PACB Memo to Senators Specter & Santorum

To: Senator Arlen Specter
     Sentaor Rick Santorum

From: Frank A. Pinto, President/CEO

Subject: Support for S.256, Bankruptcy Legislation, Without Amendments

Date: February 28, 2005

It is our understanding that the Senate will consider this week, S. 256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Bankruptcy reform legislation is a long-time priority of PACB and we urge you to support this legislation without amendments.

This fair and balanced legislation will make sensible changes to the Bankruptcy System by:

• Significantly reducing the costs imposed on ordinary Americans by those who abuse bankruptcy proceedings;
• Instilling personal responsibility into the bankruptcy system so that those who can pay all or a portion of their debts do so;
• Discouraging abuse of bankruptcy by closing various loopholes; and
• Ensuring the availability of bankruptcy protection for those in need.

Thanks so much for your consideration of our position.

Cc: ACB
      ICBA