New Law effective when?

[davio2shoes]

What is the name of your state? WV
Does anyone understand when the new law takes effect?
I understand most provisions take place only after 180 days (6 months) AFTER the law is passed.
But what portions (if any) take effect immedietly???
Ive heard it effects home owners but not sure.
We have a house co-owned by wife and ex worth 100,000 with morgages of 70,000 leaving HER with an equity of 15,000.
Will this be effected????
Below is the (I HOPE) text of the law.
Can anyone explain it...LOL.


SEC. 1406. EFFECTIVE DATE; APPLICATION OF AMENDMENTS.

(a) EFFECTIVE DATE- Except as provided in subsection (b), this title and the amendments made by this title shall take effect on the date of the enactment of this Act.

(b) APPLICATION OF AMENDMENTS-

(1) IN GENERAL- cept as provided in paragraph (2), the amendments made by this title shall apply only with respect to cases commenced under title 11 of the United States Code on or after the date of the enactment of this Act.

(2) AVOIDANCE PERIOD- The amendment made by section 1402(1) shall apply only with respect to cases commenced under title 11 of the United States Code more than 1 year after the date of the enactment of this Act.

TITLE XV--GENERAL EFFECTIVE DATE; APPLICATION OF AMENDMENTS

SEC. 1501. EFFECTIVE DATE; APPLICATION OF AMENDMENTS.

(a) EFFECTIVE DATE- Except as otherwise provided in this Act, this Act and the amendments made by this Act shall take effect 180 days after the date of enactment of this Act.

(b) APPLICATION OF AMENDMENTS-

(1) IN GENERAL- Except as otherwise provided in this Act and paragraph (2), the amendments made by this Act shall not apply with respect to cases commenced under title 11, United States Code, before the effective date of this Act.

(2) CERTAIN LIMITATIONS APPLICABLE TO DEBTORS- The amendments made by sections 308, 322, and 330 shall apply with respect to cases commenced under title 11, United States Code, on or after the date of the enactment of this Act.

[davio2shoes]

Am I wrong in reading the new law (printed above) that it takes effect 180 days AFTER it passes and is signed...EXCEPT for sections 308, 322, 330, and 1402(1)???

[Ladynred]

Correct, some provisions go into effect once Georgie-boy signs it. The rest won't be in effect until around October.

[davio2shoes]

so will sections 305, 322, or 330 have any effect on me?

[Ladynred]

sections 308, 322, and 330 shall apply with respect to cases commenced under title 11, United States Code, on or after the date of the enactment of this Act.

If you haven't filed yet, its possible. Those 3 sections deal with the homestead exemption.