The Bankruptcy Reform Act Of 2005

Abstract

The new changes in the Bankruptcy Code make it significantly more difficult for a debtor to eliminate his obligations under Chapter 7.   Many filers will be required to pay some or all of their unsecured debts for a five year period by being forced into Chapter 13.  The Act also makes other modifications to filing requirements, exemption changes, and non-dischargeable debts which also tend to favor the creditor.  The changes make filing for Bankruptcy more expensive and may reduce the number of cases.