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December 21, 2008

Prof. Jean Braucher, University of Arizona, Article on BAPCPA

This new article, entitled "A Guide to Interpretation of the 2005 Bankruptcy Law," is a great summary of the various shortcomings of BAPCPA.  The article can be accessed here.  The comment I enjoyed reading most is

"[T]he 2005 law has at least temporarily reduced access to bankruptcy because of increased costs due to new uncertainty, paperwork and hoop-jumping."

"The effect of the new law is primarily to raise the price of access to bankruptcy, thus deterring and delaying filing, perhaps particularly among the poorest debtors, not a purpose of the legislation.  The unfortunate result is that more of the overindebted remain in the "sweat box of consumer credit" for longer, even when they lack the means to work their way out of debt without bankruptcy, leaving creditors able to collect in part in the meantime."

December 21, 2008 in Article Reviews | Permalink

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