5 year anniversary of bankruptcy reform
October 17, 2010 marks 5 years since changes to the bankruptcy code were enacted that are commonly referred to by bankruptcy attorneys as BAPCPA.
The “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005” was designed to make it harder for consumers to qualify for Chapter 7 bankruptcy.
What a difference 5 years makes! That was before we bailed out Wall Street and found out about crooks like Bernie Madoff. In 2005, we were more concerned and outraged about consumers gaming the system than we were about big banks gaming us.
In 2005, getting credit was easy. We had no idea that the lending industry would implode and that we would be faced with the Great Recession.
Here we are my friends. If you’re struggling now, you’re not struggling alone.
In 2005, I was in my third year of law school taking my first bankruptcy law class. We studied BAPCPA–I was eager, even then, to get out and fight for my clients. I never practiced under the ‘old law’ so I never reminisce about the way the code use to be. I just sharpen my tools on the options the code currently contains.
Call me, Attorney Shannon McDuffie to arrange your consulation. (404) 421 3706.