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Bankruptcy Abuse Prevention And Consumer Protection Act
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) () is a legislative act that made several significant changes to the United States Bankruptcy Code. Referred to colloquially as the "New Bankruptcy Law", the Act of Congress attempts to, among other things, make it more difficult for some consumers to file bankruptcy under Chapter 7; some of these consumers may instead utilize Chapter 13. It was passed by the 109th United States Congress on April 14, 2005, and signed into law by President George W. Bush on April 20, 2005. Provisions of the act apply to cases filed on or after October 17, 2005. Provisions The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) made changes to American bankruptcy laws, affecting both consumer and business bankruptcies. Many of the bill's provisions were explicitly designed by the bill's Congressional sponsors to make it "more difficult for people to file for bankruptcy." The BAPCPA was intended to make it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chuck Grassley
Charles Ernest Grassley (born September 17, 1933) is an American politician serving as the president pro tempore of the United States Senate since 2025, a role he also held from 2019 to 2021. A member of the Republican Party (United States), Republican Party, Grassley is the Seniority in the United States Senate, senior United States senator from Iowa, serving since 1981. He is the dean of the United States Senate. Before becoming a senator, Grassley served eight terms in the Iowa House of Representatives (1959–1975) and three terms in the United States House of Representatives (1975–1981). He has served three stints as United States Senate Committee on Finance, Senate Finance Committee chairman during periods of Republican Senate majority. Upon the retirement of Orrin Hatch on January 3, 2019, Grassley became the Senate's most senior Republican and its president pro tempore of the United States Senate, president pro tempore. Upon Patrick Leahy's retirement in January 2023, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Management International
Money Management International (MMI) is a United States non-profit that provides consumers with free credit counseling Credit counseling (known in the United Kingdom as debt counseling) is a process used to help individual debtors overcome their debt through financial education, budgeting, debt management plans (DMPs) – known in the United Kingdom as the indiv ... and education. In about 25 percent of its consultations, it helps consumers develop a debt management or repayment plan. MMI is funded primarily by creditors. Money Management International was founded in 1997 by six financial consulting organizations that were members of the Consumer Credit Counseling Services (CCCS) network. Over time, Money Management International merged with more than 20 credit counseling organizations. The company acquired the accounts of AmeriDebt as part of AmeriDebt's bankruptcy proceedings in 2005. In 2006 it released the microsite, regiftable.com, to promote regifting as a way to reduce s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States House Of Representatives
The United States House of Representatives is a chamber of the Bicameralism, bicameral United States Congress; it is the lower house, with the U.S. Senate being the upper house. Together, the House and Senate have the authority under Article One of the United States Constitution, Article One of the Constitution of the United States, U.S. Constitution to pass or defeat federal legislation, known as Bill (United States Congress), bills. Those that are also passed by the Senate are sent to President of the United States, the president for signature or veto. The House's exclusive powers include initiating all revenue bills, Impeachment in the United States, impeaching federal officers, and Contingent election, electing the president if no candidate receives a majority of votes in the United States Electoral College, Electoral College. Members of the House serve a Fixed-term election, fixed term of two years, with each seat up for election before the start of the next Congress. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Child Support
Child support (or child maintenance) is an ongoing, periodic payment made by a parent for the financial benefit of a child (state or parent, caregiver, guardian) following the end of a marriage or other similar relationship. Child maintenance is paid directly or indirectly by an ''obligor'' to an ''obligee'' for the care and support of children of a relationship that has been terminated, or in some cases never existed. Often the obligor is a non-custodial parent. The obligee is typically a custodial parent, a caregiver, or a Legal guardian, guardian. Depending on the jurisdiction, a custodial parent may pay child support to a non-custodial parent. Typically one has the same duty to pay child support irrespective of sex, so a mother is required to pay support to a father just as a father must pay a mother. In some jurisdictions where there is joint custody, the child is considered to have two custodial parents and no non-custodial parents, and a custodial parent with a higher incom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alimony
Alimony, also called aliment (Scotland), maintenance (England, Republic of Ireland, Northern Ireland, Wales, Canada, New Zealand), spousal support (U.S., Canada) and spouse maintenance (Australia), is a legal obligation on a person to provide financial support to their spouse before or after marital separation or divorce. The obligation arises from the divorce law or family law of each country. In most jurisdictions, it is distinct from child support, where, after divorce, one parent is required to contribute to the support of their children by paying money to the child's other parent or guardian. Etymology The term alimony comes from the Latin word , from . Also derived from this word are the terms alimentary , and aliment . History The Code of Hammurabi (1754 BC) declares that a man must provide sustenance to a woman who has borne him children so that she can raise them: : 137. If a man wish to separate from a woman who has borne him children, or from his wife who ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Individual Retirement Account
