Search   Top Stories From Law com Attorneys Brace for Impact of New Bankruptcy Code Ambiguities in law may lead to suitsPeter GeierThe National Law JournalSeptember   The bankruptcy bar is bracing for the bumpy landing many practitioners expect when the new Bankruptcy Abuse Prevention and Consumer Protection Act of touches down next month Most bankruptcy lawyers agree that the new code is highly complex and technical that it will cause significant changes in consumer and business bankruptcy practice and that it is so poorly drafted that it will take time for the courts to sort out its ambiguities Observers also warn that a law purportedly aimed at financially undisciplined consumers is sure to bear unintended consequences for entrepreneurs independent contractors and self employed people particularly innovators who use bankruptcy relief when caught in a lean business cycle Alan N Resnick a co editor in chief of Collier on Bankruptcy a comprehensive volume treatise on statutory and procedural bankruptcy law and a professor of bankruptcy law at Hofstra University School of Law in Hempstead N Y said lawyers will have their hands full getting used to the changes First and foremost for lawyers and practitioners is the learning curve It's

          Bankruptcy Law Reform New Bankruptcy Code Mar ' Senate Passes Bill       Apr ' Congress Passes Bill       Apr ' The President signs the Bill          Filing Procedures under the New Bankruptcy Code Major Intent of Bankruptcy Reform The major intent of bankruptcy reform is to require people who can afford to make some payments towards their debt to make these payments while still affording them the right to have the rest of their debt erased These people must file Chapter Status of the Bills The Senate passed the Bill on March and the Congress on April When will this be Law The bill was signed into law by the president on April Sections and all concerning the homestead exemption take effect immediately This is law now The exemption is limited to if the property was acquired within the previous day The cap is not applicable to any interest transferred from a debtor's previous principal residence The rest of the provisions of the law will come into effect days after the Bill is signed or on October Major Changes Means Test This will identify debtors who have the financial capacity to pay some

      l            l           l       l     l         l      Related articles Settle unsecured debts for less than half of amount owed Improve credit rating and reduce monthly bills by +     Bankruptcy    New Bankruptcy Legislation Revisions to the Bankruptcy Code Make It Tougher to File Bankruptcy  After an eight year long battle funded by the banking and credit card industries who contributed more than million to federal election campaigns during this period The United States Bankruptcy Code has finally been amended   The new bill was approved by the Senate in March and by the House on April   The changes to the Bankruptcy Code became official law on October Highlights of the bankruptcy bill include Debtors who earn more than the must pass a means test in order to file Chapter bankruptcy   If the debtor earns more than the median income in his or her state secured debt and necessities   Those contemplating filing bankruptcy must obtain a briefing about credit counseling services not more than days before filing bankruptcy   The banking and credit card industries wanted

        March                 Selecting an attorney for your legal case is a very important decision Please enter a zip code to find an attorney in your area     Information Overview                                                           Resource Center   Search Bankruptcy Law Firms resources in our exclusive resource center                   Bankruptcy Code Reform Act   The Bankruptcy Reform Act of Description Of New Bankruptcy Law That Has A Direct Affect On New York City Description Of The Two Law Firms That Merged In New York To Form One Of The Largest Bankruptcy Law Firms In New York City United States Bankruptcy Code and Bankruptcy Act Laws Description of The Bankruptcy Code New York Bankruptcy Lawyer Nassau County Bankruptcy Lawyer Queens County Bankruptcy Lawyer Long Island Bankruptcy Lawyer News   Legal Disclaimers All attorney listings are a paid attorney advertisement and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service The information provided on Bankruptcy

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