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Sunday, December 2, 2012

A New Law that may lead to bankruptcy for some people


If you’re thinking of filing for bankruptcy, it may be harder to erase your debts than you think. 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 bankruptcy laws have been abused by gamblers, compulsive shoppers, and others.
Opponents of the new law claim that the changes will fall hardest on low-income families, single mothers, minorities, and the elderly, and will take away the protection that was once available for those with unmanageable debt burdens due to job loss or medical bills.


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