Additional Provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act
When President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act into law in 2005, both individuals and businesses were affected by the myriad changes which the Act brought. However, those most affected were people considering a Chapter 7 bankruptcy filing. The Act was primarily intended to prevent debtors who possessed the means to pay according to renegotiated terms from obtaining the discharge granted by Chapter 7. In addition, BAPCPA included many provisions that had significant effects on American bankruptcy laws.
Whether you have questions regarding how BAPCPA might affect your ability to file for Chapter 7 bankruptcy protection or other concerns, we can help. Contact the West Palm Beach bankruptcy lawyers of Eric N. Klein & Associates, P.A., at 561-353-2800 to speak with a qualified attorney about your situation.
Significant Provisions
The extensive array of changes which were instituted by the passage of BAPCPA cannot be fully represented here, but the following are some of the significant provisions which were introduced:
- Creation of the means test to determine eligible debtors according to state median income
- Finding a debtor “abusive” if they fail the means test (i.e. exceed the state median income)
- More stringent requirements for filing bankruptcy notifications
- Decreased ability to avoid liens on property
When you are unsure of how these provisions or other bankruptcy laws will affect you, you should contact an experienced bankruptcy attorney who will be able to help you.
Contact Us
Bankruptcy can be confusing, especially when you are unsure what kind of bankruptcy protection you may be able to seek. At Eric N. Klein & Associates, P.A., our West Palm Beach bankruptcy attorneys are dedicated to making sure you have the support, advice, and knowledge you need to make informed decisions. Contact us by calling 561-353-2800 to enlist the aid of a qualified lawyer today.