An individual retirement account (IRA) in the United States is a form of pension provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age. An individual retirement account is a type of individual retirement arrangement as described in IRS Publication 590, ''Individual Retirement Arrangements (IRAs)''. Other arrangements include individual retirement annuities and employer-established benefit trusts. Types There are several types of IRAs: * Traditional IRA – Contributions are mostly tax-deductible (often simplified as "money is deposited before tax" or "contributions are made with pre-tax assets"), no transactions within the IRA are taxed, and withdrawals in retirement are taxed as income (except for those portions of the withdrawal corresponding to contributions that were not deducted). Depending upon the nature ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
403(b)
In the United States, a 403(b) plan is a U.S. tax-advantaged retirement savings plan available for public education organizations, some non-profit employers (only Internal Revenue Code 501(c)(3) organizations), cooperative hospital service organizations, and self-employed ministers in the United States. It has tax treatment similar to a 401(k) plan, especially after the Economic Growth and Tax Relief Reconciliation Act of 2001. Both plans also require that distributions start at age 72 (according to the rules updated in 2020), known as Required Minimum Distributions (RMDs). Distributions are typically taxed as ordinary income. Employee salary deferrals into a 403(b) plan are made before income tax is paid and allowed to grow tax-deferred until the money is taxed as income when withdrawn from the plan. 403(b) plans are also referred to as a tax-sheltered annuity (TSA) although since 1974 they no longer are restricted to an annuity form and participants can also invest in mutual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ERISA
The Employee Retirement Income Security Act of 1974 (ERISA) (, codified in part at ) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by: * Requiring the disclosure of financial and other information concerning the plan to beneficiaries; * Establishing standards of conduct for plan fiduciaries; * Providing for appropriate remedies and access to the federal courts. ERISA is sometimes used to refer to the full body of laws that regulate employee benefit plans, which are mainly in the Internal Revenue Code and ERISA itself. Responsibility for interpretation and enforcement of ERISA is divided among the Department of Labor, the Department of the Treasury (particularly the Internal Revenue Service), and th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 12
Chapter 12 of Title 11 of the United States Code, or simply chapter 12, is a chapter of the Bankruptcy Code. It is similar to Chapter 13 in structure, but it offers additional benefits to farmers and fishermen in certain circumstances, beyond those available to ordinary wage earners. Chapter 12 is applicable only to family farmers and fishermen. History Background For much of the history of bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ... law in the United States, there was no provision applicable specifically to farmers. The 1898 Bankruptcy Act contained no special provisions, with one exception that farmers were immune from an involuntary bankruptcy petition. Section 75 was enacted by the Bankruptcy Act of 1933 and provided specific provisions for farmers. However ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Poverty Level
The poverty threshold, poverty limit, poverty line, or breadline is the minimum level of income deemed adequate in a particular country. The poverty line is usually calculated by estimating the total cost of one year's worth of necessities for the average adult.Poverty Lines – Martin Ravallion, in The New Palgrave Dictionary of Economics, 2nd Edition, London: Palgrave Macmillan The cost of housing, such as the rent for an apartment, usually makes up the largest proportion of this estimate, so economists track the real estate market and other housing cost indicators as a major influence on the poverty line. Individual factors are often used to account for various circumstances, such as whether one is a parent, elderly, a child, married, etc. The poverty threshold may be adjusted annually. In practice, like the definition of poverty, the official or common understanding of the poverty line is significantly higher in developed countries than in developing countries. In September ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Homestead Exemption
The homestead exemption is a legal regime to protect the value of the homes of residents from property taxes, creditors, and circumstances that arise from the death of the homeowner's spouse, disability, or other situations. Such laws are found in the statutes or the constitution of many of the states in the United States. The homestead exemption in some states of the South has its legal origins in the exemption laws of the Spanish Empire. In other states, they were enacted in response to the effects of 19th-century economy. Description Homestead exemption laws typically have four primary features: # Preventing the forced sale of a home to meet the demands of creditors, usually except mortgages, mechanic's liens, or sales to pay property taxes # Providing the surviving spouse with shelter # Providing an exemption from property taxes on a home # Allowing a tax-exempt homeowner to vote on property tax increases to homeowners over the threshold, by bond or millage requests Fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
