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Reformed Chapter 7 Bankruptcy Laws

In October 2005 the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) reformed Chapter 7 bankruptcy laws, imposing much more rigid restrictions and a more cumbersome and expensive filing process. Proving eligibility for Chapter 7 bankruptcy is now much more difficult. Chapter 7 permits liquidation of nonexempted assets to pay off debts, and [...]