Bankruptcy Mortgage Relief Proposed

Representative Brad Miller (D-NC) introduced legislation in the House of Representatives today which would give bankruptcy judges power to modify residential mortgages in bankruptcy. Senator Dick Durbin (D-IL) indicated he would reintroduce similar legislation in the Senate soon as part of the broad economic stimulus package now being worked on by President-elect Obama and Congressional leaders. Supporters believe this legislation will stem the tide of foreclosures and could provide help to consumers who are struggling in the face of the economic recession. Cosumers may also look into other current information about personal bankruptcy. Representative Brad Miller (D-NC) introduced legislation in the House of Representatives today which would give bankruptcy judges power to modify residential mortgages in bankruptcy. Senator Dick Durbin (D-IL) indicated he would reintroduce similar legislation in the Senate soon as part of the broad economic stimulus package now being worked on by President-elect Obama and Congressional leaders. Supporters believe this legislation will stem the tide of foreclosures and could provide help to consumers who are struggling in the face of the economic recession. Cosumers may also look into other current information about personal bankruptcy.