapters 7 (Liquidation), 9 (Adjustment
of Debts of a Municipality), or 11 (Reorganization), unless the court finds that
this is not necessary for the protection of patients under the specific facts of
the case.
(Sec. 1105) Requires the bankruptcy trustee to use all reasonable
and best efforts to transfer patients from the health care business in the
process of being closed to an appropriate substitute.
(Sec. 1106) Denies an
automatic stay to a debtor's exclusion by the Secretary of Health and Human
Services from participation in the Medicare program or any other Federal health
care program (thus precluding the debtor's continuation or reinstatement in such
a program).
Title XII: Technical Amendments - (Sec. 1201) Makes technical
corrections to Federal bankruptcy, judicial, and criminal law.
Redefines
single asset real estate to exclude family farms and to repeal the $4 million
ceiling on the amount of noncontingent, liquidated secured debts on such
property. Defines the term "transfer" to include: (1) creation of a lien; (2)
retention of title as a security interest; (3) foreclosure of the debtor's
equity of redemption; and (4) every mode of disposing of property or parting
with an interest in property.
(Sec. 1202) Requires triennial adjustment of
the $5,000 value of certain implements, professional books, tools of the trade,
farm animals, and crops which a debtor may exempt from the property of the
estate (protecting them from creditors' liens).
(Sec. 1206) Provides that a
trustee or a creditors' and equity security holders' committee may pay a
professional person they employ on a fixed or percentage fee basis, as well as
on other bases already permitted.
(Sec. 1208) Excludes from compensable
professional services any expenses incurred for an attorney or an accountant by
an individual member of a creditors' and equity security holders' committee.
(Sec. 1209) Declares nondischargeable in bankruptcy a debt for death or
personal injury caused by the debtor's operation of a vessel or aircraft while
intoxicated from alcohol, a drug, or other substance.
(Sec. 1213) Revises
guidelines governing preferences to provide that, if the trustee avoids a
security interest given between 90 days and one year before the date of the
filing of the petition, by the debtor to a non-insider for the benefit of a
creditor that is an insider, then such security interest shall be considered to
be avoided only with respect to the insider creditor.
(Sec. 1221) Permits
the bankruptcy trustee to sell, use, or lease property in accordance with
nonbankruptcy law governing the transfer of property by nonprofit charitable
corporations, if doing so is not inconsistent with certain relief granted under
the automatic stay.
(Sec. 1222) Extends from 20 to 30 days the length of
time after a debtor receives possession of property for perfection of a security
interest in such property created by a transfer which the trustee may not avoid.
(Sec. 1223) Bankruptcy Judgeship Act of 2005 - Amends the Federal judicial
code to require appointments for additional temporary bankruptcy judgeships in
California, Delaware, Florida, Georgia, Maryland, Michigan, Mississippi, New
Jersey, New York, North Carolina, Pennsylvania, Puerto Rico, Tennessee,
Virginia, South Carolina, and Nevada.
Provides that the first vacancy
occurring in such district five years or more after a judge is appointed under
this Act shall not be filled. Applies such prohibition specifically to certain
vacancies in the Central District of California, the Southern District of
Florida, and the districts of Delaware and Maryland.
Extends temporary
bankruptcy judgeship positions authorized for the northern district of Alabama,
and the districts of Delaware and Puerto Rico, and the eastern district of
Tennessee.
(Sec. 1224) Prescribes compensation guidelines for the services
and expenses of a trustee who has petitioned the court to convert or dismiss a
chapter 7 case.
(Sec. 1225) Denies an automatic stay with respect to
creation or perfection of a statutory lien for a special tax or special
assessment on real property whether or not ad valorem, if the tax or assessment
comes due after the filing of a petition for debtor relief.
(Sec. 1226)
Requires the Director of the Federal Judicial Center to develop materials and
conduct training useful to courts in implementing this Act.
(Sec. 1227)
Cites conditions under which the rights of the trustee are subject to the right
of the seller to reclaim goods received by the insolvent debtor within 45 days
before commencement of the case. Sets a time-frame for seller's written demand
for reclamation.
