Bankruptcy Reform Bill Headed for Senate Vote

Words: Dan KesterThe U.S. Senate is soon expected to take up the ?Bankruptcy Abuse Prevention and Consumer Protection Act of 2005? (S. 256). This is a pro-business bill.

HOW YOUR BUSINESS IS AFFECTED
According to information collected by the U.S. Chamber of Commerce, the number of bankruptcy filings has grown substantially in recent years. The reason: people simply want to walk from their debts rather than pay them. This type of abuse transfers the debt burden from individuals to businesses like yours.

THE SOLUTION
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, S. 256, would institute a ?needs-based test,? requiring wealthy debtors to work out a repayment plan under Chapter 13 of the Bankruptcy Code. This ?needs-based? test should stop the rampant abuse of the bankruptcy system that is harmful to the business community.

STATUS
Several amendments may be offered to the bill during debate on the Senate floor which would substantially weaken the bill.

About: FeaturedLegislative
Remembering Simon Verity – Master Sculptor (1945-2024)

The passing of Simon Verity at Carmarthenshire, Wales, the man responsible for the 31 figures at the Portal of Paradise at the Cathedral Church of St. John the Divine in the city of New York, causes us to reflect on the creativity and the passion for ston

By: Roger Murphy
About: Featured
Read More
Colorado Takes Nation-Leading Steps to Boost Wildfire Resilience

In Colorado and across the country, destructive wildfires have evolved from a seasonal challenge to a year-round threat. We are taking a proactive and common sense approach to prepare for, prevent, and respond to wildfires. We know that it takes all of u

About: Featured
Read More
Who Knows Most About Keeping Masonry Workers Safe?

As a safety professional who has specialized largely in masonry safety since the late 1980s, I’ve grown to think that I know a great deal about keeping masonry workers safe. That being said, I must admit that my colleagues and I know more about complianc

Read More
Recognizing Women in the Industry

Masonry was introduced to the world through the imagination, determination, and pure strength of mankind. The first masons’ unique abilities harnessed the earth around them to create the structures that provided the security that allowed us to advance. Th

By: Cassie Mejia
About: Featured
Read More