The ABI Commission on Consumer Bankruptcy unveiled its final report of recommendations to identify updates to be made to the U.S. Bankruptcy Code and Rules so that the system is more accessible and efficient for both financially struggling Americans and the professionals who serve them. The Commission was created in December 2016 to research and recommend improvements to the consumer bankruptcy system that can be implemented within its existing structure. Professor Bob Lawless, a bankruptcy expert, was appointed as the reporter for the Commission, and has served in that role for the past 2.5 years.
After soliciting public feedback, Commission members identified nearly 50 discrete issues for study and divided these issues among three advisory committees composed of 52 bankruptcy professionals. The commissioners and committee members represent all diverse stakeholders in the bankruptcy system.
Some of the select issues addressed in the final report of recommendations include:
• Student loans in bankruptcy
• Remedies for discharge violation
• Protection of interests in collateral repossessed pre-petition
• Chapter 7 attorneys’ fees
• Attorney competency & remedying lawyer misconduct
• Credit counseling and the financial management course
• Means test revisions and interpretations
• Chapter 13 debt limits
• Racial justice in bankruptcy
• Reserve fund in chapter 13 cases
• Chapter 7 trustee compensation
Lawless moderated a live webcast of Commission leadership discussing the key recommendations in the final report on Friday, April 12th.
View the live webcast.
Register to receive a copy of the final report.