What are the requirements for filing for bankruptcy under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005?

In Delaware, anyone filing for bankruptcy must meet the requirements outlined in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). To start, you must qualify for a “means test”. This test entails a comparison of your income to the median income for the state of Delaware. If your income is above the median, then you need to further demonstrate that you have no other option but bankruptcy. You must also complete credit counseling within 180 days prior to filing, which must be completed from a provider approved by the Department of Justice. To prove you have completed the counseling, you must submit a completion certificate to the court. Additionally, you must assemble all of your current financial information such as bills, income, debts, expenses, and assets to prepare a complete list for review by the court. This list must include all creditors, whether secured or unsecured, and any prior bankruptcy filings. Those who have previously filed for bankruptcy must wait at least eight years before filing under BAPCPA. Lastly, applicants must attend two court-approved debtor-education classes, usually comprised of topics that include budgeting and responsible credit decisions. Filing for bankruptcy under BAPCPA can be overwhelming, so it is important to seek professional legal advice. A qualified attorney can help guide you through the process and ensure that you meet all of the requirements.

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What are the requirements for filing for bankruptcy under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005?

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