SC State University, located in Orangeburg, SC has announced a new research project by Dr. Enoch Beraho about Chapter 13 and Chapter 7 bankruptcy trends during the periods of 1996 through 2003. By compiling this data, Prof. Beraho plans to show if the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has validated its purpose of preventing abusive bankruptcy filings. The data collected in this study of Chapter 7 and Chapter 13 trends will be collected from South Carolina bankruptcy filings and therefore will be able to show if the Act has had a positive or negative impact here in Orangeburg and all other counties in South Carolina.
In 2005, Congress amended the Bankruptcy Code significantly to help prevent debtors from abusing the bankruptcy system. The largest change was the ¨means test¨¨ which has an income and expense formula to determine if a debtor is eligible for a Chapter 7 bankruptcy. In addition, debtors were also required to provide the Court with more documentation and execute more due diligence prior to filing.If you are a resident of Orangeburg and you are experiencing debt problems such as foreclosure, repossessions, credit card debt, tax debt, and medical bills, please feel free to call me to set up a free consultation to discuss your matter further.