Bankruptcy Reform Act

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The Bankruptcy Reform Act of 1978 was enacted because of concerns that the prior act was too creditor friendly and did not provide enough protections to debtors unable to repay. Subsequently, the current Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was created. It is often criticized as being too creditor friendly, abolishing many of the protections provided by the 1978 Act. Two highly controversial provisions of the 2005 Act is that several types of debt are essentially non-dischargeable (such as student loan debt) and that, for median-earning wage earners, a payment plan of 3-5 years is required to pay of at least a portion of the debt. Critics claim that the current law destroys the primary goal of bankruptcy plaintiffs- that of providing a fresh start in exchange for relinquishing most personal property. Which is the better path?

Prof. Angela

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