2011 Looks Bleak as Bankruptcies reach Alltime High


Filing for bankruptcy is usually the final resort for an individual or business struggling with debt. When all other options have been exhausted and the creditors continue to hound, then most people consider filing for bankruptcy protection.

Bankruptcy is a means to discharge your debts legally as provided for under the bankruptcy code. But to prevent abuse of this provision, the government imposed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005 to make it more difficult for people to file for bankruptcy especially Chapter 7 bankruptcy where certain debts can be cancelled without payment. This law put in place new practices including a means test to determine the legitimate need of the bankruptcy applicant and a mandatory financial education course.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Tampa Bay Bankruptcy Center, P.A. | Attorney Advertising

Written by:


Tampa Bay Bankruptcy Center, P.A. on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.