Bankruptcy Law Technical Corrections Act of 1997 - Amends Federal bankruptcy law regarding: (1) definitions affecting family farms and creation of a lien; (2) periodic adjustments of dollar amounts; (3) extensions of time; (4) removal of Chapter 7 (liquidation) cases from the eligibility guidelines governing service as a trustee; (5) compensation for professional persons and the debtor's attorney; (6) the non-applicability of an automatic stay to the creation of a security interest by transfer that is non-avoidable by the trustee; and (7) assumption by the bankruptcy trustee of certain executory contracts with specified defaults, and of unexpired leases of aircraft facilities. Revises guidelines governing: (1) debtor avoidance of certain judicial liens; (2) exceptions to a discharge from debt and the effect of such discharge; (3) the liability of a transferee of an avoided transfer; (4) appointment of an elected trustee or examiner; and (5) payment for standing trustees pursuant to the judicial code. Amends the Bankruptcy Reform Act of 1994 to repeal the authorization for a 90-day continuation of membership on the National Bankruptcy Review Commission of certain Commission members who leave government office or, if they were not government officers or employees, become such.
Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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