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Key Votes
S 256 - Bankruptcy Reform Bill - Key Vote
National Key Votes
David Scott voted Yea (Passage) on this Legislation.
Read statements David Scott made in this general time period.
Stages
- April 20, 2005 Executive Signed
- April 14, 2005 House Bill Passed
- March 10, 2005 Senate Bill Passed
- Feb. 1, 2005 Introduced
Family
- S 256 - Bankruptcy Reform Bill
- S Amdt 128 - Minimum Wage Amendment
- S Amdt 44 - Minimum Wage Amendment
- S Amdt 47 - Violent Protestor Amendment
Issues
Stage Details
Legislation - Signed (Executive) - Became Public Law No. 109-8 - April 20, 2005
Legislation - Bill Passed (House) (301-127) - April 14, 2005(Key vote)
Title: Bankruptcy Reform Bill
Vote Result
Yea Votes
Nay Votes
Vote to pass a bill that imposes a means test for individuals wishing to file for bankruptcy. The means test determines whether the individual would be allowed to file under Chapter 7, essentially exonerating their debts after they have liquidated their assets, or if they would be forced to file under Chapter 13, requiring them to pay back creditors on a court approved time table.
- Alters prior bankruptcy codes Chapter 11 and Chapter 12, which apply to small-business and healthcare business bankruptcies and mandate that the debtor file a reorganization plan.
- Defines a debtor eligible for Chapter 13 as anyone financially capable of paying back their creditors at a rate that still allows them to earn above their state's median income (Sec. 102).
- Allows special accommodations for active-duty service members, veterans, and those with serious medical conditions (Sec. 102).
- Requires debtors to pay for and attend credit counseling prior to filing for bankrupcy (Sec. 106).
- Places domestic support obligations such as child support and alimony amongst the first priority claim category of non-dischargeable debts on a debtor filing for bankruptcy (Sec. 211).
- Caps home equity protection at $125,000 if the debtor purchased a house within 40 months of filing for bankruptcy (Sec. 322).
- Requires credit cards to include warnings, examples, and a toll-free number to address interest rates, repayment plans, and fees on monthly statements (Sec. 1301).
Legislation - Bill Passed (Senate) (74-25) - March 10, 2005(Key vote)
Title: Bankruptcy Reform Bill
Vote Result
Yea Votes
Nay Votes
Vote to pass a bill that imposes a means test for individuals wishing to file for bankruptcy. The means test determines whether the individual would be allowed to file under Chapter 7, essentially exonerating their debts after they have liquidated their assets, or if they would be forced to file under Chapter 13, requiring them to pay back creditors on a court approved time table.
- Alters prior bankruptcy codes Chapter 11 and Chapter 12, which apply to small-business and healthcare business bankruptcies and mandate that the debtor file a reorganization plan.
- Defines a debtor eligible for Chapter 13 as anyone financially capable of paying back their creditors at a rate that still allows them to earn above their state's median income (Sec. 102).
- Allows special accommodations for active-duty service members, veterans, and those with serious medical conditions (Sec. 102).
- Requires debtors to pay for and attend credit counseling prior to filing for bankrupcy (Sec. 106).
- Places domestic support obligations such as child support and alimony amongst the first priority claim category of non-dischargeable debts on a debtor filing for bankruptcy (Sec. 211).
- Caps home equity protection at $125,000 if the debtor purchased a house within 40 months of filing for bankruptcy (Sec. 322).
- Requires credit cards to include warnings, examples, and a toll-free number to address interest rates, repayment plans, and fees on monthly statements (Sec. 1301).
Sponsors
Co-sponsors
- Thomas Richard 'Tom' Carper (DE - D)
- Michael D. 'Mike' Crapo (ID - R)
- James W. 'Jim' DeMint (SC - R) (Out Of Office)
- Michael B. 'Mike' Enzi (WY - R)
- Charles T. 'Chuck' Hagel (NE - R) (Out Of Office)
- Orrin G. Hatch (UT - R)
- William Clarence 'Bill' Nelson Sr. (FL - D)
- Jefferson Beauregard 'Jeff' Sessions III (NA - R)
- Richard C. Shelby (AL - R)
- John E. Sununu (NH - R) (Out Of Office)
- John R. Thune (SD - R)
- David B. Vitter (LA - R) (Out Of Office)
