Time, once again, to reform the new 2005 reformed bankruptcy laws, and to reform the new reformed Chapter 7 bankruptcy? Or even the Chapter 13? On October 17 2005, amidst the highly charged atmospherics of high drama, robust promises and expectation, the new bankruptcy law, the Bankruptcy Abuse and Consumer Protection Act or BAPCPA, which had been enacted by Congress largely at the prodding of the Credit and financial industries, among other special interests, was promptly put into effect. Generally called the "reform" bankruptcy law, the law had been touted as something of a bankruptcy cure-all that was going to fix a "broken" bankruptcy system in America, most especially, reverse or drastically reduce the high volume of bankruptcy filings and the increased use of bankruptcy by American consumers in resolving their debt problem. The overarching, dominant argument and premise expressed by the banking and financial industry advocates and supporters of the reform law, and by its sponsors in the Congress, was that the growth in bankruptcy was due to "fraudulent bankruptcy filings" by consumers and the "excessive generosity" of the old bankruptcy system which, it was said, encouraged "abuse" and allowed a great many number of debtors to repudiate debts that they could quite well pay, at least in part.
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