The act of 2005 was specially published to make bankruptcy more difficult for consumers. Due to this law, chapter 7 became more difficult than chapter 13. In chapter 7, just a few options were liquefied in the favor of the consumer. Therefore the Government of America passed this bill to stop the consumer from filing for bankruptcy. Actually, all these steps were in the favor of consumers and these steps were specially made to revive the economy that was getting destroyed due to increasing number of bankruptcies. Chapter 13 was is less difficult than chapter 7 and in this condition if a person files for bankruptcy then with the help of chapter 13, he can pay back his owed amount in 3 to 5 years.
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So after announcing the new laws, bankruptcy has become more difficult and long. And after filing a bankruptcy report due to chapter 7, a person's case can be extended to 8 years. According to these laws, the documentation process and fees were also increased. So it was difficult to hire an attorney who has to fight that case against the creditor in the court. This is because an official attorney requires high fee. That's why bankruptcy became more expensive. So it was difficult to choose bankruptcy for any person who wanted to get debt relief. All These rules were specially designed to turn people to other relief solutions instead of filing for bankruptcy.
There is one more reason due to which the new rules have made other relief networks better options instead of bankruptcy. When a person files for bankruptcy, it becomes necessary to join the credit counseling institutes. This rule was made especially for the credit card companies to protect them from fraudulent debtors. So that's why consumers were filing for bankruptcy and chapter 7. The FTC has made all these rules for those consumers who were trying to destroy themselves by filing for bankruptcy. Bankruptcy never takes good effects on any person. On the other hand, there are many relief networks with the help which a consumer can easily settle his debts like debt settlement, negotiation, consolidation etc.
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