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Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 Research Guide

INTRODUCTION

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Public Law No. 109-8, 119 Stat. 23, April 20, 2005) (“Reform Act”) was nine years in the making and has been met with much support and much criticism. On October 17, 2005 the law will be fully effective. The Reform Act creates a new system that increases the proof necessary to qualify for filing for bankruptcy. Proponents of the Reform Act assert that its intent is to increase fiscal responsibility of individuals and business entities. Detractors believe the Reform Act will have an adverse financial effect on individuals who seek relief from debts caused by extenuating circumstances such as illness, divorce, or long-term unemployment.


Government Website Resource

  • United States Bankruptcy Court is the official government website of the U.S. Bankruptcy Court system. Includes information about fees, subpeona regulations, bankruptcy statistics, official bankruptcy forms and statistical reports.

Non-Profit Private Sector Website Resource

  • PCAOB (Public Company Accounting Oversight Board) is a private-sector, non-profit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.

 

BANKRUPTCY ABUSE PREVENTION AND CONSUMER PROTECTION ACT OF 2005

The Reform Act is the most recent revision of the Title 11 Bankruptcy Code (11 USC § 101 et seq). The passage of the Reform Act begins a new and challenging era in the evolution and development of bankruptcy law. The new law has made major substantive changes to Chapter 7 (Liquidation); Chapter 11 (Reorganization); Chapter 12 (Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income); and Chapter 13 (Adjustment of Debts of an Individual with Regular Income) of the Bankruptcy Code.

THE ACT

The text and redline versions of Public Law. No. 109-8 can be accessed through the following locations:

  • The Government Printing Office provides access to the full-text of the Reform Act.

  • Redline version. The international law firm Skadden, Arps provides a color coded redline version of Public Law 109-8 which shows line-by-line textual changes in the code.

  • House Judiciary Committee’s redline version of Public Law 109-8.
    The American Bankruptcy Institute provides access to the House Judiciary Committee’s version of the law. This document also shows the line-by-line textual changes in the code.

SECONDARY RESOURCES

Reports and Treatises

For a detailed analysis and discussion of the new requirements for filing bankruptcy under the Reform Act, see the following reports.

  • 2005 Bankruptcy Reform Legislation with Analysis. (William H. Brown, 2005). [KF1511.597 .B76 2005,]. Frequently referred to as the "Green Book" by practitioners, this West publication contains the effective dates of the amendments to the code, checklists outlining new procedural duties, a section on new exemptions, exclusions and asset protection, and an illustrative red-lined treatment of the amended code.

  • The New Bankruptcy Code: The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. (Sally M. Henry, ed., 2005). [KF1511.597 .H46 2005,]. Published by the American Bar Association, this 426 page resource contains the full-text of the revised code, along with a checklist of key changes and effective dates.

  • Bankruptcy Reform Act Briefing Special Report: Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. This eight-page publicly accessible pamphlet, published by CCH, summarizes the changes to the code and comments on how the law will affect individuals seeking debt relief through filing for bankruptcy. It also contains an “effective dates” chart as different portions of the act have different effective dates.

  • Bankruptcy Abuse Prevention and Consumer Protection Act of 2005: Law and Explanation. (Sheila M. Williams & George M. Basharis, 2005). [KF1511.597 .W55 2005,]. Also published by CCH, this resource contains “(1) a comprehensive explanation of the Act, (2) full text of the legislation, (3) selected committee reports and other legislative history,” (4) “a table of effective dates,” (5) “a table of statutes added or amended by the Act; and (6) “a table of studies and reports mandated by the Act.”

  • The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005: with Analysis (Alan N. Resnick & Henry J. Sommer, eds., 2005).
    [KF1511.597 .R47 2005,]. This analysis, written by the editors of Collier on Bankruptcy explains the changes to each section of the code and also provides references to the applicable sections of Senate Bill No. 256 (Public Law 109-8). The publication begins with a 38-page Section-by-Section Analysis of the provisions of the code, followed by a Table of Amendments and the full-text of the revised code.


  • Lexis/Nexis has a link entitled “2005 Bankruptcy Legislation” that provides access to “the slip law, bill tracking report, congressional transcripts, votes and related news articles.” Lexis/Nexis login and password required.

  • Understanding Bankruptcy Reform 2005. (David J. Light, 2005). [KF1511.597 .L54 2005]. This publication provides information to assist consumer bankruptcy attorneys in understanding the provisions contained in the revised bankruptcy code. The author presents the information in a manner that follows the traditional progression of a consumer bankruptcy case.

  • Norton Bankruptcy Law and Practice 2d. [KF1524 .N67 1993]. The supplement to volume 8 (behind the Red Supplement tab) “contains all of the immediately effective revisions made by the Bankruptcy Abuse Prevention and Consumer Protection Act (Pub. L. No. 109-8) to the Bankruptcy Code.” No analysis of the Reform Act is included in this section.

    LexisNexis file BKRTCY;NORTON contains the full text of Norton Bankruptcy Law and Practice. Lexis/Nexis login and password required.

    Westlaw     file NRTN-BLP contains the full text of the 12-volume treatise, Norton Bankruptcy Law and Practice.
    *Note*     Westlaw file text is the January, 2008 released 3rd edition .*

  • Bankruptcy Law Reporter (BNA) [KF1520 .B63]. Updated bankruptcy loose-leaf providing current information about developments in state and federal bankruptcy law. Includes coverage of significant legal, legislative, and regulatory developments.
    Electronic version with full text available from BNA here, [KF1520 .B63 Electronic]

    LexisNexis file BNA;BNABKY contains the full text of the Bankruptcy Law Reporter. Lexis/Nexis login and password required.

