- Allows bankruptcy judges to modify terms of primary residence mortgages, something already allowed for investment properties and vacation homes.
- Extends window over which debts must be paid under Ch. 13 Bankruptcy past the current 3-5 years for primary residences, something already allowed for farms.
- Cancels the ridiculous requirement that those who seek bankruptcy protection must first obtain credit counseling. This is generally a stupid and pointless hurdle, and especially so if one is facing a rather fast foreclosure process.
The first one is the key thing, and will potentially allow bankruptcy judges to redo absurd loan terms and help people stay in their homes.