For Immediate Release
Statement on S. 256, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
On Wednesday, April 20 2005, the President signed into law: S. 256, the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005," which makes several changes to the Bankruptcy Code, including establishing a means test for chapter 7 bankruptcy, raising the priority for payments of domestic support obligations, placing limits on the homestead exemption, and requiring credit counseling prior to filing for bankruptcy; and enhances credit card company disclosure requirements. # # #
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