Unfortunately, there's a lot of bad information out there. To be sure, this isn't the fault, and certainly not the intention, of any diarist or commenter. Rather, it's a reflection of the fact that outside the bankruptcy community not much is known about this new law or its history.
For example, few realize that bankruptcy reform was born in 1997, not 2005 when the new law was passed. Congress tried, and failed, to enact this so-called reform measure in four straight Congresses before it finally became law. Fewer still know that in its first go-around, the Senate passed the bill then pending by an astonishing 97 to 1 vote, with the late Paul Wellstone casting the sole vote in opposition.
So, in the spirit of aiding and abetting an informed citizenry, I offer below some essential facts about bankruptcy reform. If nothing else, you might want to put this on your hotlist for future reference.
