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Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog
Chapter 7
2005 Bankruptcy Abuse Prevention and Consumer Protection Act
What is the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, and how did it affect those filing for Chapter 7 and Chapter 13 bankruptcy?The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) was signed in to law by George W. Bush. It is a series of amendments to federal bankruptcy law that makes it more difficult to declare bankruptcy and that better prevents those who are able to pay their debts from petitioning for Chapter 7 bankruptcy. The new bankruptcy law made it harder for both businesses and individuals to declare bankruptcy.
The bankruptcy amendments prevented those with high incomes from declaring Chapter 7 bankruptcy though it still offers the Chapter 13 bankruptcy option. The new law also allows a judge to dismiss a Chapter 7 bankruptcy petition if he or she thinks that the debtor in question is abusing the system.
The best way to navigate the new bankruptcy laws is to talk to an experienced bankruptcy lawyer.
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