Learning Center \| New Jersey Bankruptcy Laws

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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

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Overview

On March 10, 2005, the Senate passed S. 256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. President Bush signed the bill into law, which became effective on October 17, 2005. The following summary discusses changes in the consumer bankruptcy law affected by the bill. Unless otherwise noted, all references are to the United States Bankruptcy Code (“Code”). Either directly or indirectly, the content of the new law will have a material effect on consumer debt, real property transactions and home ownership.

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Overview

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