Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 aims to prevent abusive bankruptcy filings and protect consumers through various measures, including the introduction of a "means test" to determine whether an individual's bankruptcy case is presumed to be an abuse. The law also requires debtors to complete a financial management instructional course before filing for bankruptcy, unless they meet certain exceptions or reside in a district where approved agencies are not available. Additionally, nonprofit budget and credit counseling agencies must meet specific standards to provide qualified counselors, maintain safekeeping and payment of client funds, and demonstrate experience in providing credit counseling services.