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State Senator proposes more exemptions to bankruptcy law.

February 9, 2004
By: Paul C. Matadeen
State Capital Bureau

Missouri senators take a second look at a bill to help people keep their wedding rings, even if they file for bankruptcy.

Paul Matadeen tells the why some one lawmaker has high hopes for this law.

Story:
RunTime:
OutCue: SOC

The bill's sponsor Senator Charles Shields says he wants to see the proposed legislation help Missourians get back on their feet.

Actuality:SHIELDS.WAV
RunTime: :08
OutCue: "...declaring bankruptcy."
Contents: "This bill will hopefully go a ways to help people keep their credit, restore their credit without going to the extreme of declaring bankruptcy"

The proposal would increase the dollar amount of items that can not be taken when someone files for bankruptcy.

Wedding rings costing up to 15-hundred dollars could not be taken.

From the state capitol, this is Paul Matadeen.

P.C.M.

Missouri Lawmakers review a bill to allow people who file for bankruptcy to keep the items that are most important to them.

Paul Matadeen tells why some items like wedding rings might be saved.

Story:Shields2
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OutCue: SOC

Senator Charlie Shields says he wants people who file for bankruptcy to keep two-thousand dollars more than the state allows.

His January bill proposed that people who file for bankruptcy could keep three-thousand dollars in household goods, instead of the one-thousand currently allowed.

Actuality:
RunTime: :11
OutCue: "...the opposite effect."
Contents: "SOME PEOPLE WOULD VIEW IT, LOOK AT IT LIKE MAYBE YOU WILL ENCOURAGE SOME OF THE PEOPLE TO DECLARE BANKRUPTCY BECAUSE THEY WILL BE ABLE TO HOLD MORE ASSETS. WHEN WE TALK TO THE PEOPLE WHO DEAL WITH IT, THEY SAID IT WILL HAVE THE OPPOSITE EFFECT."

The bill was sent Monday to a committee to be reviewed and revised.

From the state capitol, this is Paul Matadeen.

P.C.M

Missouri lawmakers turned their agenda to a bill to help ease economic hardship on Monday.

Paul Matadeen tella how it could save wedding rings for those who file for bankruptcy.

Story:
RunTime:
OutCue: SOC

Missouri Lawmakers reviewd a bill to increase the amount of money and property residents could keep if they file for bankruptcy.

The bill includes an exemption for wedding rings that cost up to fifteen-hundred dollars.

Senator Charlie Shields says the exemption will open a door of hope for both debtors and creditors.

Actuality: ShieldsA.wav
RunTime:
OutCue:
Contents: "IT'S VERY DAMAGING, NOT ONLY FROM THE STANDPOINT OF THE PERSON THAT DECLARES BANKRUPTCY AND LOSES ALL OF THEIR ASSETS, LOSES THEIR CREDIT RATINGS, THINGS LIKE THAT, AT THE SAME TIME FROM A CREDITOR'S STANDPOINT, IT'S VERY DIFFICULT BECAUSE YOU'RE LIMITED TO COLLECT ONLY A PERCENTAGE OF YOUR ASSETS."

Lawmakers referred the bill to a commitee to be reviewed and revised.

From the state capitol, this is Paul Matadeen.