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Proposed Bankruptcy Legislation to Address Natural Disaster Victims 1 (September 22, 2005)

handle is hein.bank/crsbank0040 and id is 1 raw text is: Order Code RS22275 September 22, 2005 CRS Report for Congress Received through the CRS Web Proposed Bankruptcy Legislation to Address Natural Disaster Victims Robin Jeweler Legislative Attorney American Law Division Summary Several bills have recently been introduced to amend the U.S. Bankruptcy Code, 11 U.S.C. § 101 et seq. in the wake of Hurricane Katrina. H.R. 3662 would delay the effective date for the means test amendments to the Code enacted in the Bankruptcy Abuse Prevention and Consumer Protection Act. H.R. 3697 and S. 1647 would make substantive amendments to the Code to deal with victims are of natural disasters. They are discussed below. This report will be updated as events warrant. Many members of the public and of Congress have expressed concern over how bankruptcy law in general and implementation of the new bankruptcy provisions in the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), P.L. 109-8, many of which take effect on October 17,2005, will affect victims of Hurricane Katrina.' This report reviews bills introduced to date which would amend provisions of the U.S. Bankruptcy Code, 11 U.S.C. § 101 et. seq. Two provisions, a bill, H.R. 3662, 109th Cong., 1St Sess. (2005), entitled the Financial Safeguards for Hurricane Survivors Act of 2005 and a proposed (but not adopted) amendment to H.R. 2862, 109th Cong., 2d Sess. (2005),2 would delay the effective date for the BAPCPA amendments by two years or one year respectively. This would allow hurricane victims more time to file under the current (soon to expire) provisions of chapters 7, 11, and 13.' H.R. 3697, 109th Cong., 2d Sess. (2005), the Hurricane Katrina Bankruptcy Relief and Community Protection Act of 2005 would make substantive changes to the Code. ' For more background, see CRS Report RL33082, Bankruptcy Relief and Natural Disaster Victims. 2 S.Amdt. 1678, 109th Cong., 2nd Sess. (2005). ' Both individual and business bankruptcy filings have increased in anticipation ofthe BAPCPA. Two airlines, Delta and Northwest, filed on the same day. See 17 BNA BANKR. L. REP. 762, US. Bankruptcy Filings Up 16 Percent, Marking Record Number for Any Quarter, Sept. 1, 2005. Congressional Research Service • -The Library of Congress

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