There should be balance in power but for now it looks like the strength of the Credit Card lobby was able to strike a win. The consumer who in the end will end up with the short end of the stick. This is a very good article on the effect of the new law. Check out the link below to read the full story.
Last fall, following years of intense lobbying by the credit card companies, Congress passed the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005” (BAPCPA). While U.S. bankruptcy law was very debtor-friendly prior to BAPCPA, it has become much more pro-creditor today.Bankruptcy law must balance two conflicting objectives: helping debtors who experience adverse shocks by discharging some of their debt, and promoting credit availability by enforcing the obligation to repay.
Bankruptcy Reform Gave Creditors Too Much
technorati tags:Bankruptcy Reform
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