2011 Looks Bleak as Bankruptcies reach Alltime High

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Filing for bankruptcy is usually the final resort for an individual or business struggling with debt. When all other options have been exhausted and the creditors continue to hound, then most people consider filing for bankruptcy protection.

Bankruptcy is a means to discharge your debts legally as provided for under the bankruptcy code. But to prevent abuse of this provision, the government imposed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) in 2005 to make it more difficult for people to file for bankruptcy especially Chapter 7 bankruptcy where certain debts can be cancelled without payment. This law put in place new practices including a means test to determine the legitimate need of the bankruptcy applicant and a mandatory financial education course.

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