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Topic: Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

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	Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 - Wikipedia, the free encyclopedia
		Increasing the amount of paperwork which must be filed by every debtor, requiring pre-filing Credit counseling and post-filing financial education for debtors whose debts are primarily consumer debts, and increasing attorney obligations in a manner that, collectively, will increase the cost of filing for bankruptcy significantly.
		Improving the ability of the bankruptcy estate to reclaim assets placed in asset protection trusts within ten years of filing or paid as employment bonuses to insiders within two years prior to filing.
		The bill languished for years due to disagreements in Congress as to the level of the means test, and whether anti-abortion groups could use bankruptcy to discharge fines levied against them by courts for actions that resulted in property damage or injury such as bombing abortion clinics.
	en.wikipedia.org /wiki/Bankruptcy_Reform_Act_of_2005 (1337 words)

	Bankruptcy Abuse, Prevention and Consumer Protection Act of 2005 (Site not responding. Last check: 2007-10-09)
		If they do not file for bankruptcy, their retirement funds may not be protected but if they do file for bankruptcy then his homestead may be limited to $125,000 if they have not passed the 1,215-day period.
		The new act makes no changes to the highly favorable State law exemptions for life insurance and annuities except to the extent that the new domicile requirements are imposed with regard to the length of time that the debtor must reside in a State in order to claim the State bankruptcy exemptions in general.
		A new asset protection plan should be designed to avoid bankruptcy altogether and to distance the assets from the debtor's estate in case the debtor is forced into an involuntary bankruptcy.
	www.fdcpa.com /tax/0505taxnewsbankruptcyabuse.htm (870 words)

	More About: The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Site not responding. Last check: 2007-10-09)
		The Bankruptcy Abuse Prevention and Consumer Protection Act, which was recently signed into law, significantly changes how, and under what conditions, individuals can file for bankruptcy.
		The most significant changes to bankruptcy law apply to Chapter 7 bankruptcy because under Chapter 7 debtors are able to discharge, or not have to repay, almost all their current debt.
		Bankruptcy attorneys will likely charge more to help you file because they must now certify your financial statements to the court and will be held financially responsible if the statements are false.
	vermont.tomorrowsmoney.org /youngpeople/section.cfm/400/2220 (1283 words)

	Bankruptcy Abuse Prevention And Consumer Protection Act Of 2005: Significant Business Bankruptcy Changes In Store For ...
		Bankruptcy Code Section 547(c)(2) has been modified to permit the creditor to defeat a preference attack by proving that the alleged preferential payment was made in the ordinary course of business or financial affairs of the debtor and the creditor or according to ordinary business terms.
		Amends Bankruptcy Code Section 105(d) to provide that a bankruptcy court “shall” hold such status conferences as are necessary to further the expeditious and economical resolution of a case.
		The bankruptcy court may issue an order reinstating the benefits as of the date the modifications were made, unless the bankruptcy court finds that the balance of the equities clearly favor such modifications.
	www.nacm.org /resource/Bankruptcy-Act_apr15-05.html (8453 words)

	Jones Day - Publications - Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("BAPCPA"): ...
		In addition, under present law, the bankruptcy court has broad jurisdiction to determine the amount of any tax, provided that such tax had not actually been determined by a judicial or administrative tribunal of competent jurisdiction before the commencement of the case.
		Section 501 of the Bankruptcy Code is amended to provide that a claim arising from the liability of a debtor for fuel use tax may be filed by the base jurisdiction designated pursuant to the International Fuel Tax Agreement and, if so filed, shall be allowed as a single claim.
		The debtor's property was sold through the Section 363(f) process in the bankruptcy court, and the lien that the county taxing authority had against the debtor's property attached to and followed the proceeds of the sale.
	www.jonesday.com /pubs/pubs_detail.aspx?pubid=148213103 (2967 words)

	GovTrack: Senate Record: BANKRUPTCY ABUSE PREVENTION AND CONSUMER... (109-s20050301-17) (Site not responding. Last check: 2007-10-09)
		If there are abuses in the bankruptcy system there are sections to cover it; 707(b) allows the bankruptcy court to deal with substantial abuses of the rules.
		If a bankruptcy judge suspects a person is going to walk on the debts he can pay, the judge orders a trustee to investigate, and if the trustee says the person is hiding assets, the judge can tell the person: I will not discharge your debts.
		The Supreme Court has even added to the act the ability to help military members in times of financial need by ruling that the act must be read with an eye friendly to those who drop their affairs to answer their country's call.
	www.govtrack.us /congress/record.xpd?id=109-s20050301-17 (9541 words)

	Bankruptcy Reform Legislation News (Site not responding. Last check: 2007-10-09)
		Bankruptcy Code § 101(10A) provides that in calculating current monthly income (which is also used as the starting point for calculating net monthly income under means test) one includes the debtor's and debtor's spouse's income (if joint filing), plus "any amount paid by any entity...
		On Aug. 5, 2005 the Committee on Rules of Practice and Procedure of the Judicial Conference of the United States forwarded a memorandum to the Advisory Committee on Bankruptcy Rules, and on August 11 proposed Interim Bankruptcy Rules and Forms to conform to the Bankruptcy Reform Act.
		Pending final wording of the Act, new interim emergency bankruptcy rules are expected to be adopted by the end of May or early June.
	bankruptcymedia.com /bkfinder/bankruptcyreformnews.html (5130 words)

