Changes to Bankruptcy Code?
Bankruptcy lawyers look upon the 2005 revisions to the bankruptcy code generally with angst and apprehension, but also acknowledgment that the bankruptcy code is largely a politically driven thing. While obviously one of the goals of the code is to offer the debtor a fresh start, it's clear that when you look into the intricate exceptions many of them make no sense outside of understanding them as the result of political wrangling in Congress. The 2005 revisions clearly put many debtors, especially Chapter 7 filers, at a distinct disadvantage. One wonders, in light of the new presidential election and the present economic slump (many saying recession, a few even depression), how the bankruptcy code will change in the near future. Will it become more debtor friendly? Likely.
