In a case of first impression in the nation, the 5th Circuit found that a bankruptcy court can consider a debtor's changed employment status when deciding whether to dismiss a Chapter 7 petition. Attorneys say the circuit is moving away from the tradition of looking only at debtors' financial situations as of the day they filed their petitions in determining whether they qualify for debt relief. But the ultimate message may encourage debtors to stay unemployed until the bankruptcy is final.
August 01, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A recent 5th U.S. Circuit Court of Appeals decision that gets tough on debtors who file for Chapter 7 bankruptcy protection may have some unintended consequences.
In a case of first impression in the nation, the 5th Circuit found that a bankruptcy court can consider post-petition events — particularly a debtor’s changed employment status — when deciding whether to dismiss a Chapter 7 petition.
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