Is Debt Relief Available After Bankruptcy Reform?


That question is on many minds. The short answer is yes —bankruptcy or debt relief is still available. The "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005" became effective on October 17, 2005. Many consumers filed before the deadline in order to avoid the difficulties of filing under the new Reform Act.

Media messages on the new act focused on the responsibilities and challenges under the new law and led many to believe that after October 17, 2005, you could not obtain debt relief through bankruptcy. While debtors and debtors’ attorney have significant challenges under the Reform Act, the truth of the matter is that over 90% of consumers continue to qualify to file under Chapter 7 for a total liquidation of debt.

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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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