BANKRUPTCY

In 2005 the U.S. Congress enacted profound changes to the Bankruptcy Reform Act of 1978. Known as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, the amendments were designed to correct perceived abuses by debtors who allegedly took advantage of the pro-debtor tone and provisions of the 1978 statute. The emphasis has been shifted from a pro-debtor enactment to one favoring creditors.
The basic premise for enabling debtors to file for bankruptcy is to have a “fresh

debtors, Bankruptcy Code, creditors, Abuse, Congress, Bankruptcy chapter 7, 11, and 13, Bankruptcy Reform Act of 1978, Bankruptcy Abuse Prevention and Consumer Protection Act of 2005