Not one word needs to be changed
A fun message from a well-respected creditor's attorney:
Not one word needs to be changed! And it's not just the debtor-related provisions. Try to figure out when (and if) the stay lifts automatically under the changes to Sections 362 and 521. Is it 30 days or 45 days after the 341? (Is it x days after the first date set for the 341 or x days after the 341? There may be a difference and Congress has been clear about it before. They can't even get this straight this time and it's in the same section!) Does it matter whether the stated intention is surrender, reaffirm or redeem? What if a debtor expresses an intent to surrender and then surrenders a car within 30 days after the first date set for the 341? Does the stay lift automatically? It does if they don't surrender, but does it terminate if they do surrender? What happens in the gap between 30 and 45 days when a debtor still has time to enter into a reaffirmation agreement or to redeem but the stay terminated after 30 days because they hadn't done it yet? Who wrote this nonsense?
