Bankruptcy Law Technical Corrections Act of 1997

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.