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President George W. Bush signed
the Bankruptcy Reform Act bill, also known as S 256, into law on Wednesday, April 20,
2005. The new law generally is effective 180 days from enactment
(mid-October), although some provisions take effect immediately.
Full text of the
Bankruptcy Reform Act is here:
S. 256 Act (in PDF)
An excellent article entitled "Major
Consumer Bankruptcy Effects of the 2005 Reform Legislation" prepared
by Eugene R. Wedoff is posted here:
Major Consumer Bankruptcy
Effects (in PDF)
Wedoff's article is well-written and
21-pages in length. Skim through the article and read the
headers that interest you to learn more on that area of Bankruptcy
Reform.
The Commercial Law League of America (CLLA)
published a summary entitled "Exceptions
to the General Effective Date of S. 256, The Bankruptcy Abuse
Prevention and Consumer Protection Act of 2005 (S. 256) As Passed by
the United States Senate on March 10, 2005." The CLLA
publication points out exceptions to the 180 day effective date that
become effective immediately.
Many people have very
spirited opinions on the recent Bankruptcy Reform Act. Some
published articles are below:
04-24-05
Courts brace
for bankruptcy deluge, Free New Mexican
04-25-05
Small businesses face tougher bankruptcy rules, Washington Bureau
04-24-05
Bankruptcy
is about to get a lot harder -- and, law's detractors say, meaner,
Post Gazette
04-21-05
Bankruptcy Filings Expected to Explode Before Law Takes Effect
NBC10.com 04-20-05
Remarks by the President in Signing the Bankruptcy Abuse Prevention
and Consumer Protection Act of 2005, U.S. Newswire
04-17-05
Thompson: Bankruptcy legislation holds big lie, Des Moines
Register 04-16-05
Q & A on the new bankruptcy law, The Sun News
04-15-05
Wrong Bill at Wrong Time, Associated Press
04-14-05
Bankruptcy overhaul may do little, South Florida Sun-Sentinel
04-14-05
Congress Passes Bankruptcy Bill, ConsumerAffairs.com
04-08-05
New law would require pre-bankruptcy counseling, Scripps Howard
News Service
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