Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

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Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

United States legislation that made it more difficult to file Chapter 7 bankruptcy, instead encouraging Chapter 13. It requires persons with incomes over the median income in their state to calculate their incomes relative to what are considered reasonable expenses. Those with incomes over a certain amount are not allowed to file Chapter 7, which would forgive all debts not repaid. This and some other provisions in the bill were specifically designed to make it more difficult to file bankruptcy in the United States.
References in periodicals archive ?
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 require a bankruptcy counseling certificate as a prerequisite for filing.
Integrating secured transactions, enforcement of judgments, and bankruptcy, this fourth edition text is updated with substantial reworking of the chapter on consumer bankruptcy, coverage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, and inclusion of the Chrysler and Iridium cases.
Bankruptcy filings spiked in October 2005--before the federal government enacted the Bankruptcy Abuse Prevention and Consumer Protection Act, a sweeping reform of U.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Bankruptcy Reform Act) required the federal judiciary's Administrative Office of the U.
The data further questions the merits of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
The original volume was revised and published just prior to the passing of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
It incorporates all of the major provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
On the July 11 Web cast of Tax Talk Today, an expert panel of Internal Revenue Service officials and tax experts discussed the impact of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 on the tax administration, particularly as it affects Chapter 7 and Chapter 13 bankruptcies for individual debtors with tax liabilities.
Bankruptcy filings, both consumer and business, soared in anticipation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), which was widely perceived to be less debtor-friendly than existing laws.
Although the Bankruptcy Abuse Prevention and Consumer Protection Act was signed into law in April 2005, many are still unaware of the changes and their potential impact To help you decipher the changes, we contacted the Financial Planning Association (www.
Pat Montero, an attorney in the Small Business/Self-employed (SBSE) division of the IRS Office of Chief Counsel, presented an overview of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which has "imposed a lot of additional duties on the debtor," she said.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (effective October 17, 2005) clarifies the rights of debtors and expands the protections their retirement assets have in federal bankruptcy proceedings.