BK Bill Reform: Passed

[robivi3]

"and some of those will effect BK's filed after the date of enactment."

Do you mean prior to the date of enactment? Please clarify, this is important. Thanks.

[HHM]

"and some of those will effect BK's filed after the date of enactment."

Do you mean prior to the date of enactment? Please clarify, this is important. Thanks.

Enactment is the date the bill is signed by the President. Date of enforcement is when the various provision are officially the law of the land. Most of the provisions have a date of "enforcement" that is 180 days from the date of "enactment". Some provisions become "enforcable" upon the date of "enactment".

For example, (from what I have been told) Section 322 of the new law caping the Homestead exemption to $125,000 for any Homestead right acquired within 1215 days prior to filing BK, is enforcable upon the date of enactment. So if the President signs this bill next week, a lot of debtor's in states that have high homestead exemptions, i.e. Florida, Texas, Nevada, etc, who file after the President signs it, are going to see their homestead exemptions evaporate.

BY THE WAY, THE BILL PASSED THE HOUSE 302-126

[robivi3]

Thank you for a well written reply. My gosh, to those of you in the rest of the Country (mostly the Midwest), $125,000.00 may seem sufficient.

In Florida where i live (West Broward) a two bedroom home goes for about $270,000.00 @ 1150 square feet, built in 1973-77 in our area. Our Townhomes built in '84 start at $190,000.00 unremodeled, 205,000.00 updated @ 1500 square feet, they are masonite and concrete on a single inline slab, no garage. A three bedroom two car garage on a 70 x 100 ft. lot is about 350,000.00 @ about 1400-1700 square feet, built from '73 to present (Our City stopped allowing two bedroom homes in 1978).
I'm just saying, in the Eastern States $125,000.00 won't get you a cracker box.

In 1999 in this neighborhood $125,000 was WAYYYYY to much for a two bedroom home, in 2001 our TH's went for 90,000!

THIS IS NOT A FANCY NEIGHBORHOOD, just a run o' the mill, Shell Station on the Corner McdDonalds and Burger King on the other corner plain neighborhood. People can no longer afford to move unless they are going bye bye for good. What will homeowners do?

I guess we all adjust. I say burn the plastic and to hell with MBNA, Citicard and all of them. I have one CC issued by my credit Union and my Aspire Visa, no more ever.

My Truck has $8,000.00 to go. When that is done I will buy another one, used. Maybe 25,000, miles off an owner. Much cheaper. Cash. Money in the bank can deal with repairs. To hell with Credit for the most part.

[HRx]

[mclark]

President Bush signing?!

Does anyone have an idea how soon Bush is going to sign the bill into law? Is there some place to know when it is on his agenda or schedule?

[HHM]

Its probably going to be this week

[laz]

I'm curious to see how this will turn out. What are those 1.6 million broke people going to do?

[mclark]

Its probably going to be this week

This week, meaning by 4/22? I have an appt. Tues. 4/26, with an attorney to file. Should I try to move it up?

[HHM]

Even if the president signs it this week, most of the provisions do not become effective for 180 days, so most of the provisions of the current law will still apply to you. Your attorney should be able to fill you in on any impact the new law may have on your BK.

[tinroofrusted]

Looks like it was signed TODAY.

[robivi3]

I believe that this bill will have an economic impact, how deep is unknown. Divorce will go up along with suicides, etc... I understand the pandering to the CC companies that has gone on. I understand that Hilary Clinton opposed the Bill but Senator Clinton voted for it.

Like all such issues there will be a deep impact period and we will adjust. If you are broke the rules become unenforcable. You quit working and join the welfare system.

I also understand the need for change. Many cases are abuse, there should be an out for those forced into hardship by difficulties beyond their control.

The benefit to government now is that the beauracracy will expand, that is the dream of big governement. Having worked in Government for 25 years I can tell you that "cutbacks" don't exist, not in Transit, not in Police, Fire and especially not in Administration. Beauracracy protects itself, IT ONLY EXPANDS. BK will now become a beauraucratic system beyond imagination. Believe me, it is going to happen. Paperwork will increase, regulation will increase and those in the system will be forced to pay "some of what they owe". New subagencies will be born to enforce the laws and assist those in BK. It will become an institution. Those caught in it are in for a nightmare once it is set up.

Please don't call me crazy or PM asking what are you talking about. I have seen Agencies born from a word of the Mayor to become institutions years later. This will be worse.

Mr. Bush while the man for 9/11 is also a man for big government. He has created big new beauracracies for us to deal with. This will become one more. The problem is that this one will not answer to the mob but to the big CC Companies and Banks.

[hurtnurse]

I believe that this bill will have an economic impact, how deep is unknown. Divorce will go up along with suicides, etc... I understand the pandering to the CC companies that has gone on. I understand that Hilary Clinton opposed the Bill but Senator Clinton voted for it.

Like all such issues there will be a deep impact period and we will adjust. If you are broke the rules become unenforcable. You quit working and join the welfare system.

I also understand the need for change. Many cases are abuse, there should be an out for those forced into hardship by difficulties beyond their control.

The benefit to government now is that the beauracracy will expand, that is the dream of big governement. Having worked in Government for 25 years I can tell you that "cutbacks" don't exist, not in Transit, not in Police, Fire and especially not in Administration. Beauracracy protects itself, IT ONLY EXPANDS. BK will now become a beauraucratic system beyond imagination. Believe me, it is going to happen. Paperwork will increase, regulation will increase and those in the system will be forced to pay "some of what they owe". New subagencies will be born to enforce the laws and assist those in BK. It will become an institution. Those caught in it are in for a nightmare once it is set up.

Please don't call me crazy or PM asking what are you talking about. I have seen Agencies born from a word of the Mayor to become institutions years later. This will be worse.

Mr. Bush while the man for 9/11 is also a man for big government. He has created big new beauracracies for us to deal with. This will become one more. The problem is that this one will not answer to the mob but to the big CC Companies and Banks.

I totally agree with you. It seems that everywhere you turn the government is making it harder and harder for those of use who keep trying and bang our heads against the wall, all the time feeling guilty for not being able to provide for our children, no matter how hard we try, or how much overtime we work....Will this forever end the "way out" for those of us who can't win in the rat race when things go wrong? I just think it is awful to "cheat" those who really need a new start, since we feel enough guilt anyway, when they still keep giving and giving to those who barely try...

[robivi3]

HMM was right

Some parts of the BK bill became effective the day the President signed it.

http://www.flsb.uscourts.gov/

[robivi3]

Link in Lay Terms

This is a .pdf file so if you are on dial up it may take a minute or two.
It is the closest thing to a laymens explanation of the changes in the BK code that I have seen.

http://www.abiworld.org/pdfs/s256/mainpoints6.pdf

[pellafruit]

DOes anyone Know if You Have to Be DIscharged by the date this is to start or just filed?