March 10, 2005

HERE'S A PROPOSAL for a cross-blogosphere coalition in opposition to the bankruptcy bill. I note that Tennessee will be one of the states most affected by it, and wonder why my local media outfits haven't paid much attention to that. (Via Tunesmith).

UPDATE: My former student Brent Snyder emails:

As you know I somehow ended up being a bankruptcy attorney at the busiest firm here in Knoxville. There has been some media coverage of the bill, attorney Ann Mostoller was on the talk radio news a week ago or so, my office was called last week as well. The sad fact is that this is a horrible law, designed to feed credit card companies more money. What is worse is that the even more diabolical provision, especially concerning attorney liability has not been mentioned in the senate debates at all.

For instance, if a client lies to me about assets and they are later discovered by the trustee or a creditor, I am personally on the hook. There are many other provisions in the bill designed to either keep people from filing or make it so that bankruptcy attorneys look for other avenues. Something is wrong when the majority of bankruptcy attorneys and trustees think it is a bad idea, Hank Hildebrand the Chapter 13 trustee for MDTN has written an article detailing all the flaws, and this is from someone that stands to benefit from the increase in 13 filings after the amendments are signed in to law.

I am concerned that Zywicki thinks the bill is a good idea, I mean I can understand his assertations that reform is needed and maybe that a means test is the way to go, but the other provisions are so one sided it 's comical.

It seems that way to me.

UPDATE: More here.