On March 10, 2005, the Senate passed a sweeping overhaul of consumer bankruptcy law. Congress has debated passage of amendments to the U.S. Bankruptcy Code, 11 U.S.C. § 101, et seq., for the past eight years. As a response to what the business community and financial industry viewed as a meteoric rise in bankruptcy filings during the last two decades, Congress undertook to produce a sweeping overhaul of the consumer bankruptcy laws.
Rothgerber Johnson & Lyons LLP