The changes made by S. 256 are generally effective only with respect to cases filed after its effective date – 180 days after the date of enactment (October 17, 2005). However, as noted above, the limitations on homestead exemptions set out in § 308, 322, and 330 are effective upon enactment, while the auditing requirements of § 603 are not effective until 18 months after enactment. Some of the retroactive elements of the homestead exemptions are already in litigation and many bankruptcy attorneys indicate that it will take 3-5 years for the courts to set forth more defined guidelines interpreting the various aspects of the new law.
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