This month's Update continues the series of articles examining BAPCPA in detail. A centerpiece of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) is the means test, set forth in revised §707(b) 1 of the Code. 2 …
In order for an individual to be a debtor under BAPCPA, he or she must first comply with the credit counseling provisions of §109(h). Under this new provision, a debtor is required to receive an individual or group briefing from an approved…
In the eight-year run-up to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), the coalition of consumer lenders driving this legislation won the public relations war for bankruptcy reform. With sometimes arrogant…
The forthcoming bankruptcy legislation poses considerable challenges for bankruptcy practitioners. There is little in the way of legislative history, and many commentators have noted the amended Code's lack of clarity and precision in a num…
Means testing is the heart of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). It provides a very detailed formula for determining when abuse arises in the case of an individual debtor with primarily consumer de…
We've all heard the rationale for bankruptcy reform at cocktail parties and around the dinner table: Any deadbeat who runs up his bills can, before he pays up, run away and buy a house in Florida. The creditors can't touch his homestead. Wh…
It often comes as a surprise to first-year lawyers, but there is not "justice for all" in the American legal system: There is justice for those who can afford counsel, and for those fortunate enough to qualify for a legal services or pro bo…
Senate Banking Committee members criticized a number of credit card industry marketing and fee practices during an oversight hearing on May 17. Several members of the committee, including committee chair Richard Shelby (R-Ala.), expressed c…
Before enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005, the denial of discharge imposed against an individual chapter 7 debtor under §727 of the Bankruptcy Code was one of the most positive provisio…
Creditors in the consumer credit industry face many challenges in managing rising bankruptcy filings. Five components are critical to managing creditor rights recoveries: (1) operational procedures to minimize expenses, (2) a sound manageme…