S.220 - Bankruptcy Reform Act of 2001107th Congress (2001-2002)
|Sponsor:||Sen. Grassley, Chuck [R-IA] (Introduced 01/30/2001)|
|Latest Action:||01/31/2001 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 7. (All Actions)|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.220 — 107th Congress (2001-2002)All Bill Information (Except Text)
Bankruptcy Reform Act of 2001 - 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.
Introduced in Senate (01/30/2001)
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.
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.
Mandates appointments and extensions for certain additional temporary bankruptcy judgeships.
Prescribes additional consumer credit disclosures.