The Bankruptcy Abuse Prevention and Consumer Protection Act
In April of 2005, a law was enacted which made several changes to the United States Bankruptcy Code. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), which is casually referred to as the “New Bankruptcy Law,” was designed to make it more difficult for certain individuals to file for Chapter 7 bankruptcy.
Considering the significant changes that BAPCPA created in bankruptcy law, an experienced legal counselor is more valuable than ever. The experienced New Orleans bankruptcy attorneys of the Law Office of David D. Kervin, Jr. can help you get through your financial crisis and pursue a fresh financial start for your family or business.
Provisions of the BAPCPA
The BAPCPA made many significant changes to the Bankruptcy Code, most of which are intended to reduce the number of individuals who abuse Chapter 7 bankruptcy. The new provisions include:
- A means test
- Waiting periods between filings
- Stricter creditor notice requirements
- Limited lien avoidance
- Limits to homestead exemption
Though these issues may make Chapter 7 a less appealing option for people who have fallen into significant debt, bankruptcy can still offer a helping hand for individuals who really need it.
Contact Us
Though some people’s abuse of the bankruptcy code made lawmakers believe the BAPCPA was necessary, there are plenty of individuals who simply want to use the process as intended. To discuss your options and financial future with a legal professional, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC by calling 504-599-5906.