Foreclosed Homes For Sale

Sections

• Overview
• General changes affecting consumer chapter 7, 11 cases under the Bankruptcy Code
• 1) Time between discharges, multiple filings
• 2) Required production of income tax returns and other documents; case dismissal for non-production
• 3) Credit counseling an debtor education
• 4) Automatic Stay Provisions
• 5) Limiting definition of household goods concerning avoidance of liens
• 6) Non-Dischargeability
• 7) Two-year residency requirement for state or local exemption laws including homestead
• 8) Limits on state specific homestead exemptions, effective date
• 9) Limitation on new homestead valuation additions; homestead caps. Effects on debtors in Florida and other formerly unlimited homestead exemption states
• 10) Avoidance of transfers to asset protection trust
• 11) Exclusions from estate property
• 12) Effective date of new law
• Consumer cases under Chapter 7
• 12b) New § 707(b) — income means testing
• 13) Sanctions that can now be imposed on debtor's counsel
• 14) Support priority; dischargeability of marital property settlements
• 15) Reaffirmation Agreements
• 16) Redemption
• 17) Trustee compensation
• 18) Non-subordination of property tax liens to family support claims
• 19) Secured claims

Overview

On March 10, 2005, the Senate passed S. 256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. President Bush signed the bill into law, which became effective on October 17, 2005. The following summary discusses changes in the consumer bankruptcy law affected by the bill. Unless otherwise noted, all references are to the United States Bankruptcy Code (“Code”). Either directly or indirectly, the content of the new law will have a material effect on consumer debt, real property transactions and home ownership.

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