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August 2, 2008

GAO Report, "Bankruptcy Reform: Dollar Costs Associated With the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005"

The "United States Government Accountability Office" published this report on July 28, 2008 examining the costs of implementing BAPCPA.  Of course, US Trustee costs went up, supposedly some $72 million, court costs went up some $42 million, individual trustee costs went up, and attorneys fees went up some 51%  With filings down, income to the government has gone down.  I shouldn't say "supposedly" I guess, since a lot of effort apparently went into figuring out these additional costs.  I think a lot of the "increased costs" is done by employees who were already there although the UST says it hired 127 new staff to do the extra BAPCPA required work. 

This was my complaint all along with the means test.  The structure was already there to weed out the bad filers.  Sections 727, 523 and 707(b).  The credit card industry did not want to bother with protecting itself by filing complaints and motions.  It wanted a government apparatus set up to do the work for it.

There was no comment, by the way, about the cost of preparing the 53 page report.    

August 2, 2008 in Bankruptcy Statistics | Permalink

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