The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) was considered the most sweeping change to the Bankruptcy Code since the modern bankruptcy code, which was enacted in the late 70's.

1. Bankruptcy Prevention and Consumer Protection Act
Author: Jim Knight
“Know what happens when an individual declares bankruptcy and how it
affects his or her life.” -Marilyn vos Savant.
She was born on August 11, 1946. Marilyn is an American magazine columnist,
author, lecturer, and playwright. She rose to fame through her listing in the
Guinness Book of World Records under "Highest IQ". Savant recorded an IQ score
of 228.
On April 20th 2005, the former U.S. President George W. Bush signed into
legislation, the biggest part of special interest law to ever come out of the
Congress. It was the Bankruptcy Abuse Prevention and Consumer Protection Act
of 2005 (BAPCPA). Under this act, came a big number of critical changes to the
United States Bankruptcy Code. It was aimed to make it harder for an separate to
qualify for the Chapter 7 bankruptcy. This was done in order to stop individuals
from abusing the provisions of Chapter 7 and limit the number of bankruptcy
fillings.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
(BAPCPA) was considered the most sweeping change to the Bankruptcy Code
since the modern bankruptcy code, which was enacted in the late 70's. The new
Bankruptcy Code was widely criticized and opposed by the bench and bar,
consumer advocates, and legal commentators. But things took a quite discrete
direction as a competent lobby of creditors, consisting of credit card bankers was
able to convince the Congress to enact the absolute amendments which were
thought to be business friendly changes to the law.
BAPCPA also includes other provisions, which consist of longer waiting Cenozoic
between Chapter 7 debt discharges ranging to 8 years, mandatory credit
counseling, new discharge exceptions, and more awkward lien avoidance
standards. New rules were also introduced for debtors, as they had to instruct
creditors of a bankruptcy filing. Limit caps were also set on the exemptions under
which a debtor's property was conserved by the U.S. Bankruptcy Code.
New changes to the provisions for Chapter 7 bankruptcy code built bankruptcy

2. filling even more awkward for individuals. Now a days, it has become extremely
effective for individuals, who are thinking of filling bankruptcy, to consultant with
an expert legal professional. Although it is a actually, that a lot people assault the
applications of the Bankruptcy Code, it is still deliberated one of the finest options
for people who are going with their own financial downturn.
"Presumption of Abuse" was also aimed, one of the most consequential changes
in the new bankruptcy code. In the bankruptcy code prior to the BAPCPA code of
2005, debtors were acknowledged to file for bankruptcy under Chapter 7 in cases
of liquidation or total discharge. This was possible, even after not giving any
regard of the income level. But now under the BAPCPA amendments, debtors
have to prove that they assign for Chapter 7 bankruptcy. Under this addition by
following a method, the debtor's income is calculated and then the resultant
figure is compared to the median income of the state, where he or she resides.
After all the calculations are done, if the debtor's household income falls beneath
the median income for the state, then the debtor by default qualifies to file for
Chapter 7 bankruptcy.
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