The Bankruptcy Abuse Prevention and Consumer Protection Act turned 10 years old today. I guess I should say thanks. After all, the same relief that was available before the Act’s passage remains available today, but the level of complexity of the bankruptcy laws has expanded exponentially and the number of procedural niceties that must be met in order to obtain relief has likewise increased tenfold. In other words, bankruptcy attorneys can get the same relief that they have always been able to get for their clients, but the Act has made us a more necessary part of the bankruptcy process than ever.
My own self-interest aside, I find else to applaud as The Bankruptcy Abuse Prevention and Consumer Protection Act lives to see another decade. The process that led to its passage served as a model of duplicity and greed as Congress virtually whored itself to the consumer credit industry. Consumers were falsely lead to believe that bankruptcy was no longer for an available option for years. Ultimately, the end result of the Act’s passage it that consumers can get what they have always been able to get, they just have to pay more to get it and jump through more hoops. Thanks, I guess.
In a little over a month from now the consumer bankruptcy laws will change radically once again. The number of forms that consumers will need to submit to the court will nearly double. They say that it will make things better. I think they said that last time as well.