What are the requirements for filing for bankruptcy under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005?
In Washington, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) sets the requirements for filing for bankruptcy. To qualify for Chapter 7 or Chapter 13 bankruptcy, both individuals and businesses must meet certain financial thresholds. Individuals must first complete credit counseling within 180 days of filing for bankruptcy. This counseling must be provided by an approved credit counseling agency. Businesses must also complete this requirement. In addition, individuals must have their income and expenses evaluated to determine their income-to-debt ratio. If the debt is high enough, the person can file for Chapter 7 bankruptcy. If the debt is too low, they may have to file for Chapter 13. Businesses must also have this income-to-debt ratio evaluated to determine if they can file for Chapter 7 or Chapter 13. Finally, individuals must submit a statement of current finances, which documents all of their assets and debts. Businesses also have to submit this statement. By meeting these requirements, individuals and businesses in Washington can file for bankruptcy under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. However, it is important to understand that this process is complex and it may be wise to speak to a qualified attorney who can help you understand your rights and responsibilities under the BAPCPA.
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