Senate Rejects Several Pending Bankruptcy Laws

Following the enactment of the Abuse Prevention Act, several new bills may alter applications in specific circumstances. The most important pending new bills, from the perspective of individuals, include the following pending bills:

• Exemptions for active duty military personal serving through national or state guard units.
• Temporary exemptions for victims of natural disasters.
• Restrictions on forum shopping for subsidiary corporations.
• Provisions regarding corporate discharge of pension liability owed to employees.
• Restrictions on the dischargeability of student loans guaranteed by federal agencies.

One of the more interesting pending bills before the Senate (S. 499 - the Credit Card Act of 2005), would restrict issuing credit cards to any one under the age of 21, by requiring one of three preconditions:

• A co-signer (parent or legal guardian),
• Proof of independent financial means, or
• Proof of participation in an approved course in credit counseling.