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Tag Archives: debtors

How Effective Was the BAPCPA?

In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) to reform bankruptcy and in an attempt to make it more difficult for abusive bankruptcy filings to occur. By definition, reform should improve an unsatisfactory condition. Forbes ran an article in 2012 that tax rebates boost bankruptcies. This fact suggests that tax… Read More »

How Bankruptcy Remedies the Economic System

We often hear people say that filing bankruptcy is “unethical” or “wrong” and that it isn’t good for society.  From a macroeconomic viewpoint, however, bankruptcy filings are good for the economy.  When a person files for bankruptcy, it frees up that person’s monetary flow. Without the bankruptcy system, debtors would remain unable to pay debts,… Read More »

How Does the State Where You Live Affect Asset Exemption in Bankruptcy?

When filing bankruptcy, debtors list exempt assets in their schedules and Statement of Financial Affairs.  Exempt assets are not subject to liquidation to pay unsecured creditors during a Chapter 7 bankruptcy.  However, which assets are exempt during bankruptcy largely depend on state law, because state property laws determine asset exemption―unless the debtor lives in a… Read More »

Timing Your Bankruptcy Filing

The saying timing is everything has merit for many situations in life and also holds true for filing bankruptcy.  It is important not to wait too long until your world comes crashing down on you before resorting to bankruptcy.  However, filing too soon may also deprive you of many advantages.  Discussing your finances with a… Read More »