This article on the ‘new’ bankruptcy law was written in 2010, but is still relevent in 2012. Each year that passes gives us experience dealing with a law that is seen as one of the worst consumer laws passed in recent history.
Bankruptcy attorneys across the country are taking note that we just passed the five year anniversary of the 2005 law changes, known to some as the New Bankruptcy Law, and to others as BAPCPA which stands for Bankruptcy Abuse Prevention and Consumer Protection Act.
Five years of living with an unfair attempt to keep consumers from getting help with unmanageable debt.
Five years of absurd results from the Means Test, which I refer to as the bane of my professional existence.
- Five years of continuing to help consumers, because underneath the new law you can still find much of the old law and help is still available in bankruptcy.
The law is written so we do have some bad, inaccurate and absurd results. I wrote about the means test in an article in 2007: BAPCPA The “New” Bankruptcy Law: A Mean Law , and it still applies today.
- As I have said before, the bankruptcy “Means Test” is a mean test.
We are stuck with the means test, and that hasn’t changed.
What has changed in the five years since BAPCPA was passed is that attorneys and judges have all become more familiar with the means test and we are familiar with what can be done within the constraints imposed by Congress.
The parts of the law that can’t be changed we are learning to live with, even if we don’t like it.
The parts of the law that leave room for interpretation, many judges are trying to apply as fair as possible for consumers and creditors alike.
So if you are having financial problems, go talk to an experienced attorney to discuss the best solution for you.
- Before, or after 2005, the goal of bankruptcy is to provide help and a fresh start for those who need it.
See also:
BAPCPA: Two years of terror by
