Legal Question in Bankruptcy in Florida

New bankruptcy laws

I know that the bankruptcy laws will be changing in 2003 if the reform bill passes. I have some questions in regards to this as I am currently contemplating filing chapter 7. I have looked over the bill and what the bill will accomplish, I have problems discerning when it will take effect if it passes. I found in the bill 2 different effective dates, the first the enactment date, the second states that it will take effect 180 days from the enactment date. The enactment date is when the president signs it into law, so when will the new bankruptcy provisions be effective if it passes?

Also debtors with an income that is equal to or below the median income for their state would be exempt from the means-test restrictions, such a debtor would meet a safe harbor preventing dismissal based on the debtors ability to repay the debt. Does this mean that someone under the median income of the state they reside in, even if they may have just enough to repay the 25%, would not have to repay and could complete chapter 7 without it being dismissed or converted to chapter 13?


Asked on 10/17/02, 8:13 pm

1 Answer from Attorneys
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: New bankruptcy laws

The bill will be effective 180 days after it is signed into law. If you are going to file what's the difference as to the means test. You should consult with competent counsel and file under the then old law.

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Answered on 10/23/02, 8:12 pm


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