1) In your own words, explain the history of bankruptcy law. Is it provided for by the U.S. Constitution? Where? What legislative body is given authority by the Constitution to pass laws regarding bankruptcy? Do the same bankruptcy laws apply in all states?

2) Prior to 2005, the law governing bankruptcy was passed in 1978. What was the effect of that law? How did it lead to the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005? What happened as a result of the news 2005 law?

3) In some detail, explain the difference between a Chapter 7 and a Chapter 13 bankruptcy. Which of the two is preferable from a debtor's perspective?

4) BAPCPA requires that a debtor be subjected to the means and median income tests. Explain the median income test and what it means for the debtor if his/her income is above the state median.

5) Explain the means test provided for by BAPCPA. When is it required? What does it mean if a debtor has disposable income?

6) Even though bankruptcy is legal, many people believe it is unethical. What are the ethical issues associated with the bankruptcy process in general? Do you think it is ethical to avoid paying back money you have borrowed? Why or why not?

Please answer all questions fully