When Congress passed the now-infamous Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCA) , there were a few primary goals that they aimed to accomplish:

When Congress passed the new bankruptcy law in 2005, which was subsequently signed by President Bush, the goal was to deter people from filing bankruptcy. There were a few ways that they aimed to accomplish this goal: 1) encourage more Americans to seek alternatives to bankruptcy to get relief from their debts;

This refers to the provision in bankruptcy law that forces all creditors to cease any and all collection activity upon notification that a debtor has filed bankruptcy. This includes harassing phone calls, lawsuit proceedings, and threatening letters.

Most consumers understand that bankruptcy will have a negative effect on one's credit score, but most do not understand the depth of that impact or the other consequences associated with doing so. Filing Chapter 7 Bankruptcy, which is the most popular option for people who do in fact declare, can stay on your credit report for 10 years.