Tuesday, March 6, 2012

Bankruptcy Abuse Prevention and Consumer Protection Act, 2005 - February 29, 2012

There is an unfortunate truth in the article on NACBA's website about the 2005 bankruptcy law changes and how they effect debtors. The press from these changes made many people think it was impossible for them to seek bankruptcy relief. 

In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act. The idea of this law was to stop people who were thought to be "abusing" the system. The article reports that a study (done by the American Bankruptcy Institute) found that "the law has served only to drive up the costs to the consumer debtor, and changes in creditor returns have been statistically insignificant." NACBA states that the price for Chapter 7 Bankruptcy has risen 40% and Chapter 13 has risen 25% from 2005. However, it is still possible to seek the relief needed to gain a fresh start.  The new law may have made the filing process more complex but Bankruptcy offices such as The Law Office of Timothy Springer specialize in handling Bankruptcy cases and stay up to date on laws and requirements to insure a smooth transaction made as simple as possible for the debtor. Visit their website, or call today, (559) 225-3622, for more information on how bankruptcy can help you.

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1 comment:

  1. This is very interesting topic to share with my friends. Actually, almost of my friends are lawyers and they encourage me to study this also. I agree because I want also to know the things about this MMilwaukee bankruptcy attorney. Your article helps me very much and I learned very much. Thank you for sharing this.