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 ?
DAYTON, Ohio -- With the extensive changes brought about by the recently enacted Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the legal community, including business and consumer bankruptcy practitioners, is facing a great deal of uncertainty about the impact of this sweeping legislation.
October 17, 2005 the new Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 went into effect.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which will take effect on October 17, 2005, mandates that individuals filing for bankruptcy must undergo counseling prior to filing for bankruptcy and a financial education course prior to the discharge of debts.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the Act) makes some sweeping changes to the former bankruptcy law.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was originally designed to reduce fraud within the bankruptcy system and deter people from filing bankruptcy by adding more legal stipulations and stringently enforced deadlines.
This latest surge comes as consumers rush to file ahead of implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which was signed into law in March.
Of particular interest to this year's conference is the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which became effective October 17, 2005," said AICCCA President Dave Jones.
Approved organizations will provide the pre-filing counseling and pre-discharge education mandated by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
The Roundtable supports the flexible application of the "special circumstances" exception in the means test contained in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
A study by the leading provider of bankruptcy preparation software for attorneys indicates that at least 85% of debtors who file for bankruptcy under Chapter 7 would still be eligible for Chapter 7 when the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 goes into effect on October 17.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 passed by the Senate on March 10 was intended to stop people from using bankruptcy as a way to escape from debts they should not have incurred in the first place," said Foreclosures.
256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, sponsored by Senate Finance Committee Chairman Charles Grassley, R-Iowa.