Legal Question in Bankruptcy in Indiana

Up and coming law changes

Has there been a date determined that the new bankruptcy laws will come into effect? I have heard that the effective date keeps getting pushed back by congress. The last date I heard was October 1,2002. Is this still the effective date? or was it ever?


Asked on 8/07/02, 2:22 pm

2 Answers from Attorneys
John Bator Bator Redman & Shive

Re: Up and coming law changes

The new legislation has been tabled until September-it appears that passage will be difficult given the recent developments with Enron and WorldCom. Nothing is certain and the bill can be revived especially in light of the tremendous amount of money the credit card companies have spent-the conference committee has resolved all their differences so it is possible it could still pass this year. However, many of the undecideds may change their vote.

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Answered on 8/08/02, 5:10 pm
Dorene Philpot Philpot Law Office

Re: Up and coming law changes

The new bankruptcy law changes appear to be dead, as of the last news report.

Even if they do pass, it will take 180 days before they would go into effect, AFTER the president signs them into law.

So, if you're thinking about filing for bankruptcy protection, there's no big rush at the moment.

Hope this information helps!

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Answered on 8/07/02, 5:38 pm


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