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

12. Effective date of new law

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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