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Which bankruptcy chapter was most affected by the change in bankruptcy laws in 2005?
EncofBizandFinance
The most significant change to the 1978 statute concerns consumer bankruptcy under the Chapter 7 liquidation provisions.
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∙ 13y ago
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When did the bankruptcy rules change?
There are some new laws that deal with bankruptcy that were passed in 2005. The change the way that one has to go about declaring bankruptcy and how it should be solved.
Can you file chapter 7 bankruptcy if you filed in 2005 in kentucky?
If the 2005 BK was a chapter 7, then no, you would only be able to file another chpt. 7 bk in 2013.
Can you file chapter 7 again if you filed bankruptcy in 2001?
Yes, but new bankruptcy reform will become effective on Oct 17, 2005. Some previous filings may or may not be deemed retroactive as to when they can be filed, as the new law will change the time frame to eight years. It will also become very difficult to file a Chapter 7 bankruptcy if the debtor has any disposable income. IRS guidelines will be used to determine the type of bankruptcy that will be allowed.
If you filed chapter 7 in 2005 and your house was foreclosed on in 2007 do you have to pay taxes on it?
If the foreclosure was not part of the bankruptcy, yes.
When did new bankruptcy laws go into effect?
On October 17, 2005, new bankruptcy laws went into effect as a result of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The old rules allowed most filers to choose between Chapter 7 or Chapter 13, and most chose Chapter 7 because it allowed for the complete elimination of debts without repayment . The new law prohibits filers with higher incomes from filing under Chapter 7.
When can you file a chapter 7 bankruptcy again if you filed a chapter 7 in 2000 under old bankruptcy laws?
chapter 7 you can file every 8 years. chapter 7 lasts 10 years starting with the new laws in 2005. since you filed before 2005 your chapter 7 stays on your credit report 7 years as opposed to 10 years.
Can you file a chapter 7 after a chapter 13?
Believe it or not, the ploy is called a Chapter 20! A so-called "Chapter 20" bankruptcy is the process filing of a "Chapter 7" bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments. The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under current bankrupcy law a Chapter 13 bankruptcy may be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Some debtors attempt to circumvent this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition may cost them their ability to save their home in a subsequent "Chapter 13" filing.
When did the bankruptcy laws change and become more strict?
They change regularly...and likely will again soon. In 2005 there was a major revision.
When can you file a chapter 7 bankruptcy again if you got yours cleared January 2001?
Bankruptcy is not part of financial planning. Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
How many years between bankruptcy filings?
10 years. Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
Time between bankruptcy?
Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
Can you file a chapter 13 bankruptcy after a chapter 7 that has been discharged. if not how long must i wait?
Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
