Howell Heflin said "I am sympathetic to the issue that the distinguished Senator from Alaska has raised. Many financial institutions in my State have expressed concern about these reporting requirements. And the Senator is correct that in nearly all consumer bankruptcies the discharged debt will not be deemed income for tax purposes. I believe the Senator's proposal to require the bankruptcy trustee to report this information would be an appropriate solution to this problem. And I appreciate the Senator's decision to withdraw his amendment. If the House includes such a measure in its bankruptcy bill, I would certainly support the measure." @ PoliticalQuotes.com

On the recordApril 20, 1994

I am sympathetic to the issue that the distinguished Senator from Alaska has raised. Many financial institutions in my State have expressed concern about these reporting requirements. And the Senator is correct that in nearly all consumer bankruptcies the discharged debt will not be deemed income for tax purposes. I believe the Senator's proposal to require the bankruptcy trustee to report this information would be an appropriate solution to this problem. And I appreciate the Senator's decision to withdraw his amendment. If the House includes such a measure in its bankruptcy bill, I would certainly support the measure.

Said by

Howell Heflin

Democratic · Alabama

Source

govinfo.gov

Editor's note · Context

Addressing concerns about bankruptcy reporting requirements during Senate floor debate.

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