Bankruptcy Amendments Act of 1994

Title I: Improved Bankruptcy Administration

Title II: Commercial Issues in Bankruptcy

Title III: Consumer Bankruptcy Issues

Title IV: Bankruptcy Review Commission

Title V: Technical Corrections

Title VI: Severability; Effective Date; Application of

Amendments

Bankruptcy Amendments Act of 1993 - Title I: Improved Bankruptcy Administration - Amends Federal bankruptcy law with respect to expedited hearings on a motion to lift an automatic stay; (2) the expedited filing of plans under chapters 11 and 12; and (3) expedited procedure for reaffirmation of debts.

(Sec. 105) Permits bankruptcy court judges to hold status conferences and to issue case limitations and conditions at such conferences.

Amends the Federal judicial code to mandate that the judicial council of a circuit establish a bankruptcy appellate panel service composed of district bankruptcy judges in the circuit, subject to the consent of all parties. Sets forth appeals guidelines.

(Sec. 106) Permits bankruptcy administrators (in a State in which the bankruptcy system is administered by a Bankruptcy Administrator instead of a U.S. Trustee) to preside at meetings of creditors and equity security holders, and to examine the debtor at creditors' meetings.

(Sec. 107) Amends the Bankruptcy Code to include within the definition of "person" pension benefit guarantors and legal or beneficial owners of an asset of an eligible deferred compensation plan or of a governmental employee pension benefit plan (thus enabling such persons, State pension funds, and the Pension Benefit Guaranty Corporation to serve on creditors' committees).

(Sec. 108) Revises current guidelines to permit increases in the incentive compensation for bankruptcy trustees.

(Sec. 109) Increases the dollar limitations and debt limits applicable to specified bankruptcy procedures (thus enlarging the range of debtors eligible to repay debts over a period from regular income Chapter 13 debtors, and accounting for inflation since 1978).

(Sec. 110) Conforms the premerger notification provisions of the Bankruptcy Code to the requirements for antitrust review of transactions under the Clayton Act.

(Sec. 111) Entitles members of Chapter 11 bankruptcy reorganization committees to reimbursement for actual and necessary expenses.

(Sec. 112) Directs the Judicial Conference of the United States to report to the Congress on efforts to automate and computerize the bankruptcy courts and provide necessary information about the commencement of the case in bankruptcy.

(Sec. 114) Requires the U.S. trustee, at the conclusion of any meeting of creditors or equity security holders, to examine the debtor orally and record his or her knowledge of the consequences of filing for bankruptcy.

(Sec. 115) Provides that the automatic stay provisions of bankruptcy law do not operate against the Internal Revenue Service (thus permitting it to continue to monitor and audit a debtor who has filed for bankruptcy protection).

Title II: Commercial Issues in Bankruptcy - Establishes the legal parameters under which a business debtor (or a party in interest) may elect to convert the case to expedited bankruptcy proceedings customized to small businesses.

(Sec. 202) Sets forth automatic stay guidelines regarding proceedings against a debtor's single asset real estate.

(Sec. 203) States that the right of a party with a security interest in certain aircraft equipment, maritime vessels, or railroad rolling stock equipment to take possession of such equipment or vessels in compliance with an equipment security agreement is not affected by the automatic stay or property use or sale provisions of the bankruptcy code or by any injunctive power of the bankruptcy court, except in specific circumstances.

(Sec. 204) Requires a trustee, under Chapter 11, to perform the debtor's obligations which arise pursuant to an order for relief under an unexpired lease of personal property until the lease is assumed or rejected.

(Sec. 205) Sets forth guidelines for: (1) the protection of assignees of executory contracts and unexpired leases approved by court order in cases reversed on appeal; (2) the protection of security interests in post-petition rents; (3) the withholding of post-petition debtor's income for certain retirement plan loan repayments; (4) indenture trustee compensation; (5) return of goods; (6) a debtor's interests in the proceeds of money order agreements; (7) liability limitations with respect to noninsider transferees for avoided transfers; (8) executory contracts for airport gate leases and (9) maintenance and continued perfection of a secured creditor's position; (10) nondischargeability of credit card loans to pay nondischargeable taxes; and (11) injunctions requiring Chapter 11 debtors to pay insurance benefits to retired employees.

Title III: Consumer Bankruptcy Issues - Permits a Chapter 13 debtor to cure a home mortgage default on its principal residence before its foreclosure sale.

(Sec. 302) Declares certain criminal fines nondischargeable under a Chapter 13 proceeding.

(Sec. 303) Provides that a petition in bankruptcy does not operate as an automatic stay with respect to an action or proceeding for: (1) the establishment of paternity; or (2) the establishment or modification of an order for child or spousal maintenance or support.

Includes within the priority list of expenses and claims that are to be paid by the bankrupt estate any claims for child or spousal support pursuant to a court order. Declares that a debtor in bankruptcy may not avoid a judicial lien that secures a debt for child and spousal support or maintenance. Prohibits a bankruptcy trustee from avoiding a transfer that was a bona fide payment of a debt for child or spousal support or maintenance pursuant to a court order.

Permits child support creditors to appear and intervene without charge, and without meeting any special local court requirement for attorney appearances, in any bankruptcy proceeding in any bankruptcy or district court upon filing a court form detailing the status of the child support debt.

(Sec. 304) Sets forth civil penalties for the negligent or fraudulent preparation of bankruptcy petitions by bankruptcy petition preparers for compensation.

(Sec. 306) Declares that a trustee's plan may not modify the claim of a person holding a primary or a junior security interest in real property or a manufactured home that is the debtor's principal residence, except a junior security interest claim where the interest was undersecured at the time it attached (to the extent that it remains undersecured).

(Sec. 307) Sets forth additional conditions on the ability of a creditor to seek satisfaction of a debt from a codebtor or a debt stayed under Chapter 13.

(Sec. 309) Authorizes a bankruptcy court to award professional fees according to prescribed guidelines for specified bankruptcy-related services.

(Sec. 310) Mandates that mortgage instruments specifically state whether arrearages on the loan are subject to interest payments (thus placing the mortgagor on notice).

Title IV: Bankruptcy Review Commission - National Bankruptcy Review Commission Act - Establishes the National Bankruptcy Review Commission to investigate and report to the Congress, the Chief Justice, and the President on issues relating to business bankruptcies.

(Sec. 410) Authorizes appropriations.

Title V: Technical Corrections - Makes technical and conforming corrections to the Bankruptcy Code.

Title VI: Effective Date; Application of Amendments - Sets forth the effective date of this Act. Makes it inapplicable to bankruptcy cases commenced before its enactment.