Author Question: Describe the changes that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made ... (Read 39 times)

RODY.ELKHALIL · **on:** Jun 24, 2018

Describe the changes that the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made in prior bankruptcy law.

Question 2

Which of the following types of business organizations requires a formal filing for legally effective creation?
A) Sole proprietorship
B) General partnership
C) Joint venture
D) Limited partnership

TDubDCFL · **Reply #1 on:** Jun 24, 2018

Answer to Question 1

The students should include the following issues:
a. It is much more difficult for consumers to declare straight bankruptcy. The court looks at disposable income and if the party has disposable income, then the consumer must go into a debt adjustment plan rather than straight bankruptcy.
b. The law added to the types of nondischargeable debts.
c. The law changed the property exemptions available for debtors.
d. The law now regulates credit repair organizations.

Answer to Question 2

D