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 ?
In an attempt to slow the increase in bankruptcies, the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act required that bankruptcy filers undergo mandatory credit counseling at their own expense and it raised the legal and administrative fees that households must pay in order to declare bankruptcy from an average of $921 before the reform to an average of $1,477 after the reform.
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.
Consumer bankruptcies have trudged ever upward, since their initial fall in the wake of the 2005 passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA).
Congress responded to intense lobbying by passing the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
Just a few short years ago, lawmakers overwhelmingly supported a giant reform bill, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), (1) based partly on the notion that bankruptcy judges had too much discretion and bankruptcy professionals were not to be trusted.
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.