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Bankruptcy Myth: Congress Eliminated Bankruptcy Law in 2005

Welcome to Bankruptcy Law Myths & Facts

Today’s Myth: Congress eliminated bankruptcy law protection in 2005.

 

This is a common myth but it is simply not true.

Creditors want you to believe this is the case because they do not want you to know that you have options other than what they want you to do.

In 2005, there was a lot of fear-based advertising by bankruptcy attorneys right before the new bankruptcy law went into effect. This led to the myth that bankruptcy was no longer available to people who need bankruptcy help.

 

 

Credit industry legislation changed the bankruptcy law to eliminate some but not all debtor’s rights

The credit industry wrote the new bankruptcy legislation trying to change bankruptcy law to wipe out as much as possible of the rights of consumer and small business debtors. Fortunately, their success was not complete

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