Bankruptcy Law History (Before 2005)

Bankruptcy law history (before 2005). Bankruptcy history before 2005 did not require consumers to take a financial education class before seeking bankruptcy financial help. Before 2005, the consumer who fell...

Before 2005, the consumer who fell into financial distress could just go to an attorney to file a bankruptcy claim for him. The idea of this legislation is to help people not repeat that process. If someone has fallen on hard times, they may need some financial education to pull out of that so to not repeat it in the future. Bankruptcy is a necessary tool to help people get out from under their problems, but more and more people have taken this route. In the past two decades personal bankruptcies have been increased from 280,000 in 1984 to 1.5 million 20 years later in 2004, and notably since 1996, more than one million people each year have filed for bankruptcy. We believe it's certainly a viable alternative for some people. We believe that bankruptcy is a serious financial step in anyone's life and it should be their last resort, not their first stop.

© High Speed Ventures 2011