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Proposed Bankruptcy Legislation to Address Natural Disaster Victims 1 (September 27, 2005)

handle is hein.bank/crsbank0041 and id is 1 raw text is: Order Code RS22275 September 27, 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 been introduced in the 109th Congress 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, S. 1647, S. 1765, and S. 1766 would make substantive amendments to the Code to deal with victims 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, entitled the Financial Safeguards for Hurricane Survivors Act of 2005 and a proposed (but not adopted) amendment to H.R. 2862,2 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, the Hurricane Katrina Bankruptcy Relief and Community Protection Act of 2005 would make substantive changes to the Code. 1 For more background, see CRS Report RL33082, Bankruptcy Relief and Natural Disaster Victims. 2 S.Amdt. 1678, 109' Cong., 2 n Sess. (2005). 3 Both individual and business bankruptcy filings have increased in anticipation of the 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 *oo The Library of Congress

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