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A year after the new bankruptcy law went into effect, it remains unclear how many abusive bankruptcies the
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)
has actually prevented, but the new law has achieved a short-term
objective of reducing filings, MSNBC.com reported yesterday.
While
bankruptcy filings for the twelve months since BAPCPA's enactment are
dramatically lower, the American Bankers Association expects
bankruptcies will eventually return to levels prior to the
implementation of the new bankruptcy sometime during 2007. "A big
misperception was and continues to be that the new law abolished
bankruptcy," said ABI Resident Scholar David Skeel. However, increased
costs and requirements may be steering some consumers in need away from
bankruptcy.
If you are considering bankrupcy as an option, please make an appointment to visit with me. We offer a free consultation, at which I will review your bankruptcy and non-bankruptcy options with you.
Many People Not Filing Bankruptcy Because of Misconceptions |
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