Key changes in the Bankruptcy Abuse Prevention Act 2005
What You Need To Know About Bankruptcy


Most of the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”) apply to bankruptcy cases filed o­n or after October 17, 2005. BAPCPA provides for:

  • A means test for chapter 7 eligibility based o­n the debtor’s income versus the state median income
  • Mandatory credit counseling
  • Mandatory debtor education
  • New homestead exemption rules
  • A new rule requiring consumers filing chapter 7 to wait eight years instead of six to file again
  • Dismissal of petitions for failure to provide a certificate of credit counseling
  • Increased reporting requirements for payments from employers for 60 days before the bankruptcy filing and a statement of monthly net income

A summary of major changes under the new bankruptcy law, written by American Bankruptcy Institute Executive Director Samuel Gerdano can be read at:

 

The American Bankruptcy Institute

 

 

 

The information contained o­n this website regarding bankruptcy is intended as an overview and is not intended to be comprehensive. Further, it is for informational purposes o­nly and is not to be considered legal advice. You should consult with an attorney for advice about your specific legal situation.
 
CCCS has been approved by the Executive Office for U.S. Trustees (EOUST) and is now able to offer Bankruptcy Counseling and Education nationwide. Our Bankruptcy Counselors are standing by ready to help consumers meet all of the new requirements.

* Approved to issue certificates in compliance with the Bankruptcy Code. Approval does not endorse or assure the quality of an agency’s services.

©2005 Consumer Credit Counseling Service of Greater Atlanta Inc.
A member of the CredAbility TM Network
100 Edgewood Avenue  Suite 1800  Atlanta, GA 30303
Atlanta, GA • West Palm Beach, FL • Knoxville, TN • Jackson, MS
1-800-251-CCCS (2227) -- All Rights Reserved
<