The New Bankruptcy Act
PROBATE& PROPERTY NOVEMBER/DECEMBER 2005 43 The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“Act”), Pub. L. No. 109–8, 119 Stat. 23, was debated for more than eight years in Congress and constitutes the most extensive revision of the Bankruptcy Code since 1978. The goal of the Act is to streamline the Bankruptcy Code, speed up proceedings, limit abuses (the FBI estimates 10% of filings involve fraud), and “level the playing field.” Accordingly, certain provisions of the Act...