The new median family income numbers used for determining whether a debtor can file a Chapter 7 bankruptcy went into effect today, November 1, 2010. The numbers are provided by the U.S. Census Bureau. The means test was one of the major changes that occurred as part of Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) [...]
bapcpa
Before the Home Affordable Modification Program (HAMP) came into existence if a client’s house was in foreclosure you had two basic options: Either file a Chapter 7 bankruptcy and give the house back to the creditor, or file a Chapter 13 and pay the arrearages though a Chapter 13 Plan. Very rarely would a creditor [...]
In my previous article, I discussed the purpose for which Chapter 13 bankruptcy was originally intended before the credit card lobby convinced Congress that people who file for bankruptcy are bad people. The October 2005 enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) saw the introduction of a new requirement to file [...]
“Bankruptcy: What is Chapter 13 Bankruptcy?” provides a general overview of a Chapter 13 bankruptcy. But exactly how does Chapter 13 bankruptcy work? Will I be able to keep my house? My car? These are questions that I hear often from clients who are considering their bankruptcy options. This article discusses the purpose for which Chapter 13 [...]
You really have to hand it to Congress. When they want to protect the consumer they really know how to do it. Remember how the Bankruptcy Abuse Prevention Consumer Protection Act was supposed to protect consumers? Yeah, right! For the past five years, I’ve been looking for any evidence of consumer protection in this Act. [...]
Bankruptcy has an official secrets law and it is contained in section 526 of the bankruptcy code. A lawyer can not advise a client to take out a new loan before filing bankruptcy. The Bankruptcy Abuse and Consumer Protection Act of 2005 includes this rule and I am going to break it legally. Why would [...]
