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Article: bankruptcy reform act: THE FUNDAMENTAL CHANGES FOR LENDERS

Article from:
Northwestern Financial Review
Article date:
December 15, 2005
Author:
Copyright

The President signed the Bankruptcy Abuse Prevention and Consumer Protection Act (the "Reform Act") on April 20, 2005. Most of its provisions apply to bankruptcy cases filed after October 17, 2005.

Following Katrina, a few members of Congress presented bills to stay the implementation of the Reform Act as to the country as a whole or states directly affected by the hurricane. Those bills were not passed. But the United States Trustee has stated that Katrina may constitute "special circumstances" that would not require an individual Chapter 7 (liquidation) debtor that earns more than the state median income to devote a portion of her future income to creditors. Special circumstances will ...

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