New Bankruptcy Law May Make It Harder for Some People to Erase Their Debts

Topics:
Bankruptcies,
Commercial Lending
Tags:
Bankruptcy,
Business Operations,
Litigation
Source:
New York Times Company

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Overview: If a person is thinking of filing for bankruptcy, it may be harder to erase his or her debts than the person thinks. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made big changes to bankruptcy law, making it more difficult for some people to erase debts by filing for bankruptcy. These changes were prompted by years of complaints by banks and other financial services companies who believe that the banktuptcy laws have been abused by gamblers, compulsive shoppers, and others.

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