Political Quotes

“The current bill, H.R. 764, the Bankruptcy Amendments of 1997, consists primarily of technical corrections which are intended to clarify original intent, correct drafting defects, and improve grammar and cross-references in the Bankruptcy Code. Many of these changes are occasioned by minor problems with the language in the Bankruptcy Reform Act of 1994, and will not change the results in future cases. There are also several more substantive provisions, limited in scope, designed to rectify shortcomings in current law. They are fully discussed in the committee report, and I will only briefly describe four provisions here. By amendment to section 101(51B) of the Bankruptcy Code, renumbered section 101(57), the present $4 million cap on single asset real estate is raised to $15 million. This will enable creditors in more cases to obtain expedited relief from the automatic stay's bar to foreclosure. This is provided for under section 362(d)(3) of the Bankruptcy Code.”