, a federal bankruptcy judge in Houston who has studied the legislation for the American Bankruptcy Institute
, said the measure is a laudable effort that attempts to eliminate weaknesses in current bankruptcy law.Still , it is too rigid , he
said.Both House and Senate measures require specific responses that take away the freedom of judges and others to consider more creative solutions in bankruptcy cases , he
There are a lot of variables in the real world , he
said.Both bills , I think , suffer from a fundamental lack of understanding of how the process works..
Minnesota's Wellstone , meanwhile , has fought the measure on a variety of fronts.In the latest Senate vote on Feb. 2 , he
wanted an amendment in the law that would have exempted people from paying back so-called storefront lenders who charge more than 100 percent annual interest.