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Major Effects of the New Bankruptcy Law, 2005 Reform Legislation

Alabama Bankruptcy Web Site

Filing for Bankruptcy in Alabama

Major Personal Bankruptcy Effects
of the 2005 Bankruptcy Reform Legislation

Kirchberg cheap hotelsChanges affecting consumer cases under Chapter 11 Bankruptcy

Individual Chapter 11 Bankruptcy cases.

S. 256 § 321

In several different respects, Chapter 11 is modified for cases brought by individuals so as to make the case much more like one under Chapter 13. A new § 1115 defines property of the estate for an individual Chapter 11 case as including property acquired by the debtor post-petition. A new § 1123(a)(8) provides for funding of the individual debtor’s plan from the in-dividual’s future earnings. New § 1129(a)(15) imposes a best efforts test, requiring a 5-year minimum contribution of disposable income (as defined in § 1325(b)) upon the objection of any unsecured creditor. And new § 1141(d)(5) provides that individual Chapter 11 debtors will receive a discharge only after completion of their plans.

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New Bankruptcy Law:

25 Changes in the New Bankruptcy Law

Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

Bankruptcy Code Changes affecting consumer cases under multiple chapters

Changes affecting consumer cases under Chapter 7 Bankrutpcy

Changes affecting consumer cases under Chapter 13 Bankruptcy

Changes affecting consumer cases under Chapter 11 Bankruptcy

Understanding the Radical Bankruptcy Code Changes

Synopsis of Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

Helpful Resources:

Alabama Bankruptcy Exemptions

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Alabama Bankruptcy Courts

National Bankruptcy Attorney Directory

Bankruptcy Glossary

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