Have You Heard Of The Bankruptcy Abuse Prevention and Consumer Protection Act?
In 2005, even with protesting from some bankruptcy lawyers, consumer advocacy groups and judges, the government passed The Bankruptcy Abuse Prevention and Consumer Protection Act. The reason for their protests was due to them believing that this act could potentially damage consumers who were over their head in credit card debt and not provide the option for them to eliminate their debt and start fresh instead.
As it pertained to bankruptcy, The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was drafted and passed into law to stop people who took advantage of the bankruptcy laws for personal gain. Unlike those few who had no compulsion of “working the system”, most people thought of filing for bankruptcy to be one of the most traumatic experiences they would ever have to endure.
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