JPM www irem org legalease B ankruptcy reform legislation may soon become a reality The House and the Senate each passed bankruptcy reform bills and are currently in the process of reconciling the differences between their respective bills at a con ference session The legislation would be the most significant change in the nation’s bankruptcy laws in nearly years Most of the terms of both H R and S propose material changes to many consumer provisions of the Bankruptcy Code However key com mercial provisions are also included from which residential and commer cial landlords stand to benefit considerably when their tenants seek bankruptcy protection Existing bankruptcy law contains a loophole permitting residential ten ants to delay eviction by declaring bankruptcy during or at the end of state court landlord tenant actions Since it can take months from the date of filing a bankruptcy petition until a court permits a property owner to ini tiate proceedings to recover the property some residents file for bankruptcy as a way of retaining the premises rent free and staying beyond the term of their lease Even residents who cause property damage commit health department violations or other wise threaten fellow residents may not

Special Features Block New By The Congressional Research Service put together entitled Proposed Bankruptcy Legislation to Address Natural Disaster Victims The summary Several bills have recently been introduced to amend the U S Bankruptcy Code U S C ? et seq in the wake of Hurricane Katrina H R would delay the effective date for the means test amendments to the Code enacted in the Bankruptcy Abuse Prevention and Consumer Protection Act H R and S would make substantive amendments to the Code to deal with victims are of natural disasters They are discussed below This report will be updated as events warrant Many members of the public and of Congress have expressed concern over how bankruptcy law in general and implementation of the new bankruptcy provisions in the Bankruptcy Abuse Prevention and Consumer Protection Act P L many of which take effect on October will affect victims of Hurricane Katrina This report reviews bills introduced to date which would amend provisions of the U S Bankruptcy Code U S C ? et seq Two provisions a bill H R th Cong st Sess entitled the Financial Safeguards for Hurricane Survivors Act of and a proposed amendment to H R

                          AT A GLANCE Kelly Law Office Ford Road Minnetonka Minnesota Phone Fax   Mobile   Here's a photo from from the White House web site showing President Bush signing the new legislation into law   The official title is Bankruptcy Abuse Prevention and Consumer Protection Act of of   Most of the statute did not become effective for days and a large number of people took advantage of that time to get their cases filed under the old law Those days already feel like ancient history   Our first clients under the new law were a few latecomers who missed the deadline for filing under the old law; but since then we have worked with a large number of folks whose financial troubles arose well after that time New homestead exemption provisions went into effect right away when the law was signed   Under these new provisions the amount of equity which can be shielded in a homestead is reduced from the previous in Minnesota to for those who have purchased their homes within three years and four months prior to filing    The means test which

  March    Proposed Bankruptcy Law May Hurt Custodial Parents Run Date By Elizabeth RandolphWEnews correspondent A proposed bankruptcy law moves custodial parents owed child support up to number one in line for payment Yet critics say the change is smoke and mirrors with debt to credit card companies gaining the same status as child support obligations The Senate is debating a bankruptcy bill that critics say would pit custodial parents most often women who are trying to collect child support against credit card companies The bill the Bankruptcy Abuse Prevention and Consumer Protection Act of passed earlier this week in the House with abstentions The female members of Congress were almost split with voting for the bill and against it and only one not voting Senate debate is expected to continue next week Supporters say the bill would put custodial parents ahead in their quest to receive the money they're owed But critics described the bill as smoke and mirrors What you see is not what you get according to over women and family oriented organizations including the Children's Defense Fund the Feminist Majority Foundation National Organization for Women National Women's Law Center National Youth Law Center and NOW

New bankruptcy legislation
Bankruptcy legislation


Bankruptcy legislation