NO CLE - ABI-Live: Does the Math Check Out? Subtracting Chapter 13 and Chapter 7 and Adding Chapter 10 under the Consumer Bankruptcy Reform Act of 2020

Sponsored by the Consumer Bankruptcy Committee
On December 9, Senators Elizabeth Warren (D-Mass.), Dick Durbin (D-Ill.) and Sheldon Whitehouse (D-R.I.) and Representatives Jerrold Nadler (D-N.Y.) and David Cicilline (D-R.I.) introduced the Consumer Bankruptcy Reform Act of 2020. The Act proposes a fundamental reform of the consumer bankruptcy process under the Bankruptcy Code, with the goal of making the process easier, less expensive, and more equitable. Among other things, the Act proposes to replace chapter 13 and chapter 7 with a new chapter 10 that simplifies the consumer bankruptcy process and provides flexibility in terms of the consumers’ retention of assets and commitment of income toward the repayment of claims. Please join our panel in a discussion of the Act’s highlights, including their initial impressions on the contrast between current processes under chapters 7 and 13 and the proposed processes under chapter 10.