	Business Bankruptcy Provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
		With certain exceptions, under the Act, the administrative priority for such a claim is limited to all monetary obligations due under the lease, for the two years following the later of the rejection date or the date of actual turnover of the leased premises.
		The Act also prohibits a Bankruptcy Court from considering the timely payment of utility charges by a debtor or the lack of requirement of a utility deposit from the debtor, as factors in determining adequate assurance of the debtor’s payment while it is in bankruptcy.
		The Act requires that a disclosure statement supporting a proposed plan of reorganization include discussion of the “potential material Federal tax consequences of the plan to the debtor, any successor to the debtor, and a hypothetical investor typical of the holders of claims or interests in the case.
	www.gtlaw.com /pub/alerts/2005/0402.asp (1529 words)

	ceb.com: The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
		The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("the Act") includes numerous and detailed amendments to the U. Bankruptcy Code on a variety of subjects in addition to consumer debt relief.
		The changes are generally intended to require more consumer debtors to repay at least a portion of their debts under a Chapter 13 repayment plan.
		A debtor's attorney is required to certify that the client's bankruptcy petition is well grounded in fact, is warranted by existing law, and does not constitute an abuse, and that the attorney has no knowledge after inquiry that the information in the schedules attached to the petition is incorrect
	ceb.com /info/BAPCPA2005.asp (337 words)

	BankruptcyHelpOnline.org (Site not responding. Last check: 2007-10-09)
		With the new bankruptcy law in effect as of October 17, 2005, there is a lot of confusion with regard to the new “means test”; requirement.
		Prior to the advent of the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,” the most common reason for someone to file under Chapter 13 was to avoid the loss of equity in their home or other property.
		The other type of consumer debtor bankruptcy is a chapter 13 bankruptcy which requires a debtor to make repayments to the bankruptcy court over the course of 3 to 5 years.
	www.bankruptcyhelponline.org (11436 words)

	Kramer Levin Comments: Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 - Experts \| SecuritiesConnect (Site not responding. Last check: 2007-10-09)
		Creditors' Rights and Bankruptcy Department Alert dated April 20, 2005 observes that on April 20, 2005, President Bush signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the “2005 Amendments”).
		The 2005 Amendments are devoted primarily to consumer issues, but do contain provisions that could dramatically affect business reorganizations.
		The majority of the 2005 Amendments take effect on October 17, 2005 —180 days from the date of enactment — and are applicable to cases filed on or after that date.
	www.bowne.com /bsc/analysis_detail.asp?storyid=1859 (263 words)

	Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 - S. 256, 109th Congress
		`(3) such act is limited to seeking or obtaining periodic payments associated with a valid security interest in lieu of pursuit of in rem relief to enforce the lien.'.
		The bankruptcy court must approve your reaffirmation agreement as consistent with your best interests, except that no court approval is required if your reaffirmation agreement is for a consumer debt secured by a mortgage, deed of trust, security deed, or other lien on your real property, like your home.
		You may rescind (cancel) your reaffirmation agreement at any time before the bankruptcy court enters a discharge order, or before the expiration of the 60-day period that begins on the date your reaffirmation agreement is filed with the court, whichever occurs later.
	www.theorator.com /bills109/s256.html (7350 words)

	ABI \| S. 256 News Center (Site not responding. Last check: 2007-10-09)
		On March 10, 2005, the Senate passed S. 256, the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.” The House Judiciary Committee approved the bill without amendment, sending it to the full House.
		Summary of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Financial Advisors Committee)
		The primary focus on S.256 has been on its consumer bankruptcy provisions in general, and the means test, in particular.
	abiworld.net /bankbill (1371 words)

	Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
		The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) was enacted on April 20, 2005.
		Bankruptcy Basics (Applicable to Cases filed on or after October 17, 2005)
		In accordance with General Order No. 05-0001 amending GR 5.2 and Bankruptcy Administrative Procedures, Section XIII, the responsibility for redacting personal identifiers and properly filing documents to be sealed rests solely with counsel and the parties.
	www.gud.uscourts.gov /documents/BAPCPA2005.htm (273 words)

	Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
		(a) SHORT TITLE- This Act may be cited as the `Bankruptcy Abuse Prevention and Consumer Protection Act of 2005'.
		Protection of domestic support claims against preferential transfer motions.
		Appointment of ombudsman to act as patient advocate.
	www.theorator.com /bills109/hr685.html (863 words)

	ALI-ABA Course: Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 - Think ALI-ABA for CLE !
		In the recently enacted Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Congress made substantial revisions to the Bankruptcy Code and related statutes, most of which will take effect in all cases filed on or after October 17, 2005.
		These revisions, the most significant changes in bankruptcy law and practice since the adoption of the Bankruptcy Code in 1978, affect all areas of bankruptcy practice, including consumer, business, tax, and international bankruptcy law.
		Consumer bankruptcy areas covered include the "means test," pre- and post-bankruptcy debtor counseling and education, exemption planning, redemptions and reaffirmations, dischargeability, and revised chapter 13.
	www.ali-aba.org /aliaba/CL068.htm (726 words)

	Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 Briggs and Morgan law firm Minnesota (Site not responding. Last check: 2007-10-09)
		Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 Briggs and Morgan law firm Minnesota
		Preference Actions. The Act made two important changes to Section 547 with respect to preference actions and defenses to such actions. First, the Act eliminates de minimus preference actions by prohibiting the debtor and/or trustee from pursuing actions in which potentially preferential transfers are less than $5,000 in the aggregate.
		By allowing creditors to prove the ordinary course of business defense by showing either (A) or (B), the burden on creditors with respect to this defense is significantly lightened.
	www.briggs.com /cm/alerts/alerts1008.asp (572 words)

	Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 Information Page
		Interim Bankruptcy Rules approved by the Advisory Committee on Bankruptcy Rules and the Committee on Rules of Practice and Procedure of the Judicial Conference of the United States and the Official Forms approved by the Executive Committee of the United States.
		This is a service provided by the U.S. Bankruptcy Courts to give creditors options to specify a preferred U.S. mail, e-mail address, or fax number to which bankruptcy notices should be sent.
		f the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the United States Bankruptcy Court for the District of Utah has created a web log to provide a forum for constructive dialogue regarding the Act's potential impact on local practice.
	www.utb.uscourts.gov /act2005.htm (407 words)

	USTP Region 8 - Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)
		USTP Region 8 - Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)
		Congress has opened a new era in the history of bankruptcy protections by the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which was signed into law on April 20, 2005 by President Bush.
		The Bankruptcy Reform Act gives the United States Trustee Program new areas of responsibility.
	www.usdoj.gov /ust/r08/bank_reform.htm (127 words)

	Cloture for Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 \| MetaFilter
		The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was first introduced in 1998 as The Consumer Bankruptcy Reform Act.
		The bankruptcy legislation being debated by the Senate is intended to make it harder for people to walk away from their credit card and other debts.
		Asset protection trusts have become increasingly popular in recent years among physicians, who fear large medical malpractice awards, and corporate executives, whose assets are at greater peril now because of new laws.
	www.metafilter.com /mefi/40297 (4940 words)

	IM-05-05, New Federal Bankruptcy Law Contains Child Support Provisions.
		The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was signed by President Bush on April 20, 2005, and became Public Law 109-8.
		217) Prohibits the bankruptcy trustee from avoiding a transfer that is a bona fide payment of a debt for a domestic support obligation.
		219) Sets forth the duties of the bankruptcy trustee to notify the claim holder and the appropriate State child support agency of the debtor's last known address.
	www.acf.dhhs.gov /programs/cse/pol/IM/2005/im-05-05.htm (463 words)

	Thacher Proffitt Comments: Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 - Experts \| SecuritiesConnect (Site not responding. Last check: 2007-10-09)
		Bankruptcy Practice Group Bulletin dated April 25, 2005 notes that Congressional lawmakers have recently enacted the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the “Act”), which represents the most significant change in bankruptcy law since the creation of the Bankruptcy Code in the Bankruptcy Reform Act of 1978.
		The Act became law on April 20, 2005.
		Much of the new law will become effective on October 17, 2005, and will apply to bankruptcies commenced after that date.
	www.bowne.com /bsc/analysis_detail.asp?storyid=1899 (235 words)

	U.S. Trustee Program/Dept. of Justice
		The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) Page has moved.
		If you are not redirected within five seconds, please click here.
		December 20, 2005 5:31 PM Trustee Program/Department of Justice
	www.usdoj.gov /ust/bapcpa (56 words)

	Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 - House Agenda
		Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 - House Agenda
		The Majority Whip (Rep. Blunt) Notice for the week of APRIL 4, 2005 indicates the following schedule:
		S. 256 - Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Subject to a Rule) (Sponsored by Sen. Grassley / Judiciary Committee)
	www.legalhelpers.com /legal_helpers/brc_house_action_agenda_4-4-7.htm (118 words)

	The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Site not responding. Last check: 2007-10-09)
		Adobe PDF Format: Chapter 13 Plan Summary for cases filed on or after October 17, 2005.
		Adobe PDF Format: Amendment to Chapter 13 Plan Summary for Cases filed on or after October 17, 2005.
		Interim Rules and Official Forms Implementing the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
	www.ncwb.uscourts.gov /reformact/reform_act.html (195 words)

	Interim Rules and Forms Implementing the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
		On April 20, 2005, the President signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Pub.
		The Interim Rules are expected to apply to bankruptcy cases from October 17, 2005, until final rules are promulgated and effective under the regular Rules Enabling Act process.
		Proposed Revisions to Interim Bankruptcy Rules and Official Forms (Revisions to Official Forms B1, B22A, and B22C approved by the Executive Committee on behalf of the Judicial Conference on October 11, 2005) (PDF) (Interim Rules Only in WordPerfect)
	www.uscourts.gov /rules/interim.html (521 words)

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