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BAPCPA Anniversary Opens Chapter 7 Bankruptcy for Thousands of People

Posted on in Bankruptcy

Eight years ago, President George W. Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) into law. This law restricted a person's right to file Chapter 7 bankruptcy to once every eight years, causing many to impulsively file for Chapter 7 bankruptcy in Illinois before the law went into effect. Unfortunately, many filed too early for their situation, causing them to lose homes and other assets without any further preventative help available.

Now, the BAPCPA is entering its eighth year, opening the way for thousands to finally have the opportunity for the fresh start they missed in 2005. While this opportunity is an excellent chance at a fresh start for many, it's important to realize that filing for Chapter 7 bankruptcy does come with some drawbacks. You may still lose personal assets such as your vehicle or your home, and not every debt can be discharged. Your bankruptcy attorney can help you analyze your situation and determine the best option for you.

You may be tempted to try to hide money or assets you have before filing for Chapter 7 bankruptcy by transferring them to a family member. It's important that you do not do this. Taking actions such as these could cause your bankruptcy claim to be denied, and may lead to even greater financial hardship.

If you're considering filing for Chapter 7 bankruptcy, contact Newland & Newland, LLP at one of our Illinois locations today. We can help you determine if filing for bankruptcy is the right solution to your financial situation. Our knowledgeable staff will be there every step of the way to guide you, letting you know what actions you should take (and what you should avoid) throughout the process. Your future financial stability is too important to try to handle a bankruptcy on your own. Contact us today and let us help you make the right choices and secure your financial future.

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