Tag archive for ‘bankruptcy reform’
BAPCPA and the Boiling Pot
by Steven Abelson on 6/15/10 | 0 Comment(s)
Part of any lawyer’s struggle is to explain complex and often abstract concepts of the law in terms understandable to the average person. I freely admit that I often fall short of that goal, but have adopted the use of numerous everyday analogies (some sillier than others) in this attempt. In my effort to explain [...]
“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 [...]
Why Chapter 13 Bankruptcy Has Your Second Mortgage Lender Feeling “Undersecured”
by Moderator on 12/23/09 | 3 Comment(s)
The current state of the law allows second and third mortgages to be modified in chapter 13 plans when the borrower is already underwater on a first mortgage. The aftermath of the housing crisis has left Americans owing more than their homes are worth……often much more. With millions of American homes underwater and banks unwilling [...]
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 [...]
The Bankruptcy Laws were changed, so now I have to pay back my debts, right?
by John C. Colwell on 5/17/09 | 0 Comment(s)
No. While it is true that the Bankruptcy laws were changed significantly in October, 2005, the benefits of Ch. 7 ‘straight’ bankruptcy , and that of Ch. 13 ‘repayment Plan’ are both very much available. It is also true that the banking lobby spent literally millions of dollars to obtain these significant changes in the [...]
