… it was just a few years ago.  The IRS was actually forced to become easier to deal with through legislation.  In the book, Personal Bankruptcy For Dummies, it talks about why and how the legislation was put in place.

The book said:

“A few years ago, Congress conducted a bunch of hearings and got an earful from constituents who felt like the IRS was treating them like axe murderers.  Those hearings resulted in legislation imposing a wide range of restrictions on the collection …

Permalink: /tax_debt_garnishments/the-irs-is-more-accommodating-thanks-to-legislation-of-a-few-years-back/

… of falling revenue.  One reason for falling revenue is recently passed and currently pending legislation that will put regulations on credit card companies.  Last week a reform law passed that will put limits on fees and rates.  Now, there is pending legislation that could force down interchange rates.  These rates are the fees that banks charge stores, restaurants, etc. that accept the credit cards.

The article said:

“Issuers use the proceeds from the fees to finance their …

Permalink: /credit_card_negotiation/credit-card-industry-legislation-forcing-credit-card-issues-to-reduce-rewards/

According to an article in the Star-Telegram, state legislation designed to protect renters from the fallout of foreclosures was shot down, along with similar bills; but new federal legislation has come to the aid of renters affected by foreclosure.

The article said:

The federal measure requires banks that gain control of homes to honor tenants’ leases if they’re current on their rent, or to give month-to-month renters 90 days to move …

Permalink: /foreclosures/state-legislation-designed-to-protect-renters-shot-down-federal-law-comes-to-rescue/

According to an article in the Star-Telegram, Congress sent the president legislation designed to prevent foreclosure.  Legislators hope that “Helping Families Save Their Homes Act” will encourage lenders to modify the mortgages of homeowners facing foreclosure.

The article said:

The bill would expand an existing $300 billion program that encourages lenders to write down an individual’s mortgage if the homeowner agrees to pay an insurance premium. The …

Permalink: /foreclosures/foreclosure-prevention-legislation-sent-to-president/

According to an article in the Star-Telegram, the Senate voted to pass legislation (90-5) that would rein in credit card rate increases and fees.

The article said:

“This is a victory for every American consumer who has ever suffered at the hands of a credit card company,” said Sen. Christopher Dodd, D-Conn., chairman of the Banking Committee…

If it is enacted into law as expected, the credit card industry would have nine months to change the way it does …

Permalink: /credit_card_negotiation/senate-passes-legislation-to-restrict-credit-card-companies/

According to an article in the Star-Telegram, new credit card legislation is making its way through the Senate.  The bill, if passed would include measures that protect credit card holders from some rate hikes and require special treatment of credit card holders under 21 years of age.

The article said:

The latest proposal would prohibit lenders from increasing interest rates on past purchases unless the cardholder has fallen at least 60 days behind. At …

Permalink: /credit_card_negotiation/credit-card-legislation-sent-to-senate/

… to an article in the Dallas Morning News, Governor Rick Perry is still fighting to kill legislation that would allow the state to accept more than a half-billion dollars in stimulus money for unemployment benefits. If the state of Texas accepts the stimulus money for unemployment insurance, they will be required to expand the unemployment benefits program to include people who are seeking part-time work and make changes that would allow the amount of unemployment benefits received …

Permalink: /breaking-news/governor-perry-fights-legislation-that-would-accept-stimulus-money/

… who have been victims of foreclosure find that they have little time and no money to move. Any legislation passed to protect renters facing foreclosure needs to include some type of financial compensation especially if the renter is given less than 60 days to move and/or will not receive his/her security deposit because of the landlord insolvency. Renters facing foreclosure are extremely vulnerable because they often have little savings and no assets they can liquidate in case of the …

Permalink: /foreclosures/legislation-being-introduced-to-protect-renters-facing-foreclosure/

If the pending bankruptcy legislation (the house version) is passed and becomes law, homeowners who modify their mortgage in a Chapter 13 bankruptcy would have the right to sell their home before receiving a discharge. If the homeowner sells his/her home during Chapter 13 bankruptcy with a modified mortgage, the claim may be reduced if the debtor agrees to pay the mortgage creditor a portion of the net sale …

Permalink: /chapter_13_bankruptcy/pending-bankruptcy-legislation-would-allow-homeowners-to-sell-before-discharge/

The pending legislation "Helping Families Save Their Homes In Bankruptcy Act of 2009" which is designed to help homeowners avoid foreclosure will allow homeowners to modify interest on an existing mortgage. The legislation, if passed would allow a mortgage loan interest modification on toxic loans such as subprime and adjustable rate mortgage (ARMs) in a Chapter 13 bankruptcy. Homeowners …

Permalink: /loans-mortgages/pending-legislation-would-allow-homeowners-facing-foreclosure-to-reduce-interest/

… MI), chairman of the House Judiciary Committee and Rep. Brad Miller (D, NC) will also introduce legislation to congress supporting loan modification in bankruptcy early this year.

With an estimated 8-10 million additional foreclosures predicted in the next four years, legislators are desperately searching for feasible and sustainable systems that will stem the tide of foreclosures. One tactic being used is attaching bankruptcy reform legislation allowing mortgage loan modifications …

Permalink: /dallas_bankruptcy_laws/new-bankruptcy-legislation-introduced-to-congress/

The first major bankruptcy legislation since the Chandler Act of 1938 brought major changes to the U.S. Bankruptcy Code.

 

Bankruptcy is a process that has been refined over several years and through several pieces of legislation.  When looking at the history of bankruptcy, you can usually turn to just a few pieces of legislation that brought major changes to the bankruptcy process.  Of course, there have been …

Tags: Bankruptcy Code Bankruptcy Reform Act Legislation