2005 Bankruptcy act could very well be one of the most devastating personal finance disasters of recent times

Blame Congress for higher fees

Like many other bankruptcy attorneys] [and many other victims of usery in the USA], we blame Congress for the increase in bankruptcy attorney fees and costs. As one blogger points out, the 2005 Bankruptcy act could very well be one of the most devastating personal finance disasters of recent times. When the average fee in the late 1990’s was $500 to $750, the fee for a Chapter 7 has now triple to quadrupled. When the Bankruptcy Abuse and Consumer Protection Act was passed in 2005, it required ALL debtors to provide a number of financial documents and do mathematical calculations to determine a debtor’s eligibility to file. Even the United States Trustee said the new law would only affect 3% of all filers. The problems was that all the new rules that Congress passed applied to ALL DEBTORS, not just those 3% cases. We think it is a shame that when Congress changed the laws, it caused 97% of the public to incur higher court costs and attorney fees.

Read more at: Affordable Bankruptcy Fees

About eslkevin

I am a peace educator who has taken time to teach and work in countries such as the USA, Germany, Japan, Nicaragua, Mexico, the UAE, Kuwait, Oman over the past 4 decades.
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