So what do those who make up and protect the laws of bankruptcy say about the process? As a general development, the government has been trying to make the bankruptcy laws harder, so that people cannot easily get away from the debts they collect. The government would like individuals who are in financial trouble to try to work out new financial plans to work out their debts rather than file for bankruptcy.
At the start, the government had introduced bankruptcy laws as a way for industrious individuals who unfortunately were faced with out of control debts to be able to start afresh with their financial planning and management. However, over the past year it has become evident that there are many people who choose to use the bankruptcy laws in order to avoid their financial obligations. Keeping this adversity in mind, the government has decided to tighten the reins on the bankruptcy laws.
The changes made to the Bankruptcy Abuse Prevention and Consumer Protection Act will ensure that people will not be able to abuse the benefits of filing for bankruptcy. On the other hand, however, those who are in actuality faced with financial difficulties and need bankruptcy laws to protect them will find them it harder to file for bankruptcy.
Bankruptcy laws allow those who have filed for bankruptcy either exemption from or discharging of certain kinds of debts. For those who are involved in out of control debts, they would need a fresh start which is what the government intends to support. But at the same time, it is important that those who are out to take advantage of bankruptcy laws are sifted out in the process.
