Bankruptcy attorneys like me will frequently refer to something called the “new bankruptcy law.” The “new” law is now 3 years old and not really so new. Officially named (or misnamed) the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 or “BAPCPA,” this law has been the subject of many posts on my blog, on bankruptcy lawyer blogs all over the country and on multi-author blogs like the Bankruptcy Law Network Blog and the Credit Slips blog, which is written by law professors and other academics.
Although the commentary about BAPCPA is not likely to stop soon, I thought it might be helpful to take a break from the analysis in order to review the history. With important elections on the horizon, this might be a good time to let your elected representatives know what you think. In case you were wondering, I think BAPCPA is an awful law, punitive in nature, and causing the cost and complexity of consumer bankruptcy filings to increase unnecessarily. If there is any “consumer protection” in this law, I have yet to find it!
Attorney Mark Neis, the husband and law partner of my Bankruptcy Law Network colleague Jill Michaux, has written an informative post about the history of BAPCPA. If you were ever of the opinion that our laws were crafted by diligent lawmakers concerned only for the public good, you will be disappointed to find out that is not how it works.