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What is changed in bankruptcy laws under the CARES act?
Congress made a few important changes to the bankruptcy laws. Here’s a summary of what’s changed.

CAREs Act Changes to the Bankruptcy Code

Updated: 2020-08-02 by

Section 1113 of CARES ACT, Page ___

11 U.S.C. § 1182(1) the definition of a “debtor” is expanded.

  • Applicable to cases filed on or after enactment of the CARES Act.
  • Sunset provision one year after enactment.
  • Technical correction to 11 U.S.C. § 101(51D)(B)(iii)
 

11 U.S.C. § 101(10A)(B)(ii) is amended to add exclusion of income from payments relating to the national emergency with respect to COVID-19.

(10A)The term “current monthly income”—excludes—…
“(V) Payments made under Federal law relating to the national emergency declared by the President under the National Emergencies Act (50 U.S.C. 1601 et seq.) with respect to the coronavirus disease 2019(COVID–19).”
 

11 U.S.C. § 1325(b)(2) is amended to add exclusion of income from payments relating to the national emergency with respect to COVID-19.

For purposes of this subsection, the term “disposable income” means current monthly income received by the debtor (other than payments made under Federal law relating to the national emergency declared by the President under the National Emergencies Act (50 U.S.C. 1601 et seq.) with respect to the coronavirus disease 2019(COVID–19), child support payments, foster care payments, or disability payments for a dependent child made in accordance with applicable nonbankruptcy law to the extent reasonably necessary to be expended for such child) less amounts reasonably necessary to be expended—…
 

11 U.S.C. § 1329(d) is created to allow modification of a plan duration to 7 years.

1329(d)(1) Subject  to  paragraph   (3),  for  a   plan  confirmed  prior  to  the  date  of  enactment  of  this  subsection, the  plan  may  be  modified  upon  the  request of  the  debtor if-

  (A)  the  debtor  is  experiencing or has experienced a material financial hardship due, directly or   indirectly, to the coronavirus disease 2019 (COVID-19) pandemic; and

  (B)  the  modification  is  approved  after  notice and  a  hearing.

(2)  A plan  modified  under  paragraph  (1)  may  not provide for payments over a  period that expires  more than 7  years  after  the  time  that  the  first  payment  under  the original confirmed plan was due.

(3) Sections 1322(a),  1322(b), 1323(c), and  the requirements of sect ion 1325(a) shall apply to any modification under paragraph (1).

 

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Automatically apply the Washington County expense standards, and Florida income standards to your means test calculation.

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