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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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Search Results for "bapca"

Articles

Results 1-5 of 5 for "bapca"

File Bankruptcy Before Using Retirement Funds

Using your retirement funds to prevent bankruptcy is not a wise idea. Do not exhaust your retirement funds bef...
- Site: bankruptcylawfirms.com
- 3 of 4 user(s) found this useful
Do I Qualify for Chapter 7 Bankruptcy?

A lot has been made of the recent changes to the US bankruptcy laws (the Bankruptcy Abuse and Consumer Protect...
- By: Anthony Vamvas
- Site: bankruptcylawfirms.com
- 15 of 20 user(s) found this useful
Bankruptcy Regulations for Individuals

Coupled with a struggling economy and high unemployment rates, more Americans are having trouble meeting their...
- Site: filingforbankruptcyonline.com
How the New Bankruptcy Law Affects Small Business

Even if you’re not planning on filing for bankruptcy, you may be surprised at how the new law will affect you....
- Site: thebankruptcysite.org
Guide to Chapter 13 Bankruptcy

To many, the thought of filing for bankruptcy probably conjures up images of losing their homes, cars, assets ...
- Site: lawfirms.com
- 7 of 11 user(s) found this useful