Report Shows Bankruptcy Reforms Raised Costs For Consumers and Creditors

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May 14 (Bloomberg Law) -- Lois Lupica, professor of law at the University of Maine School of Law and Counsel at Thompson & Knight, talks with Bloomberg Law's Lee Pacchia about a recently released report showing how reforms passed in 2005 have impacted the consumer bankruptcy system. According to Professor Lupica the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) has resulted in higher costs for consumers who wish to file for bankruptcy and, consequently, lower returns for creditors.

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