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Did personal bankruptcies increase or decrease immediately after the law bankruptcy Abuse Prevention and Consumer Protection...

Did personal bankruptcies increase or decrease immediately after the law bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was enacted? Provide the approximate number of personal bankruptcy filings the year before and after the act was signed into law as supporting evidence.

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Answer #1

Let us first understand a few things about and related to the act

The Bankruptcy Prevention and Consumer Protection Act 2005 was passed in order to amend the US Bankruptcy Code. The earlier law was more complicated and less effective especially the "means test".

At that time the legislators were of the view that bankruptcies were being used to avoid paying the debts.

Also the point of concern was the data. Individual bankruptcies rose from 1.3 million in 1999 to 1.6 million in 2003.

In the three months before the Act was passed, there were 667,41 bankruptcies in the 4th Quarter of 2005. This fell to 116,771 in Quarter 1 of 2006 and was only 155,883 in Quarter 2.

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