Which of the following is an incorrect statement regarding the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005?

A) Under the BAPCPA,an individual may not generally be considered a debtor unless within 180 days prior to filing,the debtor receives credit counseling from a nonprofit budget and credit counseling agency.
B) Under the BAPCPA,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.
C) Under the BAPCPA,if a previous bankruptcy was completed rather than dismissed,the individual is generally permitted to file for bankruptcy again.
D) Under the BAPCPA,if a party completes a Chapter 7 bankruptcy,the party is not permitted to seek a Chapter 7 bankruptcy again for eight years.
E) Under the BAPCPA,if a party has at least $10,000 in assets,the party may not file for any type of bankruptcy protection.

Question

Boramey Phorn · Accepted Answer

Final Answer : E, Explanation :  If an individual's debt is primarily consumer debt and if the individual's income is above the median income in his or her state,the court may presume that the individual is abusing the bankruptcy provisions; however,the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA)has no provision stating that a party may not file for any type of bankruptcy if the party has at least $10,000 in assets.

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