Bankruptcy Reform Amendments Act of 1981

Bankruptcy Reform Amendments Act of 1981 - Amends Title 11 of the United States Code (Bankruptcy) to require, in joint cases of bankruptcy and in individual cases of married debtors whose estates are consolidated, both debtors to reach an agreement as to the property to be exempt pursuant to such Act. Directs that if the parties cannot agree on which alternative to be elected, they shall be deemed to have elected exemptions specified by such Act.

Limits the exemption for items held primarily for the personal, family, or household use of the debtor or a dependent of the debtor to not more than $3,000 in aggregate value.

Specifies that the plan for the full payment of all claims entitled to priority under such Act may not provide for payments over a period of more than five years.

Requires the bankruptcy court to confirm that such a plan represents a bona fide effort which is consistent with the debtor's ability to repay his debts, after providing support for himself and his dependents. Requires the court to confirm that such a plan extends for a period of five years, or provides for payments of at least 70 percent of allowed unsecured claims.

Requires, with respect to each allowed secured claim, if said value is to be paid in installments, that interest shall be paid at the rate specified in the consumer's contract.

Requires payments under plan to commence at the time of the filing of a plan. Directs such payments to be made to the trustee, and to be retained by the trustee until a plan is confirmed or not confirmed. Directs the trustee, if the plan is confirmed, to distribute the funds in accordance with the plan, and if it is not confirmed, to return the funds to the debtor after deducting the costs of administration.