Nobody downloaded yet

Changing the Requiring for Filing for Chapter 7 Bankruptcy - Research Paper Example

Comments (0) Cite this document
562514 Changing the "Requiring for filing" for Chapter 7 Bankruptcy People with jobs should not have any trouble paying their bills as long as they stay within their budget and do not neglect to pay. However, occasionally an employed person runs into some financial problems…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.8% of users find it useful
Changing the Requiring for Filing for Chapter 7 Bankruptcy
Read TextPreview

Extract of sample "Changing the Requiring for Filing for Chapter 7 Bankruptcy"

Download file to see previous pages Sometimes it is enough to push a person to the brink of financial disaster. At one time a person could seek Chapter 7 bankruptcy protection and discharge the debt they could not afford to pay, but it is not so easy any more. When a person files for Chapter 7 bankruptcy protection, s/he acknowledges that s/he is unable to pay some or all of his/her creditors. Prior to 2005, people with jobs who just overextended themselves could file Chapter 7 bankruptcy and be free of credit card or other debt such as medical bills, without relinquishing much of their property as long as they continued to make payments on the property on which they still owed money. Chapter 7 bankruptcy, also known as liquidation, “contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions to creditors, subject to the debtor's right to retain certain exempt property and the rights of secured creditors” (Office of the U.S. Courts, 2011). Often times, the debtor has no assets—that is s/he does not own a house, car, or other valuable goods, or, if the debtor does own them, s/he owes so much debt on them, they are foreclosed or repossessed, or, before 2005, as long as the debtor was not in arrears, creditors could not repossess or foreclose on assets of those who filed Chapter 7 as long as their payments on those assets were current. Before 2005, people who declared Chapter 7 bankruptcy often walked away from their debts with a stain on their credit history that, after a few years, no longer affected them in an adverse way. Some of these people got into trouble because they lacked the ability or desire to budget properly. Others experienced some sort of financial setback like a catastrophic illness or injury. Some went on to rack up insurmountable debt again, only to have it discharged again through Chapter 7 bankruptcy. However, in 2005 the law regarding Chapter 7 bankruptcy filings changed so that deadbeat debtors could not file Chapter 7 bankruptcy so easily, and if they did file, the penalties were much greater. In 2005, the bankruptcy laws changed from one that favored the debtor to one that favored the creditor. People now cannot get into debt over their heads and then just file Chapter 7 bankruptcy to alleviate the debt they cannot afford. “The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 [BAPCPA] require the application of a ‘means test’ to determine whether individual consumer debtors qualify for relief under chapter 7. If such a debtor's income is in excess of certain thresholds, the debtor may not be eligible for chapter 7 relief” (Office of the U.S. Courts, 2011). In other words, if the debtor has a job, s/he may not be eligible for Chapter 7 bankruptcy. The “means test” requires that petitioners for Chapter 7 bankruptcy “complete Official Bankruptcy Form B22A, entitled "Statement of Current Monthly Income and Means Test Calculation - For Use in Chapter 7." This then “determine[s] whether a presumption of abuse arises” (Office of the U.S. Courts, 2011). Form B22A consists of eight pages similar to a federal tax form that examines every source of income and debt a person has, allows for exemptions of some, and sets a limit of debts between $7025 and $11,725 and a limit of greater than 25% disposable income over five years to be eligible for Chapter 7. The Golden Gate University Law Review offers a hypothetical case of a couple with $28,000 of ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Changing the Requiring for Filing for Chapter 7 Bankruptcy Research Paper”, n.d.)
Retrieved from
(Changing the Requiring for Filing for Chapter 7 Bankruptcy Research Paper)
“Changing the Requiring for Filing for Chapter 7 Bankruptcy Research Paper”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Changing the Requiring for Filing for Chapter 7 Bankruptcy

Chapter 7

...?Summary of Chapter This chapter talks about implementing teamwork. Teams and teamwork can be very effective in organization success. It is good to note that personal factors have no effect on the team’s innovation, however the climate of the team, meaning its attitude towards one another, the degree of commitment of team members towards the team and their collaboration did have an effect. Accountability, opportunity and commitment are necessary for teams to succeed. Factors that improve teamwork are vision, participative safety, climate for excellence and support for innovation. Vision needs to be flexible and amenable to change. Participative safety entails that people are free to share ideas etc. while being ensured no negative... ...
2 Pages(500 words)Essay

Chapter 7

...?Chapter7: “Our Future … Right Here Right Now The expanding desire of hip hop for political power, influence, and responsibility faced opposition from the older generation of politicians in power. However, a new generation of young politicians, like Kwame M. Patrick, Mayor of Detroit had emerged to lead the thrust to quench this thirst of hip hop. Hailing from a family background in politics, Kwame, M. Patrick and early successful forays politics as a Democrat, the expectation would be that Kwame M. Patrick would succeed in his political ambition of becoming the Mayor of Detroit. Yet, he had one drawback and that was his young age and the lack of experience. Patrick drew inspiration from the story of...
1 Pages(250 words)Essay