(Sec. 1228) Prohibits a court from granting a discharge in
a chapter 7 case, or from confirming a reorganization plan in a chapter 11 or 13
case, unless requested tax documents have been provided to the court.
(Sec.
1229) Expresses the sense of Congress that: (1) consumer credit may sometimes be
offered indiscriminately without lender action to ensure consumer repayment
capacity, and in a manner which may encourage additional debt accumulation; and
(2) resulting consumer debt may increasingly be a major contributing factor to
consumer insolvency.
Instructs the Board of Governors of the Federal Reserve
System to study indiscriminate solicitation and extension of credit by the
credit industry. Authorizes the Board to: (1) promulgate regulations requiring
additional disclosures to consumers; and (2) take measures to ensure responsible
industrywide practices and to prevent resulting consumer debt and insolvency.
(Sec. 1230) Excludes from property of the estate in bankruptcy certain
tangible personal property (other than securities or written or printed
evidences of indebtedness or title) pledged or sold by the debtor as collateral
for a loan or money advance, where: (1) the pledgee or transferee possesses such
property; (2) the debtor has no obligation to repay or redeem; and (3) neither
the debtor nor the trustee has exercised any right to redeem in a timely manner.
(Sec. 1231) Amends the Federal judicial code to authorize private trustees
and standing trustees, after exhausting administrative remedies, to obtain
judicial review in a U.S. district court of: (1) any suspension or termination;
or (2) denial of a claim of actual, necessary expenses.
(Sec. 1233)
Prescribes procedural guidelines for a court of appeals to exercise appellate
jurisdiction over a bankruptcy order or decree following the submission of
specified certifications.
(Sec. 1235) Declares debts incurred to pay fines
or penalties imposed under Federal election law nondischargeable in bankruptcy.
Title XIII: Consumer Credit Disclosure - (Sec. 1301) Amends the Truth in
Lending Act to require: (1) specified minimum payment warnings applicable to an
open end credit plan upon which finance charges are accruing; and (2) disclosure
of a toll-free number to call for an estimate of the time required to repay the
balance making only minimum payments. Requires the Federal Trade Commission
(FTC) to establish a toll-free number for the same purpose in the case of a
creditor with respect to which the FTC is enforcing compliance with such Act.
Directs the Board of Governors of the Federal Reserve System (the Board) to
promulgate implementing regulations.
Authorizes the Board to study and
report to Congress on the types of information available to potential borrowers
from consumer credit lending institutions regarding factors qualifying such
borrowers for credit, repayment requirements, and the consequences of default.
(Sec. 1302) Mandates additional disclosures for credit extensions secured by
a dwelling that exceed such dwelling's fair market value, including a statement
that the interest on the excess portion of such extension is not tax deductible
for Federal income tax purposes.
(Sec. 1303) Requires specified additional
disclosures for: (1) introductory rates and temporary annual percentage rates of
interest; (2) Internet-based credit card solicitations; and (3) late payment
deadlines and penalties.
(Sec. 1306) Prohibits a creditor from terminating
an open end consumer credit account before its expiration date solely because
finance charges have not been incurred on such account.
(Sec. 1307)
Authorizes the Board to study and report to Congress on certain consumer
protections limiting consumer liability for unauthorized use of a debit card or
similar access device.
(Sec. 1308) Instructs the Board to study and report
to Congress on the impact that credit extensions to dependent students enrolled
in postsecondary educational institutions have upon the rate of Federal
bankruptcy cases.
(Sec. 1309) Instructs the Board to promulgate regulations
to provide guidance regarding the meaning of the term "clear and conspicuous" as
used in the Truth in Lending Act.
Title XIV: Preventing Corporate Bankruptcy
Abuse - (Sec. 1401) Extends the look-back period for such priority wages and
benefits from 90 days to 180 days prior to bankruptcy (or cessation of debtor's
business). Raises the ceiling for employee wages and benefits entitled to third
order priority from $4,000 to $10,000.
