BARF passed...now what????

[Shrike1070]

What is the name of your state? CO

Not that it was a big surprise or anything, but the bankruptcy reform act passed this afternoon. When will it be sent over to Bush to sign?

How long will it take for the different parts to go into effect? How will it affect someone like me who is still in the "going to consultations" phase of this whole thing. I figure the immediate impact is that the prices will go up to retain an attorney will go way up as demand goes up to file before the 6 month period is up!!!!

 

[absconder]

Read the law as in its final draft Im sure thousands of attorneys are waiting. Dont think congresses final draft is it only after the POTUS signs it is it final.

 

[Ladynred]

Some provisions go into effect as soon as Shrub signs the damn thing.(I hope his signing hand shrivels up and falls off !!)

Most of the rest of it goes into effect 6 months after its signed into law.
If you file before then, you will be filing under the current law - more or less. If you have a house and will use the homestead exemption it could be trouble for you.

Shrub is expected to sign it next week.

 

[Shrike1070]

I don't have a home so I don't think that provision will harm my case once I do file. And I certainly haven't hid any money anywhere. The only thing that could delay or get me into trouble is that I have made a lot of payments to creditors in the last 90 days which might cause me to wait. And now I know that I can't do that with this new law forcing everybody and anybody to file in order to get grandfathered in.

I'm just worried now that the attorneys will be so overwhelmed that they will raise prices through the roof for representation. And how will this impact the trustees? Boy, they're going to be a real joy to deal with for the next six months!