Bankruptcy
The subject of bankruptcy reform was a topic in Congress for several years. The last major bankruptcy reform act was passed in 1994. The Bankruptcy Reform Act of 1994 created a National Bankruptcy Review Commission. Congress directed the Commission to study the bankruptcy laws and make recommendations for bankruptcy reform. In the fall of 1997, the Commission submitted a report containing more than 150 recommendations for improvement to the bankruptcy laws. On October 17, 2005, most of the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the “New Act”) went into effect.
The title of the New Act reflects some of its primary purposes. The Act has at least two disparate goals. One goal is the protection of consumers. A second goal, and probably the primary goal, is the prevention (or at least the reduction) of bankruptcy abuse by consumer debtors. Although there are some significant amendments to the Bankruptcy Code affecting business bankruptcies, most of the changes affect consumer bankruptcy filings.
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