(Sec. 1402) Extends from one year to
two years the look-back period during which the bankruptcy trustee may avoid
fraudulent transfers and obligations incurred by either a debtor or partnership
debtor (including any transfer to or for the benefit of an insider, or
obligation incurred to or for the benefit of an insider, under an employment
contract and not in the ordinary course of business).
(Sec. 1403) Instructs
the court, upon motion of a party in interest, to order reinstatement of retiree
benefits if the debtor modified them during the 180-day period prior to petition
filing, and was insolvent on the date of modification (unless the court finds
that the balance of the equities clearly favors such modification).
(Sec.
1404) Declares nondischargeable in bankruptcy the debt of an individual that
results before, on, or after the date on which the petition in bankruptcy was
filed. Identifies the effective date of such stricture as July 30, 2002,( the
date of enactment of the Sarbanes-Oxley Act).
(Sec. 1405) Requires the
bankruptcy trustee to move for the appointment of a trustee if there are
reasonable grounds to suspect that current members of the governing body of the
debtor, the debtor's chief executive or chief financial officer, or members of
the governing body who selected the debtor's chief executive or chief financial
officer, participated in actual fraud, dishonesty, or criminal conduct in the
management of the debtor or the debtor's public financial reporting.
Title
XV: General Effective Date; Application of Amendments - (Sec. 1501) Sets forth
the effective date of this Act and the application of its amendments.
(Sec.
1502) Sets forth technical and conforming amendments to related Federal
statutes.
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IT'S OFFICIAL!!! CASEY IS RUNNING FOR SENATE IN '06!! Which only means one thing, assuming the voting machines are honest: Good Riddance, Rick Santorum! Back to Virginia you go!
Pennsylvania State Treasurer Bob Casey said today that he will run for the U.S. Senate in 2006 against incumbent Republican Senator Rick Santorum. Casey will make a formal announcement of his candidacy at a later date.
“As Senator, I will fight everyday to put middle-class families first,” Casey said. “Pennsylvanians have seen first-hand the devastating effects of unfair federal trade policies that are causing us to hemorrhage jobs and of rising health care costs that are squeezing family budgets and destroying the ability of our businesses to make a profit and hire new workers.”
Bob Casey, Jr. (D-PA) is likely to win a seat in the Senate if he chooses to run.
Incumbent Republican U.S. Senator Rick Santorum trails State Treasurer Robert Casey, Jr., a possible Democratic challenger, 46 – 41 percent, in an early look at the 2006 Senate race, according to a Quinnipiac poll released today. Another 11 percent are undecided.
Sen. Santorum has a 52 – 31 percent approval rating and voters say by almost the same margin that he “deserves to be reelected,” the independent Quinnipiac (KWIN uh-pe-ack) University poll finds.
Santorum would top other possible Democratic challengers:
· 47 – 39 percent over former State Treasurer Barbara Hafer;
· 50 – 34 percent over former U.S. Rep. Joseph Hoeffel;
· 51 – 30 percent over former State Rep. T.J. Rooney.
“This could shape up as the best Senate race in the country in 2006. Count on Democrats to pour in millions of dollars to try to oust a key conservative member of the Republican leadership, and the big GOP money-givers won't be shy in donating to keep Sen. Santorum in office,” said Clay F. Richards, assistant director of the Quinnipiac University Polling Institute.
“At this early stage, State Treasurer Bob Casey, Jr., clearly threatens Sen. Santorum's re-election bid.
It sure helps that Sen. Santorum doesn't actually live in Pennsylvania, but in Virginia, where he makes his primary residence.
One problem for Casey: primary challenges. Pennsylvania Democrats ought to contact the state Democratic Party and not only urge him to give Santorum's a one-way ticket back to Virginia, but also to persuade any potential primary challengers to save their money and avoid an expensive primary. We'd be cutting off our noses to spite our faces if we insisted on litmus tests from pro-choicers who won't compromise instead of rallying behind the man who'd likely kick Santorum's smarmy, fascist butt!
