Bankruptcy Abuse Prevention And Consumer Protection Act - BAPCPA

Legislation enacted by President George W. Bush in 2005 that revised the bankruptcy code for cases filed on or after October 17, 2005. The act created a means test that determines whether individuals filing for bankruptcy can file for chapter 7 bankruptcy, which discharges many debts in full, or whether they must opt for chapter 13 bankruptcy, which requires at least partial repayment of debts. Further, the act increased the waiting period from when an individual last filed chapter 7 bankruptcy to when they may file again.

Essentially, the purpose of the act was to make it more difficult to qualify for chapter 7 bankruptcy by more closely examining the filer’s ability to repay their debts. The means test compares the debtor’s monthly income to the median income in his or her state of residence and provides an allowance for assumed monthly expenses, at rates determined by the IRS, as well as an allowance for actual monthly expenses. If the individual exceeds the median income and has too much money left over after accounting for living expenses, he or she will usually not qualify for chapter 7 bankruptcy.


Investment dictionary. . 2012.

Look at other dictionaries:

  • Consumer Protection Act — may refer to: US Agriculture and Consumer Protection Act of 1973, US Anticybersquatting Consumer Protection Act, US, 1999 Bankruptcy Abuse Prevention and Consumer Protection Act, US, 2005 Consumer Credit Protection Act, US Dodd–Frank Wall Street… …   Wikipedia

  • Consumer Credit Counseling Service of Greater Atlanta — Consumer Credit Counseling Service (CCCS) of Greater Atlanta, based in Atlanta, Georgia, is a full service, nonprofit credit counseling agency. It provides confidential counseling for anyone seeking help to pay down excessive credit card debt,… …   Wikipedia

  • Bankruptcy Reform Act of 1978 — The Bankruptcy Reform Act of 1978 (USPL|95|598, USStat|92|2549, November 6, 1978) is a United States Act of Congress regulating Bankruptcy.The current Bankruptcy Code was enacted in 1978 by § 101 of the Act which generally became effective on… …   Wikipedia

  • Bankruptcy Act — Many statutes have been known as the Bankruptcy Act.* Bankruptcy Act of 1841 – ch. 9, USStat|5|440, 1841 04 19 * Bankruptcy Act of 1898 – Nelson Act, July 1, 1898, ch. 541, USStat|30|544) * Bankruptcy Reform Act of 1978 –… …   Wikipedia

  • Computers and Information Systems — ▪ 2009 Introduction Smartphone: The New Computer.       The market for the smartphone in reality a handheld computer for Web browsing, e mail, music, and video that was integrated with a cellular telephone continued to grow in 2008. According to… …   Universalium

  • Media and Publishing — ▪ 2007 Introduction The Frankfurt Book Fair enjoyed a record number of exhibitors, and the distribution of free newspapers surged. TV broadcasters experimented with ways of engaging their audience via the Internet; mobile TV grew; magazine… …   Universalium

  • Comparison of the health care systems in Canada and the United States — Health spending per capita, in U.S. dollars PPP adjusted, with the U.S. and Canada compared amongst other first world nations. Comparison of the health care systems in Canada and the United States are often made by government, public health and… …   Wikipedia

  • Canadian and American health care systems compared — basis ($2724 and $2121 on a non adjusted basis); total U.S. spending was US$6096 vs. US$3137 (PPP) ($6096 and $3038 on a non adjusted basis).] Studies have come to different conclusions about the result of this disparity in spending. A 2007… …   Wikipedia

  • Mergers and acquisitions in United Kingdom law — refers to a body of law that covers companies, labour, and competition, which is engaged when firms restructure their affairs in the course of business. Contents 1 Company law 1.1 Scheme of arrangement 1.2 Reconstructions …   Wikipedia

  • List of United States federal legislation — NoTOC This is a partial list of notable United States federal legislation, in chronological order. At the federal level in the United States, legislation (a.k.a. statutes or statutory law ) consists exclusively of Acts passed by the Congress of… …   Wikipedia

  • Elizabeth Warren — For other people named Elizabeth Warren, see Elizabeth Warren (disambiguation). Elizabeth Warren Special Advisor for the Consumer Financi …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.