On March 10, 2005, the Senate passed a sweeping overhaul of consumer bankruptcy law. Congress has debated passage of amendments to the U.S. Bankruptcy Code, 11 U.S.C. § 101, et seq., for the past eight years. As a response to what the business community and financial industry viewed as a meteoric rise in bankruptcy filings during the last two decades, Congress undertook to produce a sweeping overhaul of the consumer bankruptcy laws. The legislation, first drafted in 1997 and proposed in 1998, appeared to have strong support. This was, in part, the result of a strong lobbying effort by the financial industry. In the meantime, total bankruptcy filings continued to set records across the United States. Filings in Colorado reached an all-time high in 2004.

Bankruptcy reform carried considerable momentum into 1999....

This service is completely FREE but for the full article and thousands of other articles from 100+ countries please tell us about yourself by registering (and yes, our lawyers like to think you've read our Disclaimer). It only takes 30 seconds and as well as great content you get articles more relevant to you and other advanced features like an optional personalised once-weekly news alert and forward-to-colleague capabilities. We'll also remember your details so you don't have to login again - if you've registered before please login here or if you've forgotten your username click here and we'll remind you. We appreciate your time is important and will respect your privacy - THANK YOU for registering.

Specific Questions relating to this article should be addressed directly to the author.

Do you have a question for the author?