What are the requirements for filing for bankruptcy under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005?
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) established certain requirements for filing for bankruptcy in Michigan. One such requirement is that a debtor must receive credit counseling from an approved organization within 180 days before filing for bankruptcy. This counseling must provide a debtor with education about financial management and alternatives to bankruptcy. Debtors must also complete an income and expense analysis to determine whether their income is less than their state’s median income. If the debtor’s income is less than the median, they may qualify for a Chapter 7 bankruptcy; otherwise, they must file for Chapter 13. The law also requires debtors to submit to a collection of documents, including proof of income, proof of identity, and a schedule of assets and liabilities. The documents should also include a listing of all creditors, secured creditors, unsecured creditors, and priority claims. Finally, debtors must present evidence of any recent payments made to specific creditors and provide information about any co-signed debt. Furthermore, debtors must pay a filing fee and submit any payment plan proposed to the court. All these requirements must be met before a bankruptcy case can be filed with the court in Michigan.
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