Chapter 6-7-8

...theories that he has come up with. The first theory is called the “social bond theory” which is discussed in his book “causes of Delinquency” and the other theory is the, “Self- control theory which is discussed in “A general theory of crime”. Each these two theories are discussed into great depths and this helps in showing how their perspectives contradict. However, there are other scholars who have contributed various theories that have focused on the work of crime control, despite the pervasive influence the Harschi has caused through his theories. The alternative theories that have been formulated by other theorists are have more content since they have a wider scope of how control is formed and its wide range of consequences....
6 Pages(1500 words)Book Report/Review

An Overview of Chapter 7 Bankruptcy

...that the Chapter 7 process was being abused. As a result, Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection Act 2005. This Act makes a number of significant changes to the Chapter 7 Bankruptcy framework (The New Bankruptcy Law: np). One major change is the need for all debtors considering bankruptcy under Chapter 7 or Chapter 13 to undergo credit counseling. This counseling is designed to aid debtors in determining whether bankruptcy is truly necessary and how a...
2 Pages(500 words)Essay

Chapter 7

... (Your Retention One of the retention practices adopted by the system is to rehire nurses who have not been in the field for over 5 years and these nurses are grouped with fresh resident. This practice is similar to the practice of providing job continuity and job security. The practices adopted by the system will encourage the employees to stay with the organization as they will have surety that they are not going to lose their jobs. The practices of; pairing residents with highly experienced nurses, mentors providing support to residents, meeting of nursing staff for training purposes and providing training at zero cost are similar to the retention practice of career development. Career development refers to the training... (Your Retention...
1 Pages(250 words)Case Study


...Chapter 7 Critique This chapter once again introduced a large number of new technical terms, and this time they were mostly from the discipline of physics. Concepts like dynamics, attractor, coupled, perturbations etc make more sense if the reader has a knowledge of physical forces, for example, but for those who do not have this knowledge, it can be hard to follow the theoretical sections. Fortunately, there are some good examples which help to link the theory with media and how people related to them. The example of water/ice/steam and different phases, is very helpful because it illustrates non-linear physical and emotional states in a memorable way. An important feature of this...
2 Pages(500 words)Essay

Homework: Week 7, Chapter 7

...Homework: Week 7, Chapter 7 The scope of statistics involves collection and analysis of data for “decision-making”, with its application in monitoring and evaluation particularly identifying its essence in research and industrial application. This paper seeks to respond to a case and to offer a reflection on descriptive statistics. Case A reporter randomly sampled 725 votes from a population of 12,457. Out of the sample, 338 votes were in favor of an issue on the ballot. Confidence Interval The 95 % confidence interval for the proportion that favored the issue is the set of values within the interval, 0.4299-0.5025. This interval defines the estimated range of the population proportion...
2 Pages(500 words)Essay

Chapter 7

...7. Conclusions and Recommendation of Future Work Fuel consumption plays a significant part in environmental degradation and the consumption of non renewable resources. A number of different driving cycles are available globally. There is no standardized criteria available to work out fuel consumption from the various driving cycles. Differing testing needs and the sizable variety of engines makes standardized testing difficult. The current study examined the fuel consumption of passenger vehicles by both laboratory testing and real life driving in order to arrive at a mathematical model that could be applied across the board to various driving cycles. Utilizing theoretical and experimental methods, a uniform mathematical...
8 Pages(2000 words)Literature review

Chapter 7

...Revolution in advertising creativity One of the themes portrayed in chapter seven of the textbook is that of creative revolution in advertising. Revolution in advertising began in the 1960s and it has shown the huge importance in today’s advertising because it has completely changed the mode of advertising to suit the current market demands. Revolution in advertising creativity has changed the objectives of advertising. In early days, the objective of advertising was gaining attention, but today advertising is mainly aimed at increasing product awareness (Sanje & Senol, 2012). Since the 1960s, advertising has gone through several changes and due to these...
2 Pages(500 words)Essay

Chapter 7

...MANAGEMENT The focus on internal mainly deals with the communication of the employees and the customers. This mainly deals with the customer’s satisfaction, retention and value. The customer focus is important as it supports the process view of organization. The internal customers are involved in making critical decision in price and inventory control. This is determined by the purchases that are made by the organization. Team based organization also supports the process view of the organization. This is because it involves division of labor which makes tasks to be executed within a time frame with accuracy. Team work emphasis Ordinarily, the claim of hatred of people in different functions by Richard Palemo of Xerox is true... The focus on...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic Changing the Requiring for Filing for Chapter 7 Bankruptcy for FREE!

Contact Us