Bankruptcy Bill would strengthen existing problems
Tabb is particularly concerned by the failure of Congress for the Liberation of capital in Texas, Florida and three other states. “If you live in Florida or Texas, you can use a $ 10 million mansion in an application for insolvency proceedings,” he said. “On the other hand, if you live in Maryland and Delaware, you can evacuate a small clapboard house with a value of $ 10001. The injustice of the debtor that allows a state, while keeping an manor deny the other a modest housing is on hand. ”
During the year 1997 was a blue-ribbon bipartie ceiling of the Commission recommended home exemption from $ 100000 The current bill proposes the house, a chapeau of $ 250000 in the foyer of exceptions, but you can States in the CAP. “The Congress has refused to allow the Commission reasonable and fair to succumb to the recommendation of the nuance and crying country” rights “, said Tabb.” The only token if the bill places a rich and Texans Floridian is to require that the Debtor smart enough to buy his house kitchen, two years before the bankruptcy file. ”
Another gesture of great significance in the sense to ban the reform is an exemption on a house bought by a debtor with intent to defraud creditors. “However, given that courts have long recognized that the fraud is not free to buy property, the apparent restriction in the sense of reality,” said Tabb.
The user interface of Jura professor also criticized the media, tests, is the centerpiece of the bill. “The proponents of bankruptcy, it will announce reward, quite honestly, responsible fiscal control abusive debtor and creditor. But Bill’s under the regime find really weird, a la ‘means’ to pay its creditors, is not a purchase of a Ferrari Days before filing bankruptcy and emergence of a debt service guaranteed monthly does not count.
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