Hurricane Katrina Aftermath - ABI Email Blast
Excerpt from an email sent from the American Bankruptcy Institute that continues the Katrina bankruptcy conversation.
****************
"HURRICANE KATRINA AFTERMATH
Fifth Circuit Extends Emergency Order
The U.S. Court of Appeals for the Fifth Circuit has issued an emergency order detailing its operations in the immediate future. The court system has been closed since Aug. 26 due to Hurricane Katrina.
All bankruptcy filing deadlines are extended until Oct. 10, 2005. Trial and hearing dates will be rescheduled at a later date.
For questions regarding the local U.S. Trustees Office, go to www.usdoj.gov/ust/r05
Congress Considers Katrina Bankruptcy Relief Legislation
House Judiciary Committee Ranking Member Rep. John Conyers (D-Mich.) and 27 additional Democratic co-sponsors introduced legislation on Sept. 8 to provide bankruptcy relief for victims of Hurricane Katrina. H.R. 3697, the "Hurricane Katrina Bankruptcy Relief and Community Protections Act of 2005," is designed to provide flexibility in BAPCPA for victims of natural disasters. Senator Russ Feingold (D-Wis.) and 14 other Democratic senators, introduced similar legislation in the Senate. Because provisions in existing law already allow courts to grant exceptions for "special circumstances," congressional action is uncertain.
The new bills would provide a one-year grace period for hurricane victims. Cases filed within one year of the effective date of the new law by people who live in the natural disaster area declared by the President will be handled under the law in effect on Aug. 29, 2005-- the date of the hurricane.
While focusing on the problems of individual debtors, the bill gives the courts additional flexibility to extend the deadlines for small business seeking to reorganize under chapter 11.
Find Disaster Relief Links on ABI's Katrina Page
The ABI World homepage contains links to ways that members can assist victims of Hurricane Katrina [http://www.abiworld.org/katrina.html]. Listed are local legal charitable organizations, offers of office space donations, court links and messages from ABI members in the region. The site is updated daily.
Banking and Credit Unions Testify on Katrina Relief Tomorrow
Banking and credit union industry representatives from Louisiana and Mississippi are scheduled to testify tomorrow at a House subcommittee hearing on efforts to improve hurricane victims' access to financial resources, CongressDaily reported today. Lawmakers, regulators and banking industry groups have noted that many hurricane evacuees have lost their personal identification and financial records. "While regulatory agencies and financial institutions are working together to ensure victims' cash and credit are readily accessible, we in Congress must immediately provide the tools these institutions need to continue this vital effort," Financial Services Financial Institutions Subcommittee Chairman Spencer Bachus (R-Ala.) said today. Bachu's panel is considering several legislative ideas for helping victims of Katrina, such as increasing deposit insurance coverage limits, easing prompt corrective action requirements for financial institutions whose capit al levels have temporarily dropped because of the hurricane, and providing indemnity for institutions that accept checks from consumers with limited identification." - American Bankruptcy Institute
****************
