How does the Bankruptcy Reform Act 2005 effect me?

Question

Hello,

This is probably a very vague question, however I'm wondering what impact does the Bankruptcy Reform Act of 2005 have on people? (not those who lend money/credit).

How has the bankruptcy law changed since then?

I ask because I took a course in bankruptcy law in 2004 and literally two weeks after graduation the above mentioned law passed.

Thanks for your time.

Answer 1

Unless you either are filing for protection under the bankruptcy statute or practice bankruptcy law, it doesn't have any effect on you.

However, the changes in the 2005 Act are substantial for those who seek protection from creditors. A good summary of the changes is at http://www.ll.georgetown.edu/guides/bankruptcy_act_2005.cfm

Answer 2

In general, it has changed entirely as people who could file Ch. 7 Bankruptcy and get out of debt cannot under the 2005 statue. To get up to par, attend a law seminar on the subject in your state that will be offered as a continuing educational course.