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The 2005 Bankruptcy Law Changes

27th October 2010
By ArticleSubmit Auto in Bankruptcy Law
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Indianapolis bankruptcy attorneys must be intensely familiar with new regulations surrounding federal bankruptcy guidelines. One of the biggest changes in recent bankruptcy history includes the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Indianapolis bankruptcy attorneys must know the intricacies of this act so intimately because not knowing it can have drastic affects, not only for them, but also for their clients. This is because Indianapolis bankruptcy attorneys are assuming more risks than ever while processing bankruptcy claims.

The whole intent of the Bankruptcy Abuse Prevention and Consumer Protection Act is to severely reduce the amount of individuals who are able to take advantage of the institution of bankruptcy so frivolously. The guidelines were tightened up so that people could not just be as reckless and immature about their finances and then file for bankruptcy and basically get a clean slate. Some people actually did this every few years with little regard to the basic principles of bankruptcy prevention and financial responsibility.

Things changed though after the Bankruptcy Abuse Prevention and Consumer Protection Act was implemented in late October of 2005. For example, the waiting period between filings increased because prior to October 2005, one could seek bankruptcy protection again once six years had passed following their discharged case. Now, that time frame has increased to eight years. This two year increase is moderate enough so as not to permanently disable one from seeking repeat bankruptcy protection but yet long enough for abusers to have to find another way of managing their situation continuously bankruptcy filers can be easily identified and have their claim denied if they attempt to attain bankruptcy protection prior to the eight year waiting period then your claim will only be denied. This will be a waste of time and money for you so you should be aware of the waiting period between bankruptcy filings.

For experienced, knowledgeable and trustworthy bankruptcy assistance, contact the attorneys from Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 offices across the country.
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