West Palm Beach Bankruptcy Attorney
New Requirements Under BAPCPA
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), passed in 2005, created several new requirements for bankruptcy. These new requirements are meant to make the process of filing for bankruptcy more difficult to accomplish. Knowing these requirements, however, can help you get through them more readily.
Some of these requirements include:
- Credit counseling and debtor education: This process must be done through an approved nonprofit budget and credit counseling agency. A debtor education course must then be completed after filing.
- More paperwork: The law has increased the number of requirements in paperwork. This makes it more difficult to get through everything.
- Fewer automatic protections: Some of the protections that filers had previously have been terminated by this law. These include things like stopping or delaying eviction, avoiding driver’s license suspension, and delaying child support.
- Increased debt repayment under Chapter 13: This law increased the amount of debt that has to be paid back when you file under Chapter 13. Also, the “super discharge,” which allows filers to discharge a great deal of debt in return for agreeing to a payment plan, is curtailed greatly.
- Increased time between discharges: Whereas filers used to be able to receive a Chapter 7 discharge 6 years after their last one, it now takes 8 years before you can file again.
Contact a West Palm Beach Bankruptcy Attorney
Bankruptcy is a difficult process to go through, and is getting more difficult. If you or someone you know is considering filing for bankruptcy, please contact the West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates at 561.353.2800.
