Practical Bankruptcy after BAPCPA "Reform" Legislation (the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 - Public Law 109-8)
Daniel J. Herman of Daniel J. Herman ESQ.
As you have most likely heard, April 20th of 2005 President Bush signed the BAPCPA bankruptcy "reform" legislation into law. There was much press coverage and public speculation about the practical meaning of these pervasive legislative changes to the Bankruptcy Code, (Title 11 of the United States Code). Some critical portions of that legislation were immediately effective on April 20th, 2005, especially those where this new federal legislation pre-empted state constitutional homestead in states like Florida which allow exemption of potentially unlimited homestead value. The majority of the legislation became effective later, applying to bankruptcy cases filed October 17th, 2005, or thereafter.