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 ?
A full transcript of the Web cast--titled "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)"--can be accessed at www.taxtalktoday.tv/index.cfm?page=5.71.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Bankruptcy Reform Act) made significant changes to the administration of bankruptcy relief, affecting (1) the U.S.
Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, individuals hoping to file a petition in U.S.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the Act) was signed into law on April 20, 2005, with the explicit intent of discouraging filings under the Bankruptcy Code.
This edition includes S corporation changes that resulted from the American Jobs Creation Act of 2004, the new domestic production deduction, provisions on deferred compensation, and Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 changes to retirement plans and IRAs.
The Service has issued a fact sheet (FS-2005-18) reminding debtors of their new responsibilities under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (P.L.
In light of cases like Havoco and Cuneo, it is no surprise that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (3) includes provisions to reduce eve-of-bankruptcy homestead maneuvering.
Borges spoke of some of the changes to preferences in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. "NACM really pushed for the ordinary course of business," Borges said, referring to the preference defense change in the law that benefits creditors.
For these, and numerous other issues related to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Bankruptcy Act) and its impact on current practices, businesses and financial advisors can now look to 2005 Bankruptcy Revisions: Implications for Businesses and Financial Advisors.
The recent passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is the culmination of more than a decade of bankruptcy reform debate in Congress.