Thursday, October 9, 2008
Senate Report on Proposed Bankruptcy Legislation
The Senate Committee on the Judiciary published its report on the proposed Helping Families Save their Homes in Bankruptcy Act of 2008 (S. 2136). The proposed act includes authority to grant Bankruptcy Judges the authority to modify mortgages on principal residences. Although the act was in early versions of the recently passed $700 billion bailout bill, it did not survive. There is some indication that the act may be reintroduced in the next Congress.