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Overview Of Bankruptcy Act of 2005
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
The current United States Bankruptcy Code, enacted in 1978, replaced and repealed in its entirety the pre-existing Bankruptcy Act of 1898. In 1970, Congress created a Commission on the Bankruptcy Laws of the United States to study and recommend changes for the modernization of the law, including recommending a bankruptcy homestead exemption and the mandate of bankruptcy credit counseling. The Commission filed its final report with the Congress on July 30, 1973. The 2005 new bankruptcy law amended elements of the existing code.
Contact a Bankruptcy Lawyer to find out all your legal options and rights under the new laws.
Some Areas Of Bankruptcy Provisions:
- Means Test
- Safe Harbor
- Living Expenses
- Reaffirmation Agreements
- Mandatory Credit Counseling
- Attorney Sanctions
- Domestic Support Obligations
In 1994, Congress created another commission, the National Bankruptcy Review Commission (NBRC), to study and report recommendations for legislative change. The NBRC issued its report on October 20, 1997, which included recommendations dealing with consumer bankruptcy, business bankruptcy, municipal bankruptcy — as well as bankruptcy jurisdiction, procedure, and administration.
Following the release of the NBRC's report in 1997, Congress has considered bankruptcy legislation in every session since 1998. S. 256 is similar to bankruptcy legislation passed by the House in the 108th Congress. The new legislation would change many areas of bankruptcy law, including consumer filings, small business bankruptcy, tax bankruptcy, ancillary and cross-border cases, financial contract provisions, amendments to Chapter 12 governing family farmer reorganization, and health care and employee benefits.
S. 256 does not include language that would bar the use of bankruptcy laws to escape debts arising from court-imposed fines on anti-abortion demonstrators and others. Senator Schumer had included this as an amendment to S. 420 in the 107th Congress. Although Senator Schumer's language had the support of Senators Hatch and Grassley, it was not included in S. 256.
Contact a Bankruptcy Lawyer to find out all your legal options and rights under the new laws.
See Also:
New Bankruptcy Law 2005 Major Provisions
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