The Effect of BAPCPA
on Cure of Non-Monetary Defaults
17, 2005 (the date the law took effect), followed by a dramatic dropoff immediately following this deadline, filing rates have continued to climb--and, if statistics since enactment of BAPCPA
are any guide, including numbers released by the courts, this upward trend will not abate.
The effects of recent legislation, including BAPCPA
and PPA, on employers' decisions to modify benefits are difficult to distinguish from the effects of other factors that lead to changes in benefits both within and outside of the bankruptcy process.
Instead of abolishing district court review, BAPCPA
, which was passed in 2005, added direct review of bankruptcy court orders by the courts of appeals, allowing a bankruptcy court (or a district court handling a bankruptcy appeal) to certify an appeal directly to the court of appeals.
Along with the statutory reform, the sharp rise in filings preceding BAPCPA
's effective date may have influenced these changes.
bankruptcy law was very debtor-friendly prior to BAPCPA
. It has become much more pro-creditor today.
A full transcript of the Web cast--titled "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA
)"--can be accessed at www.taxtalktoday.tv/index.cfm?page=5.71.
Now that BAPCPA
is in place, provisions of the law make it crucial that individuals facing financial problems have attorneys on their side to help them navigate through the complicated process.
For commercial real estate owners, BAPCPA
brought greater protections when dealing with bankrupt tenants.
Although traditional IRAs and Roth IRAs are granted limited protection under BAPCPA
(generally not to exceed $1,000,000), qualified plans and certain other retirement arrangements such as 403(b) arrangements and 457 plans are granted unlimited protection under the act.
Instead, we must presume that, in organizing the provisions of [section] 523(a)(8) as it did in BAPCPA
, Congress intended each subsection to have a distinct function and to target different kinds of debts.
As in Massachusetts, filings in Rhode Island spiked to 5,842 in 2005 as debtors sought to beat BAPCPA