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Bankruptcy Reform

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In 2005, the U.S. Congress approved a major reform of federal bankruptcy laws. On the Internet, do research on "bankruptcy reform" or equivalent terms. Answer the following questions:

What were the major reforms made to federal bankruptcy laws in 2005?
What particular industry probably led the drive to encourage Congress to change the law?

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The reforms included:

1) A lot more detailed documentation stating which debts were in existence and when they were made. For example, every credit card debt and other debt that the client wants to discharge needs to be listed. This was done in order to make sure that people did not charge up their credit cards and then file for bankruptcy right away when they never even had the intention of ...

Solution Summary

In 2005, the U.S. Congress approved a major reform of federal bankruptcy laws. On the Internet, do research on "bankruptcy reform" or equivalent terms. Answer the following questions:

What were the major reforms made to federal bankruptcy laws in 2005?
What particular industry probably led the drive to encourage Congress to change the law?

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