  • Collier on Bankruptcy (by Lawrence P. King, editor-in chief, 1996). [KF1524 .C6 1996]. Ten volume set on bankruptcy containing analysis of statutory and procedural bankruptcy law. Provides history and overview of bankruptcy legislation and other specialized topics such as professional responsibility and mediation. Also provides analysis of bankruptcy code, rules and commercial forms, exemptions and taxation.

    LexisNexis file BKRTCY;COLBKR contains the full text of Collier on Bankruptcy. Lexis/Nexis login and password required.

  • West's Bankruptcy Reporter (Primary Law Resource), [KF1515 .A2 W47]. Covers bankruptcy decisions of the U.S. Bankruptcy and District Courts as well as decisions of the U.S. Supreme Court and Courts of Appeals that appear in the Federal Reporter and Supreme Court Reporter.

  • United States Law Week(BNA: News and Current Awareness) [KF105 .U6]. 2 volume publication providing highlights and annotations of significant court cases and key legislative, regulatory, and pre-decisional developments. Volume 1 contains Supreme Court decisions. Volume 2 contains abstracts of important lower federal and state court opinions.
    Electronic version with full text available from BNA here, KF105 U6 Electronic  

  • The American Bankruptcy Institute also has a section of its website dedicated to information on the Reform Act.
    Click here to access this well rounded compilation of resources available on the Reform Act.

  • The Cornell Legal Information Institute also provides an overview of bankruptcy law including links to related federal and state statutes, state judicial decisions, conventions and treaties, and key internet sources.
    Click here to access this very informative, public website on the diverse aspects of Bankruptcy Law.

  • FindLaw links to bankruptcy law sources including web guides, news cases, and law firm articles.
    Click here to access this very useful commercial website.

  • HierosGamos provides comprehensive information about worldwide laws and governments. The website includes directories for law schools, legal postions for career and extensive profiles on law firms.
    Click here to view this extremely helpful website.

  • “President Signs Bankruptcy Overhaul: Most Provisions Effective October 17, 2005.” The text of this American Bankruptcy Institute article lists the provisions that are currently effective.


Journal Articles

The Reform Act places tighter restrictions and requirements on the process of filing for bankruptcy and seeking discharge or reorganization of debts. As its title suggests, one of the goals of the law is to reduce and deter abusive filing practices by first creating preliminary criteria and other requirements that must be met by the debtor and their counsel. Under the new law, individuals and businesses that seek debt relief through bankruptcy must satisfy a number of pre-filing criteria.

The In-Depth Research Guide Finding Journal Articles can assist the researcher with locating articles on the topic of Bankruptcy Reform.

Here is a brief list of journal articles and resources that discuss the new requirements:

LEGISLATIVE HISTORY OF THE REFORM ACT

The researcher can also look at the legislative history of the Reform Act in order to interpret the language and the congressional intent behind its passage. The In-Depth Research Guide Legislative History explains the types of documents and methods involved in compiling a legislative history of a statute.

Earlier versions of the Reform Act date back to the 104th Congress, 2nd Session (1996) with the Senate’s consideration and passage of Senate Bill 1559. A comprehensive legislative history of Public Law No. 109-8 will include the earlier versions of the Reform Act.

Compiled Legislative Histories

Access the legislative history of Public Law No. 109-8 through the following resources:

  • Lexis/Nexis
    Legislative History of Public Law 109-8. You must have a Lexis/Nexis password before you can access this database and view the full-text.

  • WestLaw
    BKRA-LH - Bankruptcy Reform Act Legislative History provides access to congressional committee reports setting out the legislative history of congressional bills and public laws relating to bankruptcy reform beginning with the proceedings of the First Session of the 105th Congress (1997). The BKRA-LH database also contains Presidential Signing Statements issued at the time the President signs a bill into law.

    BKRA-USCCAN - Bankruptcy Reform Act USCCAN database provides access to documents relating to bankruptcy reform from the U.S. Code Congressional and Administrative News (USCCAN). Coverage begins with 1997.

    USCCAN – United States Code Congressional and Administrative News provides selective reprinting of Congressional documents.
    • Click “Find”
    • Enter “PL 109-8”
      The left margin provides links to legislative history documents – bill drafts, reports, congressional record and testimony. You must have a WestLaw password before you can access the databases.

Committee Reports

  • BANKRUPTCY ABUSE PREVENTION AND CONSUMER PROTECTION ACT OF 2005, H.R. REP. NO. 109-8, pt. 1 (2005).
    • This 602-page Report of the Committee on the Judiciary of the House of Representatives contains majority, dissenting and minority views concerning the Reform Act. View the Table of Contents which is linked to specific sections of the Report. You can view the full-text of the report here.

Floor Debate

  • The floor debates were held from February 28, 2005 – March 10, 2005. To view an account of the House and Senate floor proceedings for the 109th Congress go to the thomas.loc.gov website and follow the path:

    • Search Congressional Record > in the “Word/Phrase” box type Bankruptcy Abuse Consumer Protection Act of 2005 > Search. This search retrieves links to articles and transcripts of floor proceedings.

Other


Revised 11/06 (VF)