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Journal Article
Gift cards - facts and cautions regarding a widely used financial product
Gift cards have grown in popularity for many reasons. They are a convenient option for any occasion requiring a gift, and a step up from giving cash. Some receivers (or observers) may consider a gift card an impersonal gesture, but the cards are practical in that the receiver obtains something he/she will likely use.
Journal Article
Bankruptcy: three Years after the Bankruptcy Reform Act of 2005
On October 17, 2005, a major U.S. federal bankruptcy reform law took effect. This change (the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a.k.a. the Bankruptcy Reform Act of 2005) had been over 10 years in the making and represented the culmination of years of effort on the part of both consumer advocates and lenders, as well as regulators and others. This act amended the 1978 bankruptcy code, and was the most significant and sweeping change since that date. We summarized this seminal change in bankruptcy, focusing on nonbusiness filing ramifications, in the April 2006 ...
Journal Article
Bankruptcy – the new law
New provisions under bankruptcy law became effective on October 17, 2005. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was passed by the 109th Congress on April 14, 2005, and signed into law by President Bush on April 20, 2005. ; The new legislation made sweeping changes to existing bankruptcy law, and the main result appears to be that it will now be more difficult for certain individuals to discharge all debt in Chapter 7 filings than under the old law. Individuals under the new law will have to demonstrate whether or not they have the ability to repay some or all of ...
Journal Article
Bankruptcy in America: where are we seven years after reform?
While economic worries, including high unemployment and high rates of foreclosure, persist in America, one indicator that receives relatively little media attention is household bankruptcy. While bankruptcy, particularly Chapter 7 bankruptcy, offers a fresh financial start to the petitioner, certain types of obligations, such as child support, tax liens, and security interests in automobiles and homes, remain the responsibility of the petitioner (i.e., the person seeking bankruptcy protection). For the debt that is discharged, all efforts by creditors to recover or collect from the bankrupt ...