Category archive for ‘History of Bankruptcy’ 
The Hidden Cost of War: A Connection Between Afghanistan, Iraq, and the Rise of U.S. Personal Bankruptcies?
by Drew Broaddus on 6/11/10 | 0 Comment(s)
It has widely been reported that, despite a budding recovery, personal bankruptcies are still on the rise in the United States. (See, for example, this blog entry). Although Congress overhauled the nation’s bankruptcy laws in 2005 with the intention of limiting the ability of many individuals to get rid of their debt (see “How Important [...]
Did Bankruptcy Reform Trigger the Housing Crisis?
by Drew Broaddus on 4/16/10 | 0 Comment(s)
As discussed in John Colwell’s recent contribution here, housing – which seems to be at the center of the current economic downturn – is a long way from a rebound, and foreclosures may actually increase in the coming months. After reading Mr. Colwell’s article, I decided to learn a little more about the subject and [...]
“Long Form” Means Testing: Qualifying for Chapter 7 When Your Income is Above the Median
by Drew Broaddus on 4/09/10 | 2 Comment(s)
Much has been written about the means test since it was enacted as part of the 2005 amendments to the Bankruptcy Code (also known as the BAPCPA). (For an excellent explanation of what the means test is, see Lori Patton’s recent contribution here). However, its application is often poorly understood by individuals who are considering [...]
I’ve found a new job, will I still be able to file for bankruptcy?
by John O'Connor on 11/15/09 | 0 Comment(s)
I’ve found a new job, can I still file bankruptcy? If you’ve read this blog with any frequency, you’ve undoubtedly seen numerous posts about bankruptcy reform and the means test. Indeed, much has been written about the means test, the vaunted gatekeeper to chapter 7 bankruptcy protection implemented by Congress as part of BACPA in [...]
Household Size and the Means Test
by Richard O'Connor on 11/12/09 | 3 Comment(s)
The “Means Test” was implemented in 2005 as a way of preventing consumers with the ability to pay back their debts from filing for chapter 7 bankruptcy. Determining a household size for purposes of the Means Test can be simple or complicated depending on the family. The proper method for determining household size is an [...]
Chapter 15 “Cross-Border” Cases – Part 1 of 3
by Drew Broaddus on 11/06/09 | 2 Comment(s)
Given our proximity to Canada, it is important for Detroit bankruptcy lawyers to have a familiarity with Chapter 15. This is a new chapter added to the Bankruptcy Code by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. It is the U.S. domestic adoption of the Model Law on Cross-Border Insolvency promulgated by [...]
What Does The Bible Say About Bankruptcy?
by John O'Connor on 8/21/09 | 0 Comment(s)
The Bible specifically addresses and calls for periodic forgiveness of debt. In a previous post on this forum, Andy Roth points out that Deuteronomy 15 calls for the forgiveness of debt every seven years: ‘At the end of every seven years you shall grant a remission of debts. And this is the manner of remission: [...]
Bankruptcy Credit Counseling Requirement
by Drew Broaddus on 8/07/09 | 1 Comment(s)
As part of the 2005 Amendments to the Bankruptcy Code, people who plan to file for bankruptcy protection are now required to get credit counseling from a government-approved organization within 180 days before they file. They also must complete a debtor education course to have their debts discharged. With consumer bankruptcies on the rise and [...]
What Do We Need to Know About the 2005 Amendments to the Bankruptcy Code?
by Drew Broaddus on 7/24/09 | 1 Comment(s)
Anyone reading about bankruptcy law will most likely see repeated references to the 2005 Amendments to the Bankruptcy Code. However, the significance of these amendments may not be clear to those who were not practicing bankruptcy, or were not personally involved in the process, prior to 2005. In April 2005, President Bush signed what has [...]
When is a Person Eligible to File for Bankruptcy?
by Richard O'Connor on 5/19/09 | 0 Comment(s)
Chapter 7 and Chapter 13 bankruptcies have different requirements for filing. If a person wishes to be eligible for a Chapter 7 procedure, they must either have a residence or domicile in the United States. They may also be eligible if they have a place of business or own property which is in the United [...]
