To: President Donald Trump, The United States House of Representatives, and The United States Senate
OVERTURN BANKRUPTCY REFORM LAWS
People who are in debt have lost their last avenue of debt relief due to the bankruptcy laws. We, the undersigned, ask that the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act be overturned.
Why is this important?
During this year alone, hundreds of thousands of Americans are expected to be too broke to file for bankruptcy.
The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $1,500, according to the most recent research submitted to the National Bureau of Economic Research. Then there are the additional costs on top of this, including fees for mandatory pre-bankruptcy credit counseling and a pre-discharge debtor education course. According to a recent study sponsored by the American Bankruptcy Institute, these average about $85 altogether. As a result, there are anywhere between 200,000 and one million consumers, it is estimated, who will be unable to meet the steep cost of filing. What this means is that many Americans, who have seen their debt spin out of control because of things like job loss, foreclosure or a medical emergency, are now left without their last financial lifeline.
Yes, Virginia, there really is a Santa Claus, and the the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act, was a gift to make it Christmas morning, every morning, for the Bankruptcy Lawyers, Banks and Credit Card Companies.