[CLBS] Effective Date of Bankruptcy Changes

Mon Mar 30 17:56:29 MDT 2020

The effective date is the date of enactment, ie. 3/27/20.

> Steven L. Taggart
> Attorney at Law
> MAYNES TAGGART PLLC
> 525 Park Avenue, Suite 2E
> Idaho Falls, ID 83402
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> On Mar 30, 2020, at 3:06 PM, clbs-request at admws.idaho.gov wrote:
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> Today's Topics:
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>   1. Re: Covid Stimulus Bill Changes Bankruptcy Code
>      (Matthew Christensen)
>   2. FW: Commercial Law and Bankruptcy Section ListServ (Patrick Geile)
> 
> 
> ----------------------------------------------------------------------
> 
> Message: 1
> Date: Thu, 26 Mar 2020 18:42:54 +0000
> From: Matthew Christensen <mtc at angstman.com>
> To: Patrick Geile <PGeile at foleyfreeman.com>, "clbs at admws.idaho.gov"
>    <clbs at admws.idaho.gov>
> Subject: Re: [CLBS] Covid Stimulus Bill Changes Bankruptcy Code
> Message-ID:
>    <MWHPR16MB0045A7F9FE6EFD82C8E0C53CC2CF0 at MWHPR16MB0045.namprd16.prod.outlook.com>
>    
> Content-Type: text/plain; charset="utf-8"
> 
> Does anyone have good information on the effective date of the legislation?  I can't find it easily in the draft bill (800 pages!!).  Is this something that'll be immediately effective - or effective on a later date?
> 
> Matt
> 
> 
> -----Original Message-----
> From: CLBS <clbs-bounces at admws.idaho.gov> On Behalf Of Patrick Geile
> Sent: Thursday, March 26, 2020 8:31 AM
> To: clbs at admws.idaho.gov
> Subject: [CLBS] FW: Covid Stimulus Bill Changes Bankruptcy Code
> 
> Good Morning,
> 
> Below are some important changes to the SBRA and chapter 13?s among others.  Thanks Judge Pappas for forwarding this on.
> 
> Colleagues, Our Legislative Committee reports that the stimulus bill that will hopefully get passed this afternoon by the Senate contains changes to
> 
> [Image removed by sender.]
> 
> 
> 
> Colleagues,
> Our Legislative Committee reports that the stimulus bill that will hopefully get passed this afternoon by the Senate contains changes to the Bankruptcy Code to assist small business debtors and all individual debtors. The House of Representatives will have to take up the bill shortly after the Senate passage; however, the Committee understands that while the House may want to add a liberalized homestead provision, the leadership is on board with these changes.
> 
> Here is a summary of those provisions, all of which sunset after one year:
> 
> ? Amends the Small Business Reorganization Act to increase the eligibility threshold to file under subchapter V of chapter 11 of the U.S. Bankruptcy Code to businesses with less than $7,500,000 of debt.
> 
> ? Amends the definition of income in the Bankruptcy Code for chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as ?income? for purposes of filing bankruptcy.
> 
> ? Clarifies that the calculation of disposable income for purposes of confirming a chapter 13 plan shall not include coronavirus-related payments.
> 
> ? Explicitly permits individuals and families currently in chapter 13 to seek payment plan modifications if they are experiencing a material financial hardship due to the coronavirus pandemic, including extending their payments for up to seven years after their initial plan payment was due.
> 
> Laurel Isicoff
> NCBJ 2019-2020 President
> 
> 
> 
> ?2020 NCBJ | 954 La Mirada, Laguna Beach, CA 92651
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> ------------------------------
> 
> Message: 2
> Date: Mon, 30 Mar 2020 21:06:34 +0000
> From: Patrick Geile <PGeile at foleyfreeman.com>
> To: "clbs at admws.idaho.gov" <clbs at admws.idaho.gov>
> Subject: [CLBS] FW: Commercial Law and Bankruptcy Section ListServ
> Message-ID:
>    <BY5PR19MB3827D0E5C6A8DEC1CC28434EA8CB0 at BY5PR19MB3827.namprd19.prod.outlook.com>
>    
> Content-Type: text/plain; charset="us-ascii"
> 
> Please review the attached Notice.
> 
> 
> 
> Patrick J. Geile
> Foley Freeman PLLC
> (208) 947-1563
> 
> From: Cahoon, Brett R. (USTP) <Brett.R.Cahoon at usdoj.gov>
> Sent: Monday, March 30, 2020 3:05 PM
> To: Patrick Geile <PGeile at foleyfreeman.com>
> Subject: Commercial Law and Bankruptcy Section ListServ
> 
> Patrick,
> 
> Will you please send the attached Notice to the Commercial Law and Bankruptcy Section mailing list? Thanks.
> 
> Respectfully,
> 
> Brett R. Cahoon
> Trial Attorney
> U.S. Department of Justice
> Office of the United States Trustee
> 720 Park Blvd., Ste. 220
> Boise, ID 83712
> (208) 334-1300 x 2226
> 
> This message and any attachments are intended only for the addressee and may contain information that is privileged, "Limited Official Use," or "Sensitive But Unclassified."  If the reader of the message is not the intended recipient, then any dissemination of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to this e-mail message or by telephone at the number above, and delete the message and any attachments from your system. Thank you.
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> End of CLBS Digest, Vol 155, Issue 8
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