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The New Bankruptcy Law

Challenge and Opportunity

By David S. Yen & Jeana Kim Reinhold

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 makes bankruptcy harder to access even for the "deserving" debtor and less effective for those who are able to file. The requirements to undergo credit-counseling and to supply extensive financial documentation may make timely relief under Chapter 7 or 13 nearly impossible for people in emergency circumstances. Bankruptcy is still available, but filing can no longer be a last-minute decision. Attorneys must embrace the challenges and opportunities of the new law in order to help their clients get appropriate relief.

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