FLINT BANKRUPTCY SERVICE ARE OFFERED BY FLINT BANKRUPTCY LAWYER TERRY BANKERT 235-1970 or http://www.attorneybankert.com

FLINT BANKRUPTCY SERVICE ARE OFFERED BY FLINT BANKRUPTCY LAWYER TERRY BANKERT 235-1970

Did you know that On October 17, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), Pub L No 109-8, 119 Stat 23 (2005), extensively revised the Bankruptcy Code. Among the changes were the following:

• the creation of a means test for Chapter 7 individual Flint or Genesee County debtors with mainly consumer debt, creating a presumption of abuse if the Flint or Genesee County debtor’s net monthly income after qualifying expenses exceeds certain levels (the amended act eliminates the presumption that the Flint or Genesee County debtor is entitled to relief unless there is a finding of “substantial abuse”)
• new duties for Flint or Genesee County debtor’s counsel, including a certification that a Chapter 7 Flint or Genesee County debtor meets the means test
• stricter rules regarding a Flint or Genesee County debtor’s notice to creditors, including the requirement that the Flint or Genesee County debtor include account numbers
• new priority rules for domestic support obligations
• a tightening of requirements for Flint or Genesee County debtor reaffirmation of specific debts
• a strict mandate that Flint or Genesee County debtors provide to the trustee their tax returns and other documents within a certain period or have their petitions dismissed
• a requirement that individuals filing for relief under Chapter 7 or Chapter 13 of the Code undergo credit counseling and Flint or Genesee County debtor education
• limitations on the length of the automatic stay if the Flint or Genesee County debtor has filed previous Genesee County Bankruptcy petitions
• an exception from the automatic stay for certain leased residential real estate
• an extension of the period between a Flint or Genesee County debtor’s discharges to prevent serial filings
• a limiting definition of “household goods” for the purpose of lien avoidance
• a lowering of the dollar threshold for the presumption that credit card debt for “luxury goods” or cash advances is fraudulently incurred and therefore nondischargeable, from $1,350 to $ and $875 for cash advances
• an expansion of the time period in which credit card charges for “luxury goods” or cash advances on credit cards may be aggregated to meet the lower dollar threshold
• an expansion of the general rule that student loans are nondischargeable, to include private lender loans
• a requirement that Chapter 7 Flint or Genesee County debtors file a statement of intention regarding secured property within 30 days of the petition date
• limitations on a Chapter 7 Flint or Genesee County debtor’s retaining possession of secured personal property if the obligation is not reaffirmed; failure to reaffirm the debt within 30 days of the creditors’ meeting results in termination of the automatic stay
• the creation of a requirement of 730 days (2 years) of residency in a state before that state’s exemptions apply
• the exclusion from a state homestead exemption of any value in excess of $146,450 that is added to a homestead during the 1,215 days (3 years, 4 months) preceding the Genesee County Bankruptcy filing
• the right of the trustee to avoid any transfer by a Flint or Genesee County debtor to a Flint or Genesee County debtor-created trust or other entity made within the 10 years before the petition date if made with the intent to hinder or defraud a creditor
• the exclusion of employee contributions to ERISA-qualified retirement plans from being considered property of the bankrupt estate
• a requirement to file with the court payment advices (pay stubs) received from an employer within 60 days before the filing of the petition

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FLINT BANKRUPTCY SERVICE ARE OFFERED BY FLINT BANKRUPTCY LAWYER TERRY BANKERT 235-1970 or http://www.attorneybankert.com

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