[Congressional Record Volume 145, Number 68 (Wednesday, May 12, 1999)]
[Extensions of Remarks]
[Page E937]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     BANKRUPTCY REFORM ACT OF 1999

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                               speech of

                          HON. JOSEPH CROWLEY

                              of new york

                    in the house of representatives

                         Wednesday, May 5, 1999

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 833) to 
     amend title II of the United States Code, and for further 
     purposes:

  Mr. CROWLEY. Mr. Chairman, while I believe that H.R. 833 is an 
important step towards ending the abuse and restoring responsibility to 
our nation's bankruptcy system, I believe that the effectiveness of 
this legislation could be improved by adjusting the homestead exemption 
for bankruptcy filers to more adequately reflect the current costs of 
housing in the United States.
  Mr. Chairman, in my home State of New York, the homestead exemption 
for individuals is just $10,000 while couples are limited to only a 
$20,000 exemption. Clearly this amount is woefully inadequate when 
compared to the current high costs of housing faced by the residents of 
New York.
  Mr. Chairman, while I think that H.R. 833 sets a reasonable cap on 
homestead exemptions at $250,000, I believe it is imperative that the 
homestead exemption for individuals and couples in New York be raised 
to sufficiently reflect the prevailing costs of housing in New York so 
that while consumers are working to meet their financial obligations 
and get back on their feet, they are not burdened with the prospect of 
losing their homes.

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