04.14.05
Bankruptcy Abuse Prevention
In an effort to thwart widescale abuses of current bankruptcy law, Congress has passed Bill S. 256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
Tens of thousands of people who want to wipe out their debts in bankruptcy court will have to work out repayment plans instead under legislation Congress approved Thursday.
Imagine that, holding people responsible for misusing bankruptcy as a way to get out of financial trouble. This law also contains “progressive” elements to allow individuals with lower income levels to still have all of their debt written off in bankruptcy.
