Many Delaying Bankruptcy

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In 2005, the number of bankruptcies reached a record high of about 2 million. This prompted the government to pass legislature to prevent the abuse of bankruptcy. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) 2005 was to make it more restrictive and expensive to file for Chapter 7 bankruptcy which could cancel a majority of debts. But this legislation has brought about an unexpected result. Increasing numbers of debtors who ought to file for bankruptcy simply do not and are delaying bankruptcy.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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