An Overview of the Main Changes for Filers After the 2005 Bankruptcy Code Reforms
Wednesday, October 21st, 2009The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has made some people wary of even considering bankruptcy. This was undoubtedly the intention of the credit industry, who went to great lengths to make sure the “reform” passed. The passage of the law and subsequent misinformation from the credit industry lobby has led to a general perception that bankruptcy is now a difficult, if not impossible, undertaking. But for many people it may not be the legal changes that keep them from filing for bankruptcy–it may just be fear and misunderstanding.
Before you decide that the 2005 reforms make bankruptcy impossible for you, you should get a handle on the major changes in the law that affect bankruptcy filings.…