1.Click anywhere in the box below & press Control A to select all.The passage of 2005’s Bankruptcy Abuse Prevention and Consumer Protection Act (AKA “BAPCPA”)…is what’s commonly called the “new bankruptcy law,” even though it was more a collection of laws.
BAPCPA brought sweeping changes to who could file for bankruptcy.
Primarily, it introduced a complicated “means test” that now disallows many high income debtors to file for Chapter 7 bankruptcy…instead, many debtors must now file for Chapter 13.
While this may be bad news to many debtors…the majority of people who file for bankruptcy still are Chapter 7 cases.
The question is, did the new bankruptcy law affect the REAL number of people who would be filing for Chapter 7 if BAPCPA had not been passed?
More on the news soon on the new bankruptcy law.
Filing Chapter 7 Bankruptcy...
Types of Bankruptcy...
High Income Debtors and Chapter 7 Bankruptcy...
File Chapter 7 Bankruptcy...
Bankruptcy filings for the last 12 months…...
“Debt-on-debt ultimately ends up in bankruptcy.”...
Have Consumers Been Living Beyond Their Means?...
Filing Chapter 7...
Reforming The Bankruptcy Laws…...
Will You End Up Paying For Personal Bankrutpcies...
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China’s new bankruptcy law has a much broader application and it mirrors the modern bankruptcy laws of other countries, particularly the United States. The new law applies to all legal entities, including foreign invested enterprises (FIEs), such as WFOEs and JVs, though it does not apply to individuals.
Now the “means tests” are also becoming easy to pass, so most of debtors still go for filing chapter 7.
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