Article: New Bankruptcy Law ? Where?s The Consumer Protection?
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New Bankruptcy Law ? Where?s The Consumer Protection?
On April 20, 2005, President Bush signed into law the Bankruptcy Abuse and Consumer Protection Act, a piece of sweeping legislation that brought about the most sweeping changes in personal bankruptcy law in the last quarter century. This bill, which takes effect in October 2005, passed with the overwhelming support of both parties of congress, claims, through its very name, to offer ?consumer protection.? Does it? How are consumers ?protected? by this bill?
The purpose of the new legislation, is to eliminate ?bankruptcy of convenience?. Sponsors of the bill allege that most consumer bankruptcy cases involve irresponsible spenders who have shopped or gambled their money away and now do not wish to pay their creditors. They rightly point out that bankruptcy costs the credit ca...
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