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Financial Counseling under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 1 (June 13, 2005)

handle is hein.bank/crsbank0031 and id is 1 raw text is: Order Code RS22166 June 13, 2005 CRS Report for Congress Received through the CRS Web Financial Counseling under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 Jennifer A. Staman Law Clerk American Law Division Summary Section 106 of P.L. 109-8, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), creates credit counseling requirements for consumers seeking to file for bankruptcy under chapter 7 (governing the liquidation of a debtor's assets) and chapter 13 (governing the financial reorganization of a debtor's assets). In certain circumstances, these requirements may be waived. BAPCPA amends the U.S. Bankruptcy Code, 11 U.S.C. § 109, to require an individual to receive credit counseling before filing a petition for bankruptcy. BAPCPA also amends the Bankruptcy Code to deny a discharge to chapter 7 and chapter 13 debtors who fail to complete a personal financial management instructional course. Both credit counseling agencies and personal financial management instructional course providers must obtain approval from a U.S. trustee before offering a course to satisfy these requirements. Section 106 of BAPCPA also creates a new provision which specifies the approval requirements for both credit counseling agencies and personal financial management instructional courses. In April 2005, President Bush signed P.L. 109-8, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). The purpose of the BAPCPA is not only to improve bankruptcy law and practice by restoring personal responsibility and integrity to the bankruptcy system, but to ensure fairness of the system for both debtors and creditors.' BAPCPA consists of a comprehensive package of reform measures pertaining to both consumer and business bankruptcy cases. One of its many amendments requires debtors to participate in credit counseling programs before filing for bankruptcy relief. BAPCPA's credit counseling provisions are intended to give consumers in financial distress an opportunity to learn about the consequences of bankruptcy, such as H.Rept. 109-31, p. 2. Congressional Research Service oe The Library of Congress

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