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Bapca

The BAPCA is the Bankruptcy Abuse Prevention and Consumer Protection Act. This act passed in 2005 and went into law on April 20, 2005 by President Bush. The law governs all bankruptcies that were filed on or after October 17t, 2005. The goal of this act was to make it more difficult for individuals to file bankruptcy fraudulently. Those seeking bankruptcy reliefs are still able to file for it, but there are now stringent limitations on how it is obtainable, how often it may receive filing and who can obtain it. It is a law pushed through by banks and credit card companies who were struggling under the ever-increasing number of people filing bankruptcy. The limitations are often somewhat controversial since there was limited research from bankruptcy scholars on the effectiveness of the bill.

Fast Facts

  • Eighty-five percent of those who filed Chapter 7 prior to the BAPCA would still qualify for filing under the new laws.
  • Some view the BAPCA laws as being bought and paid for by the credit card industry and banks.

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