Asked by Amber Glenn on Jul 17, 2024
Verified
If an individual was a debtor in a bankruptcy case that was dismissed within 180 days of the current case,the individual is generally not eligible to be a debtor under Chapters 7,11,or 13.
Bankruptcy Case
A legal proceeding involving a person or business that is unable to repay outstanding debts. The process begins with a petition filed by the debtor or on behalf of creditors.
Chapters 7,11,13
Sections of the United States Bankruptcy Code that outline different procedures for the liquidation or reorganization of indebted entities or individuals.
Debtor
An individual, company, or institutional entity that owes money to another entity.
- Ascertain the situations that result in bankruptcy impacting secured transactions.
Verified Answer
VP
Vanessa PonceJul 18, 2024
Final Answer :
True
Explanation :
The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA)of 2005 attempts to prevent repeat filers from filing one bankruptcy claim after another.If an individual was a debtor in a bankruptcy case that was dismissed within 180 days of the current case,the individual is generally not eligible to be a debtor under Chapters 7,11,or 13.
Learning Objectives
- Ascertain the situations that result in bankruptcy impacting secured